2171102 • Bolt Communication AS • www.boltcommunication.no • Bolt Communication AS www.boltcommunication.no 2171102 Market Report June 2017

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Table of contents Page 1. Introduction ...... 5

2. Sold projects ...... 9

3. Real estate ...... 12 3.1 The commercial Real Estate Market in Norway and Sweden (by Newsec AS) ...... 13 3.2 Key figures real estate portfolio ...... 29 3.3 Real estate projects overview ...... 31 3.4 Real estate projects Brønnøysund Kontorbygg AS ...... 32 Dagligvarelogistikk AS ...... 33 Enebakkveien 117 AS ...... 34 Etterstad Utvikling DIS ...... 35 Finlog AS ...... 36 Fokserødsenteret Nord AS ...... 37 Gasolin Handelseiendom DIS ...... 38 Hellerud Eiendom og Utviklng AS ...... 39 Hovfaret 4 ANS ...... 40 Hvalstad Forretningsbygg AS ...... 41 Kristiansund Handelseiendom AS ...... 42 København Kontorbygg I AS ...... 43 Lilleby Eiendom AS ...... 44 Logistikk og Lagershop AS ...... 45 Lørenskog Kombibutvikling AS ...... 46 Lørenskogveien 75 Holding AS ...... 47 Martodden Utbygging KS/AS ...... 48 Maskinveien Kontorbygg AS ...... 49 Nydalen Kontorbygg II AS...... 50 Nydalen Kontorbygg III AS...... 51 Nye Berghagan Næringseiendom AS ...... 52 Nye Holmsbu Invest AS ...... 53 Nässjö Logistikkbygg AS ...... 54 Oslo Science Park AS ...... 55 Oslo Science Park II AS ...... 56 Raufoss Industripark AS ...... 57 Rex Logistikk AB ...... 58 Ringeriksveien 2012 DIS ...... 59 Rud Fryserlager AS ...... 60 Skøyen Kontorbygg AS ...... 61 Stadion Utbygging KS ...... 62 Statens Hus Lillehammer KS ...... 63 Statens Hus Stavanger AS ...... 64 Sydsvenskan Lager & Handel AS ...... 65 Sørenga Utvikling KS ...... 66 Sørlandsparken Termina AS ...... 67 Tangen Havnelager AS ...... 68 TFGS Kombi AS ...... 69 Torslanda Lagerbygg AS ...... 70 Vestby Logistikk AS ...... 71 Wergelandsveien 23 AS & Kongholm Langgaten AS ...... 72 Wilfast Mølndal AB ...... 73 Wilfast Mölnlycke Holding AB ...... 74 Wilfast Tagenvägen 30 AB ...... 75

NRP Finans AS ‐ Market Report June 2017 Page 3

Århus Kombibygg AS ...... 76

4. Shipping & offshore ...... 77 4.1 Shipping & offshore market comments (by Affinity) ...... 78 4.2 Key figures shipping & offshore portfolio ...... 83 4.3 Shipping & offshore projects overview ...... 85 4.4 Shipping & offshore projects Arca Shipping DIS ...... 86 Atlantic Bulk IS ...... 87 BB Troll DIS ...... 88 Bulk Avanti DIS...... 89 Bulk Transloading DIS ...... 90 Cresco Shipping DIS ...... 91 Eastern Reefer II DIS ...... 92 Gjende DIS ...... 93 Jupiter Bulker DIS ...... 94 KUO DIS ...... 95 Nordic Lübeck DIS ...... 96 Nordic Supra IS ...... 97 Nordic Supra II IS ...... 98 Nordic Wismar KG ...... 99 Olympic Kombiskip KS ...... 100 Olympic Master KS ...... 101 Olympic Octopus KS ...... 102 Songa Macau IS...... 103 Spero DIS ...... 104 UACC Bergshav Tanker DIS ...... 105 UACC Ross Tanker DIS ...... 106

5. Explanation of procedures and key figures ...... 107

6. Contact information ...... 109

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.

Page 4 NRP Finans AS ‐ Market Report June 2017

1. Introduction

Dear investors and business relations, fuelled by a stronger‐than‐expected policy support. It is with great pleasure we present a new market Expected growth in emerging markets for 2017 is 4.5%, report from NRP Finans. To introduce this report, we while growth in China for 2017 is estimated to be 6.6%. give a brief update on the current world economy, as well as highlighting the main happenings in NRP Finans Expected growth for the Euro Area in 2017 is 1.7%, in over the last six months. Following the introduction, line with last year’s growth. The outlook has improved you will find valuations of the projects in our portfolio, because of an expected cyclical recovery in global market information on real estate, shipping and manufacturing and trade that started in the second offshore, and key figures for our portfolio. half of 2016. Growth has also remained solid in the United Kingdom, where spending proved resilient in Earlier this year, we launched NRP InvestorPortal. This the aftermath of the Brexit in June 2016. Theresa May is a personal login‐site for our investors, accessed has now called for an early election 8. June, seeking to through our homepage www.nrp.no. At this site, you strengthen her government’s mandate while it will find information regarding your investments negotiates the country’s withdrawal from the EU. The through NRP. We are proud of our new NRP further process of the UK’s withdrawal from the EU will InvestorPortal, and hope the users will appreciate this be interesting to follow, and will affect both the UK’s new service for accessing information. Going forward, and the remaining EU‐countries’ economic future. we will work on making the login site even better, and we therefore appreciate all feedback on potential The housing market in Norway has finally started to improvements for the site. cool down, much triggered by stricter lending requirements. Norges Bank kept the key policy rate Global market outlook unchanged at 0.5% in May, and will present a new rate According to the IMF’s World Economic Outlook from 22. June. The raising housing prices weigh heavily in April 2017, the expected world growth for 2017 is favor of not reducing the rate further. At the same 3.5%, up from 3.1% in 2016. Along with accelerating time, the household debt will prevent Norges Bank activity, investors, firms and households seem more from increasing the rate significantly in the short run, optimistic for the future. This year might therefore as many then would not be able to stand behind their mark the start of a long‐awaited upturn in the world loan obligations. Projected growth for Norway is 1.2% economy. However, the currently experienced growth for 2017 according to IMF. is fragile due to several severe risk factors. One such risk factor is the political instability in the world today, Market status real estate and shipping which is present in almost all corners of the world. Real estate Expected growth for the U.S. in 2017 according to the Prime yield is currently around 3.75%, and few believe IMF is 2.3%. The unemployment rate is sinking, putting in a significant reduction from today’s level. The an upward pressure on salaries. Because of a more reduction in the key policy rate over the last years has robust economy, the Federal Reserve (Fed) raised its contributed significantly to the yield‐compression we key policy rate in March this year for the third time have experienced. Currently being at 0.5%, there is not since the financial crisis. This increased the Fed’s target much room for a further reduction in the key policy for short‐term interest rates to a range of 0.75% ‐ 1.0% rate, and the probability of an increase in the rate is p.a. Most experts expect the Fed to increase the key increasing. This is also an indication that the prime policy rate even further in both June and September yield might stabilize at this level, even though the this year. prime yield is becoming less dependent on the interest rate as more pension funds and pure equity investors Financial market sentiment towards emerging markets are chasing prime yield property. is continuing its improvement from 2016. The macroeconomic strains for commodity exporting The transaction market is still very good, and countries are gradually improving, supported by a projections of transaction‐volumes are in line with partial recovery in commodity prices, as growth in 2016, at NOK 80 billion for 2017. Foreign investors still commodity importing countries such as China, are stand for a significant part of trades in the Norwegian expected to remain strong. Growth in China has been

NRP Finans AS ‐ Market Report June 2017 Page 5

market, which underlines the attractiveness of Nordic are cold‐stacked in the North Sea market alone, and on real estate. a world basis more than one third of the supply fleet is currently laid up. A small note on the bright side is that In Sweden it has been suggested to increase tax for oil‐companies are showing some increased activity. property sales structured through a company sale, to Statoil has for example announced to drill 30 match the tax rate when buying/selling a property exploration wells in 2017, up 16% from 2016‐level. directly. If the proposed tax‐increases are implemented as presented, it will increase tax for set‐ The orderbooks at Norwegian shipyards have increased ups such as ours. When and if taxes will be increased, in 2017. This is because of increased need for vessels remains to be seen and will at the earliest be to the fishing and aqua‐culture industry, as well as implemented in 2018. ferries and cruise ships.

The banks’ willingness to fund real estate projects Direct investments in NRP Finans remain rather unchanged from 2016. In addition to Since our last market report in December, we have bank‐financing, the bond market is a good alternative established six new real estate projects; Lahaugmoen for larger deals. Funding through life insurance Logistikk AS, Sørumsand Næringspark AS, Spice Log AS, companies might also be a competitive source of AutoLogistikk AS, MSE Logistikk AS and København financing going forward. Kontorbygg AS.

Shipping In Norway we have established two new projects over There is a growing optimism in the market for bulk the last six months. Lahaugmoen Logistikk AS was carriers. Especially freight rates for capesize vessels established to purchase a newly built logistics‐property have had some significant spikes since November at Lahaugmoen, with a 10‐year contract to Staples 2016. The improved sentiment has however proved Norway AS. Sørumsand Næringspark AS has purchased fragile, as there still is an oversupply of tonnage. Prices an industrial property in Sørumsand, with an 11.5 year for second hand vessels have increased over 50% year‐ remaining lease agreement to Eureka Pumps AS and on‐year, driven by increased optimism of recovery and Rainpower Norge AS. The property has potential for a decreasing fleet of suitable ships. Demand for iron housing development in the future. We have ore and thermal coal is up, and low order books is established three new projects in Sweden this year. keeping the supply side down. We believe the market Spice Log AS has purchased a logistics property in will be good going forward. Kungsbacka south of Gothenburg, where Santa Maria is the largest tenant on a 12‐year remaining lease Crude tanker rates have been under large pressure so agreement. AutoLogistikk AS has purchased Volvo’s far this year. Product tankers on the other hand, are global storage facility for spare parts in Torslanda, just experiencing improved market conditions. Finally, we outside Gothenburg. Remaining lease length is 9 years. also see some improvement in the market for Both these projects are in the establishing phase, and container‐trade. will be included in the next market report in December. MSE Logistics AS was set up to purchase The supply and demand side for container vessels are two new‐build logistics properties in Enköping and now more in balance, following a time of few deliveries Stockholm to Martin & Servera AS and Eldon AB. Both and high scrapping rates. In the first quarter of 2017, lease agreements are 12 years. We have also only 33 out of the scheduled 230 vessels were established a new project in Denmark. København delivered, easing the supply side pressure. Kontorbygg AS was established to purchase Tryg Unfortunately, the delivery‐schedule for the next 12 Forsikring A/S’ headquarter at Ballerup in Denmark, on months is high, capping the upside potential in the a 20 year lease agreement. short run. However, we still believe in a continued improvement for the segment the coming years, as the Hoffsveien Kontorbygg AS, Fredensborgveien Eiendom world gross domestic product (GDP) is increasing and AS, Pottemakerveien Kombibygg AS and Nye the consumer confidence is rising. Alfasetveien DIS have been sold. The project Holmsbu Invest AS has been restructured, and the new setup is Offshore called Nye Holmsbu Invest AS. We are also in a process There is little optimism in the offshore market, except of selling several other properties. for some sporadic high fixtures. Still hundreds of units

Page 6 NRP Finans AS ‐ Market Report June 2017

Over the last six months, we have purchased and sold Second and market property for a property value of approximately NOK We are experiencing great interest to purchase shares 4.3 billion. in real estate projects, and we are confident our new NRP InvestorPortal will make it even easier for our It has been an active six months for the shipping‐team. investors to sell and buy shares. So far this year, we Since our last market report, we have established 11 have sold shares in our portfolio of real estate, new shipping projects. Six of these projects are so‐ shipping and offshore for approximately NOK 100 called club‐deals and are not included in this market million in equity. This shows that it is possible to report. The other five projects are Atlantic Bulk IS, generate liquidity in these kinds of asset‐classes. We Songa Macau IS, Eastern Reefer II DIS, Ross Handy IS are constantly seeking to create more liquidity in our and Nordic Tromsoe. Atlantic Bulk IS was established projects, in order to attract a broader group of to purchase a Geared Supramax bulk carrier, built 2009 investors. at Tsuneishi Zhoushan, China. Songa Macau IS has purchased a 3 421 TEU Fully Cellular Container Vessel, Please contact Thor Mjør, Jens Andreas Evensen or built 2013 at Guangzhou Wenchong, China. Eastern Anne Elisabeth Næstvold if you have questions Reefer II DIS has been a financial lease project in NRP regarding second hand transactions. Finans’ portfolio since 2007. When the vessels were sold back to the charterer in April this year, it was Return for NRP Finans portfolio decided to establish a new project with one of the Nominal return on the NRP Finans real estate portfolio vessels. The vessel called No. 2 Pohah is now a new over the last 6 months is 11.2%, which in today’s low project in our portfolio, called Eastern Reefer II DIS. interest rate market is quite satisfactory. Since the Ross Handy IS was established late 2016, to purchase a establishment in 2000, the real estate portfolio has handysize bulk carrier, built in 2002 at Tianjin Xingang, given a return of 23.2% p.a. We are proud to have China. The project was sold a couple of months later, delivered such high returns, especially since our and the investors earned a good profit on the project. portfolio is dominated by centrally located property, Nordic Tromsoe is newly established and will be with long leases to solid tenants. Nominal return for included in our next market report. our shipping & offshore portfolio over the last 6 months is 8.5%. Over the last three years the NRP In addition to Eastern Reefer II DIS, Neptune Seismic Finans portfolio has developed as follows: DIS and TDSC Opportunity AS have been sold.

Return on NRP Finans portfolio 35 % 29 % 30 % 25 % 22 % 20 % 18 % 15 % 10 % 5 % 0 % IRR last 5 years IRR last 3 years Return last year ‐5 % ‐10 %

‐15 % ‐13 % ‐14 % ‐15 % ‐20 % Real estate Shipping & offshore

NRP Finans AS ‐ Market Report June 2017 Page 7

We are constantly working to identify and facilitate On behalf of NRP, we would like to take this new good projects within real estate, shipping and opportunity to confirm to our investors and business offshore. Our focus is to achieve the high risk‐ relations our commitment to deliver the best long‐ adjusted return for all our projects, as well as term risk adjusted return, combined with a positive securing a good return on our overall portfolio. and personal follow‐up of high quality. We would also like to wish you all a great summer!

Oslo 1. June 2017

Best regards, NRP Finans AS

Page 8 NRP Finans AS ‐ Market Report June 2017

2. Sold projects

2002 2006 continues

Property: Shipping: Project EstablishedIRR since project start Project Established IRR since project start China Bulker KS 2003 75 %p.a. Shipping: China Cape DIS 2004 27 %p.a. Project Established IRR since project start 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. 2003 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 IRR since project start 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 IRR since project start 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.* 2004 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 IRR since project start 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. 2007 Shipping: Project Established IRR since project start Property: North Reefer KS 2002 60 %p.a. Project Established IRR since project start Banebakken 38 AS 2006 128 %p.a. 2005 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 IRR since project start 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 IRR since project start 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 IRR since project start 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. 2008 Sir Matt Reefer KS 2004 1001 %p.a. Property: 2006 Project Established IRR since project start

Property: Shipping: Project EstablishedIRR since project start Project Established IRR since project start 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.

NRP Finans AS ‐ Market Report June 2017 Page 9

2009 2013

Property: Property: Project EstablishedIRR since project start Project Established IRR since project start Buskerud Handelseiendom DIS 2010 11 %p.a Shipping: Project Established IRR since project start Shipping: American Bulker KS 2001 44 %p.a. Project Established IRR since project start 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 ‐36 %p.a*

Default/bankruptcy project Default/bankruptcy project Established IRR since project start 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.* 2014 Swetank III DIS 2006 ‐98 % p.a.* Swetank IV DIS 2007 ‐77 % p.a.* Property: Project Established IRR since project start * Including paid in uncalled capital Alingsås Lager og Handel DIS 2008 ‐2 %p.a. Berger Kombibygg AS 2013 7 %p.a. 2010 Borås Logistikk AS 2012 17 %p.a. El Logistikk DIS 2011 14 %p.a. Property: Finlogistikk DIS 2011 14 %p.a. Project Established IRR since project start Gøteborg Logistikk DIS 2011 15 %p.a. Ringeriksveien KS 2001 30 %p.a. Halmstad Logistikk AS 2013 2 %p.a. Vestfold Kombibygg DIS 2006 7 %p.a. Prime Logistikk DIS 2012 14 %p.a.

Shipping: Shipping: Project EstablishedIRR since project start Project Established IRR since project start China Ropax DIS 2004 34 %p.a. BB Troll (before refinancing) 2010 ‐100 %p.a Indian Bulker DIS 2007 ‐37 % p.a.* E‐Tanker DIS 2006 ‐9 %p.a Pacific Bulker DIS 2008 ‐50 % p.a.* Eastern Reefer DIS (now refinanced) 2006 22 %p.a Ross Container II DIS 2006 21 %p.a. Default/bankruptcy project Established IRR since project start Default/bankruptcy project Gram LPG DIS 2007 ‐100 % p.a.* Indian Chemical Tanker II DIS 2008 ‐50 % p.a.* * Including paid in uncalled capital * Including paid in uncalled capital 2015 2011 Property: Property: Project Established IRR since project start Project Established IRR since project start Gasolin Eiendom DIS 2009 19 %p.a Alingsås Handel AS 2006 16 %p.a. Nye Bergen Lagerbygg AS 2006 7 %p.a Hallsberg Logistikk DIS 2008 16 %p.a. Nye Nordahl Brunsgate 10 KS 2003 46 %p.a. Shipping: Project Established IRR since project start Shipping: Feedermate 2004 41 %p.a Project Established IRR since project start Arendal Offshore DIS 2008 24 %p.a. 2016 Longa DIS 2007 21 %p.a. Inter Carib III DIS 2007 ‐27 % p.a.* Property: United Cape DIS 2007 ‐38 % p.a.* Project Established IRR since project start Berger Terminal DIS* 2012 36 %p.a. * Including paid in uncalled capital E‐Logistikk AS 2013 39 %p.a. Hovfaret 4 DIS* 2012 27 %p.a. 2012 KS Torggata Bad AS 2011 25 %p.a. Lillestrøm Logistikkbygg AS 2015 30 %p.a. Property: Majorstuen Kontorbygg DIS 2013 32 %p.a. Project Established IRR since project start Moa Handelseiendom Holding II AS 2011 4 %p.a. Haugenstua Butikksenter AS 2006 2 %p.a. Nydalen Kontorbygg AS* 2013 42 %p.a. Teknikstaden Utvikling AS* 2007 8 %p.a. Shipping: Wilfast i Torslanda AB 2009 20 %p.a. Default/bankruptcy project Established IRR since project start Økernveien Kontorbygg AS* 2014 30 %p.a. Oceanlink Reefer DIS 2007 ‐100 %p.a* TDS Containerships IV DIS 2007 ‐100 %p.a* Shipping: Project Established IRR since project start * Including paid in uncalled capital Beta DIS* 2006 22 %p.a. Inter Carib II DIS* 2006 0 %p.a. Mount Lyderhorn LLC* 2014 15 %p.a.

*Waiting for final settlement

Page 10 NRP Finans AS ‐ Market Report June 2017

2017

Property: Project Established IRR since project start Fredensborg Eiendom AS 2015 43 %p.a. Holmsbu Invest KS 2005 ‐100 % Nye Alfasetveien DIS 2009 19 %p.a. Solgaard Skog KS 2007 16 %p.a.

Shipping: Project Established IRR since project start Eastern Reefer II DIS 2007 20 %p.a. TDSC Opportunity AS 2010 ‐30 %p.a. Ross Handy IS 2016 24 %Total return

NRP Finans AS ‐ Market Report June 2017 Page 11

3. Real estate

Page 12 NRP Finans AS ‐ Market Report June 2017

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

Office and logistics property

1.1 Norway The annual growth of the Consumer Price Index was the Macroeconomics highest in several years. CPI increased by 3.6% from Since March last year, the key policy rate in Norway 2015 to 2016. The significant growth rate is mainly due remains unchanged at 0.5%. A rise in NIBOR last year to a weakening NOK that lasted until the start of 2016. provoked an interest rate hike, which allowed the The twelve‐month growth rate for CPI has cooled down lending rate to remain relatively stable through the since summer of last year and is lower than originally second half of 2016. Since the start of 2017, NIBOR has expected. This was one of the Central Bank’s arguments decreased at a pace unanticipated by the Central Bank of to postpone the next rate hike to late 2019. Norway, but the forecast for the key policy rate remains close to 0.5% in the next few years. The forecast also Norway Summarized predicts a slightly higher chance the benchmark will decrease in the near future with a gradual rise starting in 2019.

The NOK gained momentum with global oil prices in Source: SSB.no 2016, and interest rate‐spreads against international trading partners widened with it. Although both oil 1. Norwegian economy is relatively stable – increases prices and spreads decreased since the start of 2017 in oil prices contribute to growth. with a weakening NOK, we believe the NOK will bounce 2. Trade barriers and protectionism can be harmful for back and advance through the year. the Norwegian economy. 3. Modest economic growth, but the activity in Not since the Recession has GDP growth in Norway been petroleum industry is no longer an anchor for as soft as reported in 2016. It is expected, however, that expansion. GDP will slowly expand through the second half of 2017 4. Politicians provide active economic stimulus through and 2018, stabilizing at 2% annually thereafter because monetary policies (Parliamentary elections and of an unexpected rise in real estate and petroleum sovereign wealth fund.) investments. 5. Unemployment rate continues to fall. 6. Norwegian inflation will remain above 2%. Following a steady rise in unemployment last year, 7. Development of the NOK is uncertain. Oil prices strong signs indicate the unemployment rate has peaked contribute positively, protectionism contributes and is now decreasing. In the past few years, the negatively. capacity utilization rate has been lower than normal and 8. Real interest rates are still negative, but real estate the decrease in unemployment indicates capacity prices are cooling. utilization has increased. Stronger growth in the national economy will result in higher employment growth in the 4,0 3,5 near future. The national unemployment rate will likely 3,0 remain around current levels and continue to fall 2,5 following the first half of 2017. 2,0 1,5 Housing prices in Norway have soared in recent years, 1,0 greatly outperforming disposable income per household 0,5 indices. Adversely, household debt has increased 0,0 substantially in the past six months, continuing a pace that outperforms disposable income growth with 01.01.2014 01.03.2014 01.05.2014 01.07.2014 01.09.2014 01.11.2014 01.01.2015 01.03.2015 01.05.2015 01.07.2015 01.09.2015 01.11.2015 01.01.2016 01.03.2016 01.05.2016 01.07.2016 01.09.2016 01.11.2016 01.01.2017 01.03.2017 10 yr Swap 5 yr Swap 3 month NIBOR significant margins. Rising real estate prices and household debt are fueling household vulnerability in Norway.

NRP Finans AS ‐ Market Report June 2017 Page 13

The impact of macroeconomic factors on the  Oil prices fell as much as 10% in March due to Norwegian commercial real estate market interest rate hikes and increased shale production. Macroeconomic conditions have great effect on the  The market is speculating that the Eurozone may development of the Norwegian commercial real estate witness a hike earlier than expected, which may market. The following sections present some key factors strengthen the Euro against the NOK. in the Norwegian economy and their influence on the  Due to softening inflation, the Central Bank reduced property market. its interest rate target in March.  Central Bank of Norway reduced spending and Low interest rates: capital allocation. Norway’s Central Bank kept the key policy rate unchanged at 0.5% on March 16. The surprisingly low A weak NOK is one of the primary reasons for increased growth rate in the past three months resulted in keeping foreign investments in Norway. A stronger NOK may interest rates low for a longer duration than what the affect foreign appetite for Norwegian product, but so Central Bank anticipated. Core inflation was reportedly far, foreign investments remain ample. 1.6% in February, slightly lower than the 2% expected. The disruption resulted mainly from the surprising High CPI: downgrade of forecasted interest rates in 2018 and While a weaker NOK lead to price escalations and higher 2019. The forecast remains around 0.5% for the next few inflation in 2014, 2015 and partly 2016, a stronger NOK years with a slightly higher probability of a decrease in generates the opposite response. the near future. Central Bank of Norway is utilizing monetary policy to keep core inflation at 2.5% going forward. The Central Thus, long‐term interest rates have trended sideways Bank responds to lower inflation by stimulating the since the start of 2017, easing the pressure on prime economy through interest rate cuts or implement yield. In other words, we believe in a flattening yield opposite adjustments if inflation is over the target. with upward pressure towards the end of 2018 if current forecasts remain intact. Interest rates will likely remain CPI is a valuable index to real estate investors due to its low until the end of 2019. ability to regulate rent growth. CPI stood at 3.6% on November 2016, thereby positively affecting property NOK: values. This year CPI is expected to be slightly lower than Receding oil prices have contributed immensely to the Central Bank’s target inflation of 2.5%. weakening the Norwegian currency and stalling economic growth. Flat interest rates are evidence Low Oil Price: Norwegian economy has bottomed out. Additionally, a Following the oil bust of 2014, benchmark oil futures wider exchange rate spread between Norway and the have regained some lost momentum and are currently Eurozone provides further indication of a stronger NOK trading around 50 USD / bbl. against the Euro. Uncertainty remains: Although the NOK is at its weakest level in over six  Higher oil prices have encouraged American shale months as of March, the economy is improving and the producers to start producing again. dip is likely the result of a correction following an earlier  Global oil reserves remain record high. currency jump. As expected, the oil bust reduced leasing velocity in the Such external factors forced several speculators to sell Norwegian commercial real estate market, particularly in long NOK positions, further amplifying the negative markets heavily depended on the oil and gas industry effects in a market dominated by speculators on a daily such as cities in Western Norway, and Asker and Bærum. basis. Oslo, on the contrary, has remained more or less unaffected by the oil bust. The graph on the right External factors in March started working in the NOK’s provides an insightful picture of the unemployment rate disadvantage: in Rogaland and Oslo in the wake of the oil bust.  Global growth has lost some momentum. Rogaland is highly correlated to the performance of oil  President Trump is struggling to ease the pressure on monetary policy.

Page 14 NRP Finans AS ‐ Market Report June 2017

prices and as a result, unemployment is high compared City and Skøyen trailing behind. The circles depict the to the relatively unaffected Oslo market. highest recorded rent in each respective submarket.

Unemployment: Rent levels Oslo ‐ Average A category Kr/m² The national unemployment rate, which rose 5 000 substantially following the oil bust has peaked and is 4 500 4 000 quickly softening from 3.7% to 3.1% (NAV). In Rogaland 3 500 the unemployment rate increased from 2% to 4.9% 3 000 during the oil downturn. Although Rogaland has since 2 500 2 000 improved, it remains the highest in the nation at 4.7%. 1 500 Receding unemployment rates across the nation provide 1 000 2001 2003 2005 2007 2009 2011 2013 2015 2017 confidence that the economy is improving, which will CBD Indre by sentrum Indre by improve future leasing activity. Skøyen Lysaker Fornebu Nydalen Helsfyr Bryn Source: Newsec Unemployment Rate vs Oil Price The graph above details the average rent for class A 5,5 120 5 110 office space in the various submarkets in Oslo. CBD has 4,5 100 continuously outperformed the other submarkets since 4 90 80 2005. 3,5 70 3 60 2,5 50 Vacancy 2 40 1,5 30 Newsec AS conducts a comprehensive office vacancy 1 20 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 Oslo (NAV) Rogaland (NAV) Oil Price ready for occupation within one year. Some properties are regarded as combined, and have both office and 1.2 Office rental market in Oslo logistics areas. Newsec does not include warehouse and The office rental market in Oslo absorbed 173 000 m² in logistics property in the vacancy rate, but only premises Q1 2017 across 207 executed leases, which is on par that are considered office. Newsec track newbuilds and with Q1 2016, but slightly below Q4 2016 numbers. conversion cases in order to accurately determine whether the total office stock in each district has Average market rents in Oslo for office space settled at changed. 2 040 NOK / m², a 12.1% increase from Q1 2016. Class A space enjoyed similar growth at 13.4% to 3 310 NOK / The latest office vacancy figures show that vacancy in m². The two graphs below further illustrate rent levels in Oslo is stable. There are 667 000 m2 of available supply the Oslo office market. in Oslo, equivalent to an office vacancy rate of 7.7%.

In the charts below, we show the development of NOK/m2 Rent Levels Oslo Q1 2017 5 000 vacancy in the various submarkets in Oslo. 4 600 4 200 3 800 Office Vacancy Oslo Q1 2017 3 400 22% 3 000 20% 2 600 18% 2 200 16% 1 800 14% 1 400 12% 1 000 10% 600 8% CBD Centre Inner Skøyen Lysaker Nydalen Bryn Økern Sandvika Asker 6% City Helsfyr 4% Topp A‐Kategori Snitt Areal Statistikk Source: Newsec 2% 0% CBD Inner City Skøyen Lysaker Outer Bryn Outer Outer Nydalen The graph above shows current rent levels for the West Helsfyr South East Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 various submarkets in Oslo. As expected, office rents are Source: Newsec & Finn.no significantly higher in the CBD with City Center, Inner

NRP Finans AS ‐ Market Report June 2017 Page 15

The graph below shows historical and future office m² CBD 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.

SUPPLY/DEMAND ‐ VACANCY OSLO 350 000 10% 9% 300 000 8% 250 000 7% 200 000 6% 5% 150 000 4% 100 000 3% 2% 50 000 1% 0 0% CBD Average % ∆ 12 mo. 2012 2013 2014 2015 2016 2017 2018 2019 Newbuilds Prognosis Newbuilds Average rent (last 12 mo.) 3,173 2.0 % Net Take‐Up Conversion Announced m² 42,703 ‐0.4 % Vacancy % (r.a.) Vacancy (Q1 2017) N/A N/A

CBD is defined as Aker Brygge, Vika, Tjuvholmen as well as a few streets around the City Hall. By the end of 2016 roughly 45 158 m² was vacant in the CBD, which increased to 58 501 m² at the end of Q1 2017. This is primarily a result of two buildings coming to market that total 11 000m². Among the largest vacancies is Kronprinsesse Märthas plass 1 with 5 800 m², as well as 5 000 m² in Tordenskioldsgate 6B following Tullow Oil relocating from Norway.

Average rents for office space in the CBD have increased by 5% since Q1 2016 to 3 173 NOK / m². Class A space, on the other hand, has decreased by 3% since last quarter to 4 465 NOK / m². Notable relocations in the first quarter include CBRE who signed 1 200 m² at Norwegian Property on Aker Brygge. Newsec expect that average rents in the CBD will remain relatively stable and vacancy will continue to decrease through 2017.

Page 16 NRP Finans AS ‐ Market Report June 2017

Inner City Inner City Center

Inner City Average % ∆ 12 mo. Inner City Center Average % ∆ 12 mo. Average rent (last 12 mo.) 1,915 2.6 % Average rent (last 12 mo.) 2,125 3.1 % Announced m² 55,567 ‐10.7 % Announced m² 177,061 ‐2.8 % Vacancy (Q1 2017) 3.2 % ‐1.76 % Vacancy (Q1 2017) 7.0 % ‐0.57 %

Oslo’s Inner City (between ring 1 and ring 2) reported a Newsec registered several vacancies in Inner City Center drop in vacancy during the last few quarters, which now (within ring 1) in the first half of 2016 before it dipped in stands at 42 685 m² or 3.2%, 0.4% drop from last the second half. Average vacancy has increased by 60 quarter. Notable vacancies include Stensberggata 25‐27 basis points from 6.4% in Q4 2016 to 7.0% in Q1 2017, with 12 000 m², Christian Kroghs gate 1‐11 with 3 300 which is mainly due to two buildings coming to market, m², and Sandakerveien 24c with 2 000 m² vacant. Dælenenggata 26 and Pilestredet Park 7 that are comprised of 14 000 m². Additionally, 8 600 m² and The average rents over the past four quarters were 6 800 m² vacant space remains in Kirkegata 15 and 1 895 NOK / m², while average rents for Class A space in Torggata 15, respectively. the same period were 2 813 NOK / m². Notable relocations in the area include IBM who took 7 260 m² at Average rents for office space over the last four quarters Entra and Skanska in Sundtkvartalet, and Alliance stood at 2 120 NOK / m², which equates to a 2.9% Architects absorbed 600 m² in Akersgata. Newsec increase. Average rents for Class A space are 3 058 NOK expects both office rents and vacancy to remain stable / m², a 1.6% increase from last quarter. Among the through 2017. largest relocations to the area include Vinmonopolet who signed a contract for 4 000 m² in Diagonale, Bank 2 absorbed 1 500 m² at Fram Eiendom in Henrik Ibsens gate 60, and Itslearning absorbed 860 m² at Entra in Akersgata 34. Newsec expects office rents and vacancy to remain stable through 2017 in the area.

NRP Finans AS ‐ Market Report June 2017 Page 17

Skøyen Lysaker

Skøyen Average % ∆ 12 mo. Lysaker Average % ∆ 12 mo. Average rent (last 12 mo.) 2,065 4.2 % Average rent (last 12 mo.) 1,785 1.5 % Announced m² 51,377 12.2 % Announced m² 95,709 2.0 % Vacancy (Q1 2017) 10.7 % 4.10 % Vacancy (Q1 2017) 15.8 % ‐0.26 %

Vacancy in Skøyen remained at 40 000 m² during the The area of Lysaker is still subject to high office vacancy. first half of 2016 before escalating in the second half. In Q1 2017, vacancy was reportedly 15.8%. After one Vacancy continued to increase in 2017 to roughly 64 000 year with some decreased vacancy, Newsec counted a m². The largest vacancies are still found at Sjølyst Plass 2 slight increase in Q1 2017. Registered newly signed and Hoffsveien 1C with 7 500 m² and 4 112 m² vacant, leases in Q1 2017 were higher than the first half of 2016. respectively. In addition, 4 602 m² is now available for Total absorbed m², however, was slightly lower than first sublease from EVRY at Hovfaret 11. Construction activity half of 2016, but somewhat higher than Q4 2016. in Skøyen is thriving with major office and residential projects as well as the future Fornebu light rail, which The amount of available office space increased from will strengthen the area’s position as a transportation 99 000 m² at the end of 2016 to 107 000 m² in Q1 2017. hub. Some notable vacancies include Snarøyveien 30, Fornebuveien 40 and Rolfsbuktveien 4. Among the Average rents during the past four quarters have newly added vacancies include Widerøeveien 1 with increased marginally to 2 065 NOK / m², while rents for 6 000 m², Lysaker Torg 45 with 2 500 m² and Elveveien Class A increased to 2 720 NOK / m². Some notable 81 with 1 300 m² vacant area. relocations to Skøyen include Visma who absorbed 20 000 m² at Fram Eiendom in “Sjølyst Arken”. Average office rents improved slightly in Q1 2017 and Contracted rents at the property are expected to be are up 3% from 1 780 NOK / m² to 1 840 NOK / m². roughly 3 100 NOK / m² upon completion in Q1 2019. Average rents during the past four quarters are up 1.5% to 1 793 NOK / m² from 1 765 NOK / m². Class A space Newsec expects average office rents in Skøyen to remain reported a decrease of 1.5% to 2 160 NOK / m² from stable through 2017 and vacancy to decrease going 2 193 NOK / m². forward. Skøyen’s crowded construction pipeline will likely trigger a future surge in leasing activity that will Among notable companies that relocated to Lysaker in further strengthen Skøyen’s position in the market. Q1 2017 include Ericsson who absorbed 3 500 m² at Technopolis in Rolfsbuktveien 4, Buksér and Berging signed a 750 m² contract at Fram Eiendom in Vollsveien 4, and Idemitsu absorbed 1 500 m² at Storebrand Lysaker Torg 25.

Page 18 NRP Finans AS ‐ Market Report June 2017

Nydalen Bryn ‐ Helsfyr

Nydalen Average % ∆ 12 mo. Bryn‐Helsyr Average % ∆ 12 mo. Average rent (last 12 mo.) 1,855 1.5 % Average rent (last 12 mo.) 1,483 1.3 % Announced m² 25,035 ‐14.7 % Announced m² 82,069 ‐3.9 % Vacancy (Q1 2017) 6.0 % ‐4.16 % Vacancy (Q1 2017) 13.9 % ‐2.83 %

Nydalen is an exciting area filled with both residential Vacancy in Bryn‐Helsfyr dipped in Q4 2016 and Q1 2017 and commercial development projects. The high activity as office space in the area enjoyed increased demand. In contributed to a strong leasing market in 2016. We Q1 2017 we counted 74 000 m² vacant area, a decrease counted 20 492 / m² of vacant space in Q1 2017, which from 78 000 m² in Q4 2016, which translates into a equates to a 6.0% vacancy rate. The decrease is a 13.9% vacancy rate. response to increased interest in larger vacant blocks of space and little new product. Sandakerveien 130, Average rents decreased 3.0% to 1 400 NOK / m² in Q1 Nydalsveien 33 and Nydalsveien 28 are notable 2017. Average rents for the past four quarters were properties with high vacancy in the areas. 1 483 NOK / m², a slight increase from the previous average. Average rents in Q1 2017 stood at 1 960 NOK / m², unchanged from Q4 2016. Over the past four quarters, Omsorgsbygg signed a 6 500 m² contract with Bunde average rents increased 1.5% to 1 855 NOK / m² from Eiendom in the newly completed Helsfyr Puls, which 1 828 NOK / m². Office rents for Class A product totals 8 000 m². TradeSolution signed a 2 200 m² lease decreased by 1.3% to 2 295 NOK / m² from 2 325 NOK / with SPG / Søylen in Ole Deviks vei 6. Frignor signed a m². 10‐year, 700 m² lease with SAJA Eiendom in Østensjøveien 39/41. Skanska’s Breeam property in Vitaminveien 4 recently leased out 11 000 m² to Helsedirektoratet. The property Properties with high vacancies include Brynsalléen 4 is now 46% occupied with the tenant moving in fall 2018. with ca. 11 500 m², Grenseveien 88 with ca. 7 400 m² Oncoinvent signed a 10‐year contract with Aberdeen and Innspurten 15 with ca. 5 000 m². Asset Management in Gullhaugveien 7 and will occupy the 1 100 m² space starting April 2017. In Sandakerveien 114, Vika Eiendom filled vacancies with CosmO Clinic, Mysaftey, and Telavox.

NRP Finans AS ‐ Market Report June 2017 Page 19

Oslo Outer East Oslo Outer West

Oslo Outer East Average % ∆ 12 mo. Oslo Outer West Average % ∆ 12 mo. Average rent (last 12 mo.) 1,285 6.6 % Average rent (last 12 mo.) 1,518 6.2% Announced m² 125,576 ‐6.5 % Announced m² 24,164 ‐11.2% Vacancy (Q1 2017) 13.0% ‐2.85% Vacancy (Q1 2017) 3.2% ‐0.71%

Q1 2017 reported more leases and larger blocks of The area reported a reduction in vacancy from 23 457 vacant area absorbed than any of the past four quarters. m² in Q4 2016 to 21 320 m² in Q1 2017. Average rents The jump is attributed mainly to one large tenant over the past four quarters are roughly 1 520 NOK / m², relocating to the area. Average rents for the last four up 1.8% from 1 493 NOK / m². Q1 2017 reported average quarters were 1 285 NOK / m², beating the 1 095 NOK / rents at 1 570 NOK / m², slightly below the previous m² reported one year ago. Vacancy is slightly down from quarter average at 1 670 NOK / m². Q4 2016 to 13.0%. There are 113 000 m² available in the area, a 5 000 m² reduction from Q4 2016. Notable Properties with the highest vacancies include properties with high vacancy include Lørenfart 3 with Drammensveien 211‐213 with 10 500 m², 12 000 m², Ulvenveien 90 with 6 000 m² and Sørkedalsveien 150 with 5 000 m², and Aslakveien 14. Haslevangen 45 with 4 500 m². In Q1 2017, Skeidar Høyskolen I Oslo and Akershus leased 1 800 m² from agreed to a 20‐year extension at Alna Senteret. Skeidar Selvaag in Silurveien 2, eliminating the remaining is leasing 11 000 m². vacancy in the building.

Page 20 NRP Finans AS ‐ Market Report June 2017

1.3 The Transaction Market BnNOK 7,5 % 2017 started out strong with trades closing as soon as 7,0 % 120 6,5 % New Year’s resolutions were in place. Following an 6,0 % 100 incredible year for transactions in 2016 with total 5,5 % 5,0 % 80 volume close to NOK 80 billion, excitement was high for 4,5 % 4,0 % 60 the results of first quarter 2017. In Q1 2017 Newsec 3,5 % 3,0 % 40 noted 96 transactions, totaling NOK 25.5 billion, which is 2,5 % 2,0 % 20 significantly higher than first quarter 2016 at 57 1,5 % transactions, totaling NOK 13.5 billion. 1,0 % 0 2002200320042005200620072008200920102011201220132014201520162017 Registered Forecast 10 Year SWAP Newsec presents the following forecast for the Source: Newsec remainder of 2017: The graph above depicts historical transaction volume in  Interest rates will remain low through 2017. Norway across all property types against the 10 year  A performing bond market will support stronger SWAP. Newsec estimates 2017 volume will roughly total bank financing. NOK 80 billion.  Cooling residential market (new mortgage

regulations in effect as of January 2017). Office YIELD PRICE BUYER SELLER  Real estate in the outskirts of downtown Oslo will transactions MNOK see yield compressions and price escalations. Areas DNB Midtbygget 3,90% 4 300 SBB i Meteva particularly affected include Skøyen, Lysaker, Helsfyr Norden AB AS Strandveien 4,80% 920 Oslo Areal Ferd and Ryen. 4,8,10 Eiendom  Real estate in secondary and tertiary markets will Portfolio in N/A 863 SBB i Entra ASA witness a similar effect. Kristiansand Norden AB Moloveien 16, 7,75% 190 Tord U. Oslo  Logistics will be subject to further yield compression Bodø Kolstad Pensjons‐ and we expect transactions to yield as low as 4%. forsikring  The volume reported so far in 2017 will continue Domkirkeplassen 3, N/A 80 Camara Stavanger through the year. Stavanger kommune

The table above shows the largest office transactions Transaction Volume ‐ Office completed YTD 2017.

Transaction volume ‐ Office 70 120 113 Other 60 45 % Office 100 55 % 50 81 90 80 40 60 60 transactions

Billions

30 of 40 NOK 20 27

10 20 Number

Source: Newsec 0 ‐ 2013 2 014 2015 2016 2017 Volum Antall…

The pie chart above show that office product The graph above illustrates annual transaction volume represented 55% of transaction volume YTD 2017 in and number of trades for office product since 2013. At Norway. the end of 2017, we expect office transactions for 2017 to slightly exceed the previous year.

Logistics Property Market Newsec registered nine logistics/industrial transactions so far this year for a combined volume of NOK 1.5 billion. Among the largest transactions in 2017 is Smedvig Eiendom’s portfolio sale in Dusavik outside

NRP Finans AS ‐ Market Report June 2017 Page 21

Stavanger for NOK 300 million, which was acquired by The graph above illustrates annual transaction volume EQT Private Equity. Notable tenants in the portfolio and number of trades for logistic/industrial product include GE oil and gas, Schlumberger and North Atlantic since 2013. At the end of 2017, we expect transactions Drilling, among others. Additionally, an Arctic syndicate for 2017 to slightly exceed the previous year. acquired the Autronica building (Bromstadveien 59) in Trondheim from local investors for NOK 280 million. 1.4 Newsec Valuation Index

Autronica, a producer of fire safety equipment and NEWSEC VALUATION INDEX maritime measuring systems, signed a 10‐year lease in 170 2015. 150

130 Logistics YIELD PRICE BUYER SELLER transactions MNOK 110 Bromstadveien 5.40% 280 Arcitc Hasle Gjerde 90 59, Trondheim syndicate & Kaare Arnstad 70 Portfolio Dusavik N/A 300 EQT Smevig Q1‐08 Q1‐09 Q1‐10 Q1‐11 Q1‐12 Q1‐13 Q1‐14 Q1‐15 Q1‐16 Q1‐17 Private Eiendom Office Oslo CBD Office Oslo City Center Equity Office Oslo Retail Mixed‐Use 8.00% 475 H.I.G Pareto‐ Kongsberg Syndicate Næringspark The graph above details Newsec’s Valuation Index. The Mixed‐Use at 7.50% 249 Ferd Rafoss index starts in Q1 2008 at 100 and provides value Forus Eiendom Eiendom development for office product in Oslo and retail until Lahaugmoen N/A 387 NRP Anthon B Logistikk AS Nilsen Q1 2017. Valuations escalated in Q1 2014 and continues Eiendom into present day.

The table above shows the largest logistics transactions 1.5 Yield Table completed YTD 2017. The table below provides an insightful look at current Transaction Volume ‐ Logistics and historic yields for Norwegian real estate across property types and major cities. Current prime yield for 10 40 office buildings in the CBD is 3.75%. 36 35 8 30 24,0 6 25 Billions

transactions 20 NOK of

4 15 14,0 13 10 2 9 Number 5 0 0 2013 2 014 2015 2016 2017 Volum Antall transaksjoner

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 SEGMENT Low High Low High Low High Low High Low High

Office Oslo CBD 4.00 % 5.00 % 4.00 % 5.00 % 4.00 % 5.00 % 3.75 % 4.75 % 3.75 % 4.75 % Office Oslo center 4.75 % 6.00 % 4.75 % 6.00 % 4.75 % 6.00 % 4.50 % 6.00 % 4.25 % 6.00 % Office Oslo Skøyen 5.00 % 6.25 % 5.00 % 6.25 % 5.00 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % Office Oslo Lysaker 5.25 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % 5.00 % 7.50 % Office Oslo east 5.75 % 7.50 % 5.75 % 7.50 % 5.50 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % Office Oslo south 7.00 % 8.50 % 7.00 % 8.50 % 7.00 % 8.50 % 6.75 % 8.50 % 6.75 % 8.50 % Office Stavanger central 5.50 % 7.50 % 5.50 % 7.50 % 5.50 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % Office Bergen central 5.00 % 7.50 % 5.00 % 7.50 % 5.00 % 7.50 % 4.75 % 7.50 % 4.75 % 7.50 % Office Trondheim central 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % 5.25 % 7.75 % 5.25 % 7.50 % Office Other cities central 6.25 % 9.25 % 6.25 % 9.25 % 6.25 % 9.25 % 5.75 % 9.00 % 5.75 % 9.00 % Retail prime 4.00 % 5.50 % 4.00 % 5.50 % 3.75 % 5.50 % 3.75 % 5.50 % 3.75 % 5.50 % Retail normal and secondary 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % Retail Big Box 5.75 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.50 % Logistics prime 5.75 % 7.00 % 5.50 % 7.00 % 5.50 % 7.00 % 5.50 % 7.00 % 5.50 % 7.00 % Logistics normal and secondary 7.00 % 9.25 % 7.00 % 9.25 % 7.00 % 9.25 % 7.00 % 9.25 % 6.50 % 9.25 % Hotel prime 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 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 4.00 % 6.00 % 3.50 % 6.00 % 3.25 % 6.00 % 3.25 % 6.00 % 3.00 % 6.00 % Parking 5.00 % 6.25 % 5.00 % 6.25 % 5.00 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25

Page 22 NRP Finans AS ‐ Market Report June 2017

1. Sweden The purchase of government bonds will be extended Macroeconomics into the first half of 2017 in order to stimulate the In spite of a politically unsettled world situation in 2016, economy and not to deviate too far from the European growth in Europe and the USA is positive. The Central Bank’s monetary policy. The Swedish Bank is aftereffects of the financial crisis are slowly beginning to trying to balance its monetary policy in areas that are fade away and global growth is expected to rise in 2017. hard to navigate. The inflation rate has risen in recent The political risks remain high and the effects of Trump months but development has been volatile. In 2016, the and Brexit are likely to become increasingly clear during average rate of inflation was 1.0%, and forecasted to be the year. In Europe, the geopolitical tensions are 1.7% in 2017 before rising to 2.0% during 2018. This mounting at the same time as many economies are means the Swedish Bank is showing itself ready to facing the challenges of an aging population. continue to stimulate the economy, with an interest‐rate forecast indicating high probability of a further rate In such an uncertain world as described above, Sweden reduction. Newsec expects the negative interest rate to has good prerequisites for continued good growth. The remain in place during 2017 and larger parts of 2018. Swedish population is growing at a record pace at the same time as the age distribution is being changed by an In February, the National Institute of Economic ever‐larger share of old people in the population. There Research’s monthly Barometer indicator – which reflects is a great need for investments in the public sector and the entire Swedish economy – changed marginally from in housing in particular, which may create more job 111.9 to 111.6. This level indicates a continued opportunities. The numbers of children, young people optimistic mood in the economy. All participating and the aged are increasing, which means the working company sectors report a ‘strong’ or ‘very strong’ population is facing an even heavier dependency position. The confidence of the retail sector has also burden. The young and old people who are not active in recovered from previous month’s fall and now stands the labor market have a need for public services such as above the historical average once again. Consumers’ schools, health care and welfare. In both the short and outlook on the economy continues to be optimistic. the long term, the demographic changes may prove very positive for the continuing growth of the economy and The Swedish labor market remains strong with more the creation of jobs, although reforms are needed to people employed and falling unemployment. take advantage of these development opportunities. Unemployment is expected to fall during the year to a Growth in 2016 was 3.3%, which is a little lower than the low of 6.5% before then gradually starting to rise when growth rate of 3.8% in 2015. In 2017 growth is expected the large group of new arrivals from the wave of to slow further to a figure of 2.5%. refugees in 2015 emerges onto the labor market. The shortage of manpower is increasing, especially in the The Swedish Central Bank continued its expansionary public and building sector. There are clear signs of an monetary policy in 2016. At its last meeting in April the ever‐increasing fraction of the labor force’s skills does Bank decided to leave the repo rate unchanged at ‐0.5%. not match the needs of employers.

% Economic Indicators - Sweden 8 6 4 2 0 -2 -4 -6

Private Consumption Employment GDP 3M STIBOR Source: Newsec

NRP Finans AS ‐ Market Report June 2017 Page 23

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 below), 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 often co‐located several existing offices in one place.

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 Stockholm Central Business District good public transportation, e.g. office areas in Solna and Hammarby Sjöstad. Newsec’s estimates the trend to continue for the next three years. The districts where 2.2 Office Market – Rent Levels there are possibilities of increasing density, making The upward trend of market rents in the Stockholm area existing premises more efficient and demolishing is continuing. The high rent levels are a consequence of buildings in order to build new office blocks are the the high demand together with the low supply of newly submarkets that will probably achieve the greatest built modern premises in Stockholm CBD. development and success. New production is expected to continue in these districts, which will further Area Market rent Top rent Vacancy Prime strengthen their position and create a basis for services. (SEK/m²) (SEK/m²) Yield The trend of the office market in Stockholm becoming CBD 5,700 6,400 2.0 % 3.40 concentrated into fewer but larger submarkets is thus Inner city 3,450 4,200 4.0 % 4.00 expected to continue. Gamla Stan 3,250 3,700 4.0 % 4.25 Södermalm 3,350 3,800 4.0 % 4.25 Kungsholmen 3,250 3,600 4.0 % 4.25 Östermalm 3,550 4,200 4.0 % 4.00 Kista 2,100 2,700 19.0 % 5.15 Frøsunda 2,350 2,700 13.0 % 4.75 Solna Business Park 2,300 2,700 4.0 % 4.75 Arenastaden 2,700 2,950 2.0 % 4.50

2.3 Office Market – Vacancy Newsec estimates around 130,000 m² of new or rebuilt office space will be completed in Greater Stockholm during 2017. This represents about 1% of the total office stock. Of the newly produced space to be completed this year, about 85% is already let. The corresponding figure for 2018 is 60 %, which indicates the high demand for newly produced office space in Stockholm. Recent years, nearly all areas of Stockholm experienced a decline in vacancy levels. Kista is the only area covered which has experienced a vacancy rise, largely due to Stockholm Office Areas Ericsson’s decreased operations in the area and the large share of unmodern office buildings from the 80’s. Over time, these buildings will be re‐developed and

Page 24 NRP Finans AS ‐ Market Report June 2017

modernized which, should decrease the vacancy levels in the area. The low vacancy level has led to new‐building and rebuilding projects in the CBD and the Inner Suburbs. AMF’s Urban Escape at Gallerian, where Swedbank was previously 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. Fabege’s Grand Central project is another example of a major rebuilding project, where 36,000 m² of office space will become available in 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. Gothenburg Office Areas

3.2 Office Market – Rent Levels 3. Gothenburg The rent level in Gothenburg CBD was stable through 3.1 Office Market 2016, but an increase has been seen in the first quarter The commercial office market in the Gothenburg region of 2017. Top figures for the Inner City have been comprises an office stock totaling around 4.8 million m², reported at around SEK 2,800 per m². The highest rents which includes the stock of neighboring municipalities in the Inner City are found in the newly built stock at such as Mölndal and Partille. Ullevi. The high demand for premises in Norra

Älvstranden contributed to an increased market rent in Office districts in the City of Gothenburg are divided as 2016. in the map below. Areas making up the CBD total about

860,000 m² of offices and comprise Lilla Bommen, Inom Area Market rent Top rent Vacancy Prime Vallgraven, part of Gullbergsvass, Nordstaden and (SEK/m²) (SEK/m²) Yield Avenyn. Demand remains high in these areas, but the CBD 2,700 3,300 4.2 4.15 shortage of efficient modern premises is a problem, as is Innerstaden 2,300 2,800 4.4 4.85 the shortage of larger premises. Few new‐building Norra Älvstranden 1,900 2,600 4.6 5.10 projects are underway in the CBD, although Wallenstam Hisingen 1,050 1,400 9.0 6.80 is continuing its development of Kungsportsavenyn. Mølndal 1,450 2,300 7.0 5.90 Wallenstam is expected to produce 4,100 m² of office space under the project name Mid Avenue, which is 3.3 Office Market – Vacancy expected to be completed during 2017. Another Vacancies in Gothenburg have fallen recent years. development project in the CBD is Castellum’s rebuilding Lindholmen have experienced a strong decline in of the property Nordstaden 2:16, which is expected to vacancy mainly due to CEVT’s expansions in the area. be completed in the late spring of 2017. The area Lilla Bommen experienced increasing vacancy rates due to large upcoming constructions and The Inner City comprises a number of districts and developments, greatly affecting the area, in the coming covers a large geographical area. Its office stock totals years. around 900,000 m². Gårda is the most purpose‐built office area in the Inner City, followed by Gullbergsvass During 2017 Newsec estimates about 55,000 m² of office and Ullevi‐Heden. In the remaining districts, the office space will be added to the market in Gothenburg. For stock is scattered among housing and other commercial example, 18,000 m² will be added on Lindholmen and properties. about 10,000 m² in Gamlestaden, where the project Gamlestads Torg will be completed.

NRP Finans AS ‐ Market Report June 2017 Page 25

In June 2016, Jernhusen’s contribution to the The logistic property market has thus shown a positive anniversary celebrations, the RegionCity project, was trend during the last couple of years with more presented. The first stage, planned for 2021, will include transactions and projects. The e‐commerce’s increasing a 22‐stories high tower. The project will mainly provide share of the commerce market and the export‐ and offices but will also include retail stores and restaurants. import sector’s large share of GDP could be explanations Moreover, Platzer and Skanska are currently working to of this development. prepare a zoning plan for building high‐rise blocks, providing a total gross area of about 60,000 m² in Gårda The largest transaction in Q1 2017 was when Ness, Risan and Ullevimotet. & Partners AS, in March acquired a property with 160,000 m² lettable area in Torslanda, Gothenburg. 4. The Logistic Property Market in Sweden Purchase price was SEK 1 billion and seller was Söderport Fastigheter. Also in March the quarter’s second largest transaction occurred. Estea sold four properties to Prologis, situated in Sigtuna, Eskilstuna and Borås. Purchase price was SEK 617 million with a total of 110,547 m² lettable area. Four properties in a joint venture in Malmö and Helsingborg, including PEAB and Catena was the third largest transaction of the quarter. Catena purchased PEAB’s shares in the joint venture companies for an estimated price of SEK 560 million. Two of the properties consist only of building rights.

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 at 925 SEK/m².

Yields in logistic has been dropping since 2010 and is noted to be lowest in A‐location Stockholm and Gothenburg with 5.65 %. The prognosis indicates yields will continue to drop during 2017. In Gothenburg the yields has dropped with 135 basis points since 2010.

Among the largest and top logistics areas in Sweden is Gothenburg region, Örebro region, Jönköping region and the Östgöta region. Gothenburg, in the lead, has an

enormous advantage: Port of Gothenburg, with the Sweden is one of the most export dependent countries largest import‐ and export shipping port in all of the in the world. In 2016, export was responsible for 44 % of Nordic countries. The placement of Gothenburg Sweden’s GDP, where two thirds could be derived to contributes to the attraction of logistics, with close goods. Import was slightly lower and was during 2016 connection to Norway, Denmark and the Atlantic. With responsible for approximately 40% of Sweden’s GDP. new projects and high demand on Hisingen and The central export goods of Sweden are machines and Arendal/Port of Gothenburg, Gothenburg continues to transportation with large actors like Volvo, Scandia, Atlas shine as the logistic capital of Sweden. Copco and SKF. Sweden’s two most important trading partners in 2016 were Germany and Norway, followed Followed closely is Örebro with its strong growth in by countries like USA, Denmark and Finland. logistic areas, along with good infrastructure in the

region. The region has Sweden’s largest container Sweden is also a natural logistics hub in Europe due to its terminal and one of the biggest freight airports in the geographical position and shape with access to Nordic country. The Östgöta region is also following cities, the Baltic states, the majority of Germany and the Gothenburg closely with excellent railway and motorway forefront of Russia. standards plus an extended container shipping port in

Page 26 NRP Finans AS ‐ Market Report June 2017

Norrköping. There is easy access to land for the Today, low vacancy levels (as shown in table below) and establishment of logistic business, due to an a high demand for new modern logistic facilities appreciation of the regions’ municipalities. The characterize Gothenburg. With municipal planning, over Jönköping region is strong in the logistics market. With a half million m² has been available in Arendal and establishments such as Elgiganten and IKEA warehouses surrounding Hisingen to meet demand together with the and pre‐requisites to deliver goods to Norway, Denmark plans for a new container terminal. and Finland in one day, the region has a robust position. The Railway communication to Gothenburg and three Despite the high demand for logistic facilities and container terminals makes it easy to receive imported properties, rent level has been steady. During the last goods. four years, only a small increase has been observed. The yields in Gothenburg have been following the trend 4.1 The Logistic Property Market in Stockholm all over the country in every segment. Decreasing yields With the center of Sweden’s leading consumption with flourishing economy and good economic market and the country’s largest freight airport, the conjuncture. Stockholm logistic market has an ideal location for logistics. Rent level Logistic Gothenburg 2013 2014 2015 2016 A‐location (SEK/m²) 700 700 710 710 B‐location (SEK/m²) 600 600 610 610 In central Stockholm, land prices are high and availability difficult, so as a reaction the logistic property market is Yield Logistic Gothenburg 2014 2015 2016 situated outside the inner‐city. Attractive areas are A‐location 6,45% 6,00% 5,75% B‐location 6,70% 6,25% 6,25% Arlanda, Sigtuna, Rosersberg and Brunna in the north as well as Nykvarn, Haninge and Södertälje in the south, Vacancy Logistic Gothenburg 2015 2016 close to European routes E4 and E20. A‐location 2,00 % 2,00 % B‐location 5,00 % 5,00 %

With the leading consumption market and an expansive 4.3 The Logistic Property Market in Malmö growth in both Mälardalen and south of Stockholm, The Malmö region market has a strong population Stockholm has a distinguished exposure to logistic and foundation. With planned projects in Copenhagen development. Malmö port, Norra hamnen, logistic facilities will be Rent levels Logistic Stockholm 2013 2014 2015 2016 constructed and contribute to the joined property A‐location (SEK/m²) 825 830 850 850 market. Skåne and Malmö have close connection with B‐location (SEK/m²) 655 660 670 670 Denmark and Copenhagen through the Öresund Bridge.

Yield Logistic Stockholm 2014 2015 2016 Additionally, Malmö has a short distance to Germany, A‐location 6,25% 6,00% 5,50% which is an important trading partner with Sweden. B‐location 7,25% 6,75% 6,50%

Vacancy Logistic Stockholm 2015 2016 Rent levels in Malmö have been stable during the last A‐location 7,5% 6,0% years and only a minor increase has been noted in both B‐location 10,0% 10,0% A‐location and B‐location. Yields during 2016 were estimated to 6.25% in A‐location and 7.25% in B‐ 4.2 The Logistic Property Market in Gothenburg location. The yields in both prime areas and secondary As already stated, Gothenburg is seen as the logistic areas have been decreasing since 2014. capital of Sweden with its geographical location and large shipping port. With these pre‐requisites is it Vacancies have been stable in 2015 and 2016 at a level of 9 % in advantageous for logistic business to establish their A‐location and slightly higher in B‐location at 13%. operation in Gothenburg. Rent level Logistic Malmö 2013 2014 2015 2016 The main areas of logistic are Arendal A‐location (SEK/m²) 670 670 680 680 close to the B‐location (SEK/m²) 450 450 455 455 harbor, where new projects are ongoing, Landvetter Yield Logistic Malmö 2014 2015 2016 Airport, which has undergoing extension plans, and A‐location 6,95% 6,50% 6,25% areas along European route E6, like Backa. B‐location 7,70% 7,50% 7,25%

Vacancy Logistic Malmö 2015 2016 A‐location 9,00% 9,00% B‐location 13,00% 13,00%

NRP Finans AS ‐ Market Report June 2017 Page 27

5. Transaction Market in Sweden are mainly driving the investments in the sector, and The transaction market in Sweden remains strong. Last account for roughly 80 % of the transaction volume in year, a new all‐time high transaction volume was the sector since 2016. reached – SEK 201 billion. The share of industrial, logistics and warehouses have normally accounted for Other than NRP, the larger investors in the sector have 10 to 15 % of the annual transaction volume. During during 2016 and 2017 been Platzer (acquired the large 2016, however, the sector only accounted for 8 %. For logistic and office portfolio from Volvo), Round Hill the first quarter of 2017, the sector accounted for 15 % Capital (acquired NLI Eiendomsinvest AS), Corem of the volume, indicating the low sector share in 2016 (acquired a portfolio of 168,000 m² logistic and might only been temporary. In Q1 2016 the sector share warehouse properties), private investors through of the volume was 12 %. Logistics Real Estate funds and single asset companies (Bråviken Logistik, Logistea and Estea Logistic The transaction volume for Q1 2017 for the sector Properties). amounted to SEK 5 billion and SEK 34 billion for the entire Swedish transaction market. Domestic investors

Estimated Percentage Distribution of the Transaction Volume in Sweden Transactions≥ 100 MSEK

100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Office Residential Retail Logistics, warehouses and industrial Public properties Other properties Source: Newsec

Page 28 NRP Finans AS ‐ Market Report June 2017

3.2 Key figures real estate portfolio

Yearly return NRP Finans real estate portfolio vs Oslo Stock Exchange

80 % 73 % 70 % 72 % 65 %

60 % 48 % 41 % 39 % 40 % 33 % 30 % 30 % 25 % 24 % 23 % 22 % 19 % 18 % 20 % 15 % 12 % 13 % 12 % 12 % 11 % 11 % 9 % 12 % 11 % 8 % 4 % 3 % 0 %

‐20 % ‐14 % ‐12 %

‐31 % ‐40 % ‐38 %

‐60 % ‐54 %

‐80 % 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NRP Finans real estate portfolio Return OSEBX

Development in number of real estate projects 15 15

50 10 10 10 10 10 10 8 40 7 66 5 30 5 44 4 4 3 3 20

0 10 ‐1 ‐1 ‐2 ‐2 ‐2 ‐3 ‐3 ‐5 ‐4 0 ‐5 ‐5

‐10

‐10 ‐9 ‐10 ‐20 ‐11

‐13 ‐15 ‐30 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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

Value NRP Finans' current real estate portfolio (cost price) 18000

16000

14000

12000

10000 mNOK 8000

6000

4000

2000

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NRP Finans AS ‐ Market Report June 2017 Page 29

Return on NRP Finans real estate portfolio The graph shows the internal 35% rate of return for three time‐ periods in the NRP Finans real 30% 29 % estate portfolio.

25% 22 %

20% 18 %

15%

10%

5%

0% IRR last 5 yea rs IRR last 3 yea rs Return last year

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 32 billion, including NLP and fund.

Page 30 NRP Finans AS ‐ Market Report June 2017

3.3 Real estate projects overview Estimated value IRR since Return Projects real estate per 1% Established established p.a. 2017*** Brønnøysund Kontorbygg AS** N.A 2005 N.A N.A Dagligvarelogistikk AS NOK 1 247 699 2006 14 % 4 % Etterstad Utvikling DIS NOK 407 284 2008 4 % 3 % Finlog AS** N.A 2015 N.A N.A Fokserødsenteret Nord AS NOK 1 019 426 2011 15 % 4 % Gasolin Handelseiendom DIS** N.A 2010 N.A N.A Hellerud Eiendom og Utvikling AS* NOK 2 569 298 2016 N.A N.A Hovfaret 4 ANS* NOK 1797 718 2016 N.A N.A Hvalstad Forretningsbygg AS NOK 582 041 2013 1 % 1 % Kristiansund Handelseiendom AS NOK 682 719 2013 21 % 10 % København Kontorbygg I AS* DKK 3 395 704 2017 N.A N.A Logistikk og Lagershop AS SEK 610 830 2014 17 % 6 % Lørenskog Kombiutvikling AS NOK 444 512 2016 22 % 21 % Lørenskogveien 75 Holding AS NOK 308 879 2007 5 % 6 % Martodden Utbygging KS/AS NOK 520 000 2006 7 % 16 % Maskinveien Kontorbygg AS NOK 309 481 2014 8 % 0 % Nydalen Kontorbygg II AS NOK 1 630 976 2014 33 % 7 % Nydalen Kontorbygg III AS** N.A 2015 N.A N.A Nye Berghagan Næringseiendom AS NOK 474 254 2006 3 % 34 % Nye Holmsbu Invest AS* NOK 33 510 2017 N.A N.A Nässjö Logistikkbygg AS SEK 522 213 2005 ‐1 % ‐2 % Oslo Science Park AS NOK 2 081 174 2015 78 % 22 % Oslo Science Park II AS NOK 3 195 684 2016 37 % 24 % Raufoss Industripark AS NOK 4 623 121 2016 55 % 28 % Rex Logistik AB SEK 1 088 278 2016 17 % 17 % Ringeriksveien 2012 DIS NOK 182 281 2012 15 % ‐3 % Rud Fryselager AS NOK 605 939 2014 37 % 7 % Skøyen Kontorbygg AS NOK 2 977 853 2016 25 % 16 % Stadion Utbygging KS NOK 470 000 2006 3 % 7 % Statens Hus Lillehammer KS NOK 202 732 2006 7 % 28 % Statens Hus Stavanger AS NOK 2 739 182 2016 9 % 5 % Sydsvenskan Lager & Handel AS SEK 304 390 2006 5 % 24 % Sørenga Utvikling KS** N.A 2007 N.A N.A Sørlandsparken Terminal AS NOK 517 158 2015 18 % 7 % Tangen Havnelager AS EUR 15 266 2006 7 % ‐3 % TFGS Kombi AS SEK 313 628 2007 ‐8 % ‐3 % Torslanda Lagerbygg AS SEK 2 470 442 2015 17 % 8 % Vestby Logistikk AS NOK 1 526 544 2014 22 % 1 % Wergelandsveien 23 AS & Kongholm Langgaten AS** N.A 2005 N.A N.A Wilfast Mølndal AB SEK 260 732 2014 17 % 15 % Wilfast Mölnlycke Holding AB SEK 263 731 2015 21 % 17 % Wilfast Tagenevägen 30 AB SEK 206 638 2016 12 % 7 % Århus Kombibygg AS DKK 1 309 853 2015 19 % 7 %

* 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 ‐ 01.06.2017

NRP Finans AS ‐ Market Report June 2017 Page 31

Brønnøysund Kontorbygg AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:**

Key figures 100 %

Paid in capital: 30 300 000 Accumulated dividends/repayments: 15 219 447 Originally paid in participant loan: 14 000 000 Outstanding participant loan: 14 000 000 Repaid interest on participant loan: 3 504 286

Average rent/sqm: 1 327

Sensitivity Yield 2017 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) * Including market value of plot **Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management 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 2017: 18 146 295 Lease period: Brønnøysundregisterne: 31.12.2020 Adjustment of rent: 80% of CPI

Estimated cash flow (assumed 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2020 Rental income 18 146 295 18 431 836 18 721 945 Mortgage tranche 125 125 000 0 3,30 %p.a. 25 125 000 Cost of ownership 2 611 208 2 644 932 2 687 930 Mortgage tranche 253 000 000 6 000 000 5,32 %p.a. 29 000 000 Net operating income 15 535 087 15 786 904 16 034 015 Mortgage tranche 311 250 000 0 3,30 %p.a. 11 250 000 Interest income 160 949 253 379 367 013 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 93 800 93 800 93 800 Total 123 425 000 6 000 000 99 425 000 Interest shareholder loan 134 335 134 335 134 335 Instalments mortgage 6 000 000 6 000 000 6 000 000 Value of interest rate swap per 31.12.2016: ‐3 615 383 Net finance ‐10 007 361 ‐9 595 731 ‐9 162 897 Tax payable 2 202 916 1 911 867 1 840 756 NOK 65 mill. of the mortgage is fixed to interest of 5.32% p.a. including margin until Net cash flow 3 324 810 4 279 306 5 030 362 15.12.2020 with yearly instalments of NOK 6 mill. The rest of the loan has floating interest rate.

Estimated balance (31.12) Additional information

When purchasing shares in the project, pro rata share of the participant loan and pro 2017 2018 2019 rata share of the shareholder guarantee must also be purchased by new owner. Working capital Property The tenant Brønnøysundregistrene has invited interested parties to submit a bid for a Total assets 20 year lease contract. They will select their prefered partner August 2017. Debt Total debt

NAV after dividend and tax

Page 32 NRP Finans AS ‐ Market Report June 2017

Dagligvarelogistikk AS Contact: Christian Ness ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 1 247 699

Key figures 100 %

Paid in capital: 47 100 000 Accumulated dividends/repayments: 44 238 324 Outstanding participant loan: 0 Repaid instalments and interest on participant loan: 18 185 559

Average rent/sqm. (combination building): 739 Average rent/sqm. (office): 1 897

Sensitivity Yield 2017 7,25 %7,00 %6,75 % Property value 267 691 793 277 252 214 287 520 815 Property value after deferred tax 255 323 255 263 927 634 273 169 374 Price/sqm (average) 11 156 11 555 11 983 Tax‐based value* 144 006 408 144 006 408 144 006 408 Share price per 1% 1 161 655 1 247 699 1 340 116 IRR share price** 12,6 % 11,8 % 11,0 % Yield at end of project (2022) 8,0 % 7,7 % 7,4 % * Including market value of plot

Company information Property information

Business management: NRP Business Management AS Property type: 2 combination buildings and one office building Location: Sandnes and Lier Initial cost of property after deferred tax: 321 500 000 Lettable area (sqm): 19 971 sqm warehouse and 3 667 sqm office Sales price Lagerveien: 75 000 000 Construction year: 1972‐2006 Paid in capital: 47 100 000 Occupancy rate: 85 % Participant loan: 15 000 000 Main tenants: Asko Drammen AS (27.08.2022), Extra‐Nett AS (31.12.2019), Established: 31. March 2006 Kiwi Minidrift AS (31.12.2027) Yield rent: 20 415 155 Lease agreement: Owner responsible for exterior maintenance, own Adjustment of rent: Fixed 2.35% (combi) and 100% of CPI (office) administration and insurance

Estimated cash flow (assumed 2.5 CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2022 Rental income 25 581 693 20 415 155 20 909 801 Mortgage 141 913 750 6 545 000 3,15 %p.a. 112 268 750 Cost of ownership 1 007 500 1 028 663 1 054 379 Total 141 913 750 6 545 000 112 268 750 Net operating income 24 574 193 19 386 493 19 855 422 Interest mortgage 4 418 741 4 829 269 4 539 938 The mortgage has floang interest rate. Loan is under refinancing. Instalments mortgage 6 545 000 5 695 000 4 357 500 Net finance ‐10 963 741 ‐10 524 269 ‐8 897 438 Other costs 300 000 300 000 0 Tax payable 2 529 707 3 658 607 2 274 753 Net cash flow 10 780 745 4 903 616 8 683 230 Dividend/capital repayment 9 500 000 6 500 000 7 000 000

Estimated balance (31.12) Additional information

2017 2018 2019 The two combination buildings are located in Lier and Sandnes. The office building Working capital 6 972 927 5 376 543 7 059 774 is located in Lier, where Kiwi Minidrift AS is tenant. Lease agreement for Kiwi Properties 263 927 634 263 927 634 263 927 634 Minidrift AS has been extended for 10 years to 31.12.2027, where the premises will Total assets 270 900 561 269 304 177 270 987 407 be upgraded. Rent for Asko Drammen will increase by 15% from August 2017, and Mortgage 135 368 750 128 823 750 122 362 500 their first 10 year option has been changed to a 2*5 year option. The first option Total debt 135 368 750 128 823 750 122 362 500 has been declared.

NAV after dividend and tax 135 531 811 140 480 427 148 624 907

NRP Finans AS ‐ Market Report June 2017 Page 33

Enebakkveien 117 AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ‐

Key figures 100 %

Average rent/sqm: 1 177

Sensitivity Yield 2017 Property value Property value after deferred tax Price/sqm (average) Tax‐based value* Share price per 1% IRR share price** Yield at the end of project (2019) * Including market value of plot ** After tax

Company information Property

Business management: NRP Business Management AS Property type: Combination property, office, warehouse and production Technical management: Aker Eiendomsdrift AS Location: Ryen, Oslo Lettable area (sqm.): 11 133 Yearly rent 2017: 13 100 740 Construction year: 1950 Adjustment of rent: 100% of CPI Occupancy rate: 100 % Tenants: Sana Pharma Group AS, Leteng AS, Video Film Int. AS, Teletec Connect AS and several other smaller tenants Rental agreement: Owner responsible for exterior maintenance, insurance and own administration Lease period: Varies, weighted remaining 4 years

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2016 2017 2018 Principal Inst.17 Interest Balloon Rental income 12 719 165 13 100 740 13 428 258 Mortgage tranche 145 555 000 2 400 000 2,90 %p.a. 38 355 000 Cost of ownership 1 447 591 1 491 019 1 528 294 Total 45 555 000 2 400 000 38 355 000 Net operating income 11 271 574 11 609 721 11 899 964 Interest income 9 444 13 736 21 821 Interest expense 1 373 295 1 303 695 1 234 095 The mortgage has floating interest rate of 2.9% incl. margin. Instalments mortgage 2 400 000 2 400 000 2 400 000 Net finance ‐3 763 851 ‐3 689 959 ‐3 612 274 Other costs 2 600 000 0 0 Net cash flow 4 907 723 7 919 763 8 287 690

Estimated balance (31.12) Additional information

2016 2017 2018 Largest tenant, Sana Pharma AS, stands for 40% of the rent and the lease expires Working capital 31.12.2020. The property has a beautiful location overlooking Oslo, and is priced based Property value on residential development potential. Total assets Debt Sales process initiated. Total debt

NAV after dividend and tax

Page 34 NRP Finans AS ‐ Market Report June 2017

Etterstad Utvikling DIS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 407 284

Key figures 100 %

Paid in capital: 29 500 000 Accumulated dividends/repayments: 0

Average rent/sqm (rented space): 1 163

Sensitivity Yield 2017 8,00 %7,75 %7,50 % Property value 107 521 397 110 667 249 114 022 823 Property value afte deferred tax 98 899 666 101 730 933 104 750 950 Price/sqm (average) 11 943 12 292 12 665 Tax‐based value* 21 304 091 21 304 091 21 304 091 Market value hedging (76%) ‐1 709 143 ‐1 709 143 ‐1 709 143 Share price per 1% ** 378 972 407 284 437 485 IRR share price*** 16,4 % 15,4 % 14,5 % Yield at end of project (2020)**** 8,3 % 8,3 % 8,3 % * Including market value of plot ** 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.

Company information Property information

Business management: NRP Business Management AS Property type: Retail/Office/Warehouse/Development Technical management: Aker Eiendomsdrift AS Location: Etterstad, Oslo Lettable area (sqm.): 9 003 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 2017: 9 427 200 and approx. 15 smaller tenants Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance, insurance and own administration Lease period: Rema 1000 AS: 31.05.2029, others vary mainly from 1‐3 years

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2020 Rental income 9 427 200 9 615 744 9 808 059 Mortgage tranche 116 000 000 2 357 140 2,90 %p.a. 6 571 440 Cost of ownership 1 625 488 1 653 016 1 688 748 Mortgage tranche 250 000 000 0 7,07 %p.a. 50 000 000 Net operating income 7 801 712 7 962 728 8 119 311 Total 66 000 000 2 357 140 56 571 440 Interest income 52 012 59 538 76 612 Interest expense (tranche 1‐2) 3 981 911 2 143 822 2 063 679 Value of interest rate swap per 31.01.2017: ‐2 248 872 Instalments mortgage 2 357 140 2 357 140 2 357 140 Net finance ‐6 287 039 ‐4 441 424 ‐4 344 207 Mortgage tranche 1 has floating interest. Tax payable 412 326 793 251 1 376 380 Upgrading costs/ Feasibility study 500 000 200 000 0 Mortgage tranche 2 has fixed interest of 7.07% p.a. including margin until 05.03.18. Net cash flow 602 347 2 528 053 2 398 724

Estimated balance (31.12) Additional information

2017 2018 2019 Development potential of approx. 2 500 ‐ 5 000 sqm. The residual value in the project Working capital 6 136 531 8 664 584 11 063 308 is adjusted for a development potential of 2 500 sqm. Final plan proposal to build Property value 101 730 933 101 730 933 101 730 933 apartments will be sent to the Planning and Building Services medio 2017, and answer Total assets 107 867 464 110 395 517 112 794 241 is expected primo 2018. Debt (tranche 1‐2) 63 642 860 61 285 720 58 928 580 Total debt 63 642 860 61 285 720 58 928 580 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 NAV after dividend and tax 44 224 604 49 109 797 53 865 661 7.0%. Efforts are being made to attract new tenants. Light House Company AS will move out of 963 sqm 31.12.2017.

NRP Finans AS ‐ Market Report June 2017 Page 35

Finlog AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:* (EUR) ‐

Key figures (EUR) 100 %

Paid in capital: 45 200 000 Accumulated dividends/repayments: 3 000 452

Average rent/sqm: 61

Sensitivity Yield 2017 Property value Property value after deferred tax Price/sqm Tax‐based value Market value hedging (78%) Share price per 1% * IRR share price** Yield at end of project (2026) * Adjusted for hedging agreement swap ** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Logistics Technical management: Wilfast Forvaltning AB Location: Helsinki, Tampere, Oulu, Kuopio and Pirkkala, Finland Lettable area 139 366 Initial gross property value: 109 500 000 Construction years: Mainly newer buildings, 2009‐2016 Paid in capital: 45 200 000 Occupancy rate: 100 % Established 26.03.2015 Tenant: Posti Real Estate, guaranteed by Posti Group OY Plc. Yield rent 2017: 8 456 685 Lease agreement: Triple net lease Adjustment of rent: 100% CPI, minimum 1.0% 2017 Lease period: 21.04.2027, Pirkkala 31.08.2028

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.2016)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2026 Rental income 8 290 868 8 456 685 8 625 819 Mortgage tranche 152 503 750 0 2,03 %p.a. 52 503 750 Cost of ownership 184 443 188 131 191 894 Mortgage tranche 214 876 064 1 750 124 1,65 %p.a. 437 531 Net operating income 8 106 426 8 268 554 8 433 925 Mortgage tranche 37 971 862 200 550 1,65 %p.a.* 5 966 362 Interest expense 1 434 770 1 402 584 1 554 987 Total 75 351 676 1 950 674 58 907 643 Instalments mortgage 1 950 674 1 950 674 1 950 674 Net finance ‐3 385 444 ‐3 353 258 ‐3 505 661 Value of interest rate swap per 30.09.2016: ‐2 270 635 Net cash flow 4 720 981 4 915 296 4 928 264 Tranche 1 has fixed interest until 15.07.2022. Tranche 2 has floating interest rate.

Dividend/ capital repayment 4 750 000 4 750 000 4 850 000 * New mortgage in 2016 of approx. EUR 8 mill., due to purchase of property in Pirkkala.

Estimated balance (31.12) Additional information

2017 2018 2019 Sales process initiated. Working capital Property value Total assets Debt Total debt

NAV after dividend and tax

Page 36 NRP Finans AS ‐ Market Report June 2017

Fokserødsenteret Nord AS Contact: Knut Ekjord ([email protected]) Date of analysis 01.06.2017

Share price 1 %

Share price per 1%: 1 019 426

Key figures 100 %

Paid in capital: 66 800 000 Accumulated dividends/repayments: 29 900 000

Average rent/sqm office: 1 746 Average rent/parking space outside: 5 475 Average rent/parking space inside: 11 668

Sensitivity Yield 2017 7,75 %7,50 %7,25 % Property value 234 617 471 242 438 053 250 797 986 Property value after deferred tax 227 283 180 234 321 704 241 845 644 Price/sqm (average) 15 429 15 944 16 493 Tax‐based value* 161 274 561 161 274 561 161 274 561 Share price per 1% 949 041 1 019 426 1 094 665 IRR share price** 13,2 % 12,4 % 11,6 % Yield at end of project (2024) 9,1 % 8,8 % 8,5 % * Including market value of plot ** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Office 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 2017: 19 113 637 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

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 19 113 637 19 482 137 19 858 008 Mortgage tranche 1 136 210 000 4 800 000 2,40 %p.a. 28 625 000 Cost of ownership 930 783 949 399 968 387 Total 136 210 000 4 800 000 28 625 000 Net operating income 18 182 854 18 532 739 18 889 621 Interest income 39 220 36 913 34 646 The mortgage has floating interest rate. Interest expense 3 240 240 3 776 090 3 762 300 Instalments mortgage 4 800 000 4 800 000 4 800 000 Net finance ‐8 001 020 ‐8 539 177 ‐8 527 654 Tax payable 1 670 000 2 540 442 2 564 428 Net cash flow 8 511 834 7 453 120 7 797 539

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

Estimated payment (31.12) Additional information

2017 2018 2019 The property is located at Fokserød, close to Torp airport in Sandefjord. There are 3 Working capital 1 799 150 1 252 270 2 049 809 integrated buildings on the property, and with small adjustments the buildings can Property value 234 321 704 234 321 704 234 321 704 serve more than one tenant. Net operating income 236 120 854 235 573 974 236 371 513 Debt 131 410 000 126 610 000 121 810 000 Bank guarantee equal to 1 year rent, in addition to parent company guarantee issued Total debt 131 410 000 126 610 000 121 810 000 by Wood Group PSN Limited.

NAV after dividend and tax 104 710 854 108 963 974 114 561 513

NRP Finans AS ‐ Market Report June 2017 Page 37

Gasolin Handelseiendom DIS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: **

Key figures 100 %

Paid in capital: 173 000 000 Accumulated dividends/repayments: 99 500 000

Average rent/sqm: 3 887

Sensitivity Yield 2017 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 (2022) * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Retail Technical management: Aker Eiendomsdrift AS Location: 38 gas stations primarily located south in Norway Lettable area (sqm.): 13 214 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: 51 366 175 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

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2018 Principal Inst. 17 Interest Balloon 2022 Rental income 51 366 175 51 366 175 52 650 329 Mortgage 203 973 355 17 000 000 5.72% p.a.* 110 473 355 Cost of ownership 13 791 326 13 791 326 14 136 109 Total 203 973 355 17 000 000 110 473 355 Net operating finance 37 574 849 37 574 849 38 514 220 Interest income 166 686 166 686 164 959 * weighted average of four interest rate swaps: Interest expense 11 542 420 11 542 420 11 076 620 Swap‐agreement of 5.79% incl. margin until 15.09.2021. Instalments mortgage 17 000 000 17 000 000 17 000 000 Swap‐agreement of 5.76% incl. margin until 15.09.2021. Net finance ‐28 375 734 ‐28 375 734 ‐27 911 661 Swap‐agreement of 5.62% incl. margin until 08.11.2020 Tax payable 6 120 004 0 3 613 724 Other costs 0 0 0 Value of interest rate swaps per 31.10.2016: ‐38 692 514 Net cash flow 3 079 111 9 199 115 6 988 835

Dividend/ capital repayment 10 000 000 10 000 000 5 000 000 The project has an overhedging on the loan of NOK 30 475 383. Extraordinary repayment of swap of NOK 13 mill. Q4 2016.

Estimated balance (31.12) Additional information Lease agreement with Reitan Convenience Norway AS , Scandinavian Fuel 2017 2018 2018 Infrastructure, Uno‐X Automatic and YX‐Service stations. The buildings are owned by Working capital Gasolin Handelseiendom DIS, while the gas infrastructure is owned by the tenants. Property value Total assets The project is under restructuring/refinancing. Debt Total debt

NAV after dividend and tax

Page 38 NRP Finans AS ‐ Market Report June 2017

Hellerud Eiendom og Utvikling AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 2 569 298

Key figures 100 %

Paid in capital* 256 000 000 Accumulated dividends/repayments: ‐ *Includes all comitted capital, were NOK 115m is not yet paid in. Average rent/sqm: 1 207

Sensitivity Low case Base case High case Yield 2016 7,20 %7,20 %7,20 % Property value* 693 033 153 693 033 153 693 033 153 Property value after deferred tax 677 929 838 677 929 838 677 929 838 Price/sqm (average) 18 334 18 334 18 334 Tax‐based value 542 000 000 542 000 000 542 000 000 Share price per 1% 2 569 298 2 569 298 2 569 298 IRR share price** 9,0 % 20,0 % 26,0 % Yield at the end of project (2022) 8,1 % 6,5 % 6,5 % * Includes value of plot (NOK 100 000 000) ** After tax

Company information Property

Business management: NRP Business Management AS Property type: Service and conference Technical management: Location: Hellerud Lettable area (sqm.): 37 800 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 Yearly rent 2017: 45 609 387 Tenants: Exporama Senteret AS, Leaseplan AS, Vastint et al. Adjustment of rent: 100% of CPI Lease period: Exporama Senteret AS and Vastint: 30 years from * Including planned equity issue at latest August 2017 approximately august 2017. Leaseplan AS: 01.12.2024

Estimated cash flow (assuming 2.5% CPI) Financing (01.09.2017)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income 30 153 156 46 521 575 47 452 006 Mortgage tranche 1442 000 000 2 210 000 3,95 %p.a. 405 699 931 Cost of ownership 2 911 000 2 976 370 3 043 226 Total 442 000 000 405 699 931 Net operating income 27 242 156 43 545 205 44 408 780 Interest income 32 796 120 723 103 000 The mortgage loan has maturity 15.10.2019, and runs with 2.95% margin. Interest expense 12 064 044 18 493 389 17 154 882 Assumed refinanced 01.07.2018, with 2.5% margin when the center has had one year Instalments mortgage 2 210 000 8 740 936 8 620 981 of operations. Net finance ‐14 241 248 ‐27 113 602 ‐25 672 863 Other costs 285 000 0 0 Net cash flow 12 715 908 16 431 603 18 735 917

Dividend/capital repayment 022 000 000 18 500 000

Estimated balance (31.12) Additional information

2017 2018 2019 The project consists of a conference‐ and exhibition centre. In addition, there will be Working capital 14 925 908 9 357 511 9 593 427 an adjoining 276‐room hotel owned by Vastint, branded by Marriot. Property value 677 929 838 677 929 838 677 929 838 The project also owns approx. 350 000 sqm land with various regulations and Total assets 692 855 745 687 287 348 687 523 265 development potential. Debt 439 790 000 431 049 064 422 428 083 Total debt 439 790 000 431 049 064 422 428 083 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 NAV after dividend and tax 253 065 745 256 238 284 265 095 182 Case includes turnover based rent as above, and development of the plot.

Due to the complexity of the project the analysis is uncertain.

NRP Finans AS ‐ Market Report June 2017 Page 39

Hovfaret 4 ANS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 1 797 718

Key figures 100 %

Paid in capital: 142 356 350 Accumulated dividends/repayments: ‐

Average rent/sqm: 1 709

Sensitivity Yield 2017 5,50 %5,25 %5,00 % Property value 176 829 418 185 249 867 194 512 360 Property value after deferred tax 169 185 768 177 606 217 186 868 710 Price/sqm (average) 29 036 30 419 31 940 Tax‐based value* 44 454 381 44 454 381 44 454 381 Share price per 1% 1 713 513 1 797 718 1 890 343 * Including market value of plot ** Before tax

Company information Property information

Business management: NRP Business Management AS Property type: Office Technical management: Aker Eiendomsdrift AS Location: Skøyen, Oslo Lettable area (sqm.): 6 090 Construction year: 1925/1944 Paid in capital: 142 356 350 Occupancy rate: 100 % Established: 4. December 2012 Tenants: Zalaris ASA, Norcospectra, Agria Dyreforsikring, 2 Clean AS Yield rent: 10 406 874 Hoff Fysioterapi, Dyrø & Moen AS et al. Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for maintenance, caretaker, insurance and own administration Lease period: Varies

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.2016)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 10 406 874 10 615 011 10 827 312 Mortgage tranche 1 Cost of ownership 681 256 694 881 712 253 Mortgage tranche 2 Net operating income 9 725 618 9 920 130 10 115 059 Total Net finance 0 0 0 Upgrading costs 1 000 000 0 0 Net cash flow 8 725 618 9 920 130 10 115 059

Estimated balance (31.12) Additional information

2017 2018 2019 The property is located at Skøyen in Oslo. Working capital Property value Total assets Debt Total debt

NAV after dividend and tax

Page 40 NRP Finans AS ‐ Market Report June 2017

Hvalstad Forretningsbygg AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price: 1 %

Share price per 1%: 582 041

Key figures 100 %

Paid in capital: 58 655 000 Accumulated dividends: 3 000 000

Average rent/sqm: 1 539

Sensitivity Yield 2017 9,00 %8,75 %8,50 % Property value 54 458 689 56 014 651 57 662 141 Property value after deferred tax 50 266 071 51 666 438 53 149 178 Price/sqm (average) 14 754 15 176 15 622 Tax‐based value* 12 532 513 12 532 513 12 532 513 Share price per 1% 568 038 582 041 596 869 IRR share price** 6,5 % 6,4 % 6,4 % Yield at end of project (2019) 9,2 % 9,0 % 8,7 % * Including market value of plot ** After tax

Company information Property information

Business management: NRP Business Management 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 2017: 5 679 624 Tenants: Norgesgruppen AS (Kiwi), 4Subsea AS Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior mainenance, insurance and own administration Lease period: Norgesgruppen AS: 31.08.2026, 4Subsea AS: 31.12.2018

Estimated cash flow (assumed 2.5% CPI) Financing (31.12.2016)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2019 Rental income 5 679 624 5 821 615 5 967 155 Mortgage tranche 118 333 335 1 333 332 2,90 %14 333 339 Cost of ownership 778 342 793 909 813 757 Mortgage tranche 220 000 000 0 3,47 %20 000 000 Net operating income 4 901 282 5 027 706 5 153 398 Total 38 333 335 1 333 332 34 333 339 Interest income 5 729 8 039 10 456 Interest expense 1 216 000 1 260 667 1 215 333 Value of interest rate swap per 18.04.2017: ‐25 861 Instalments mortgage 1 333 332 1 333 332 35 666 671 Net finance ‐2 543 603 ‐2 585 959 ‐36 871 549 Mortgage tranche 1 has floating interest rate of 2.9% incl. margin. Other costs 100 000 100 000 100 000 Mortgage tranche 2 has fixed interest rate of 3.47% incl. margin until 13.04.2026. Sale of property 51 666 438 Hvalstad Forretningsbygg has a claim equal to the loan amount on Enebakkveien Net cash flow 2 257 679 2 341 746 19 848 287 117 AS and Krogsrud Invest AS.

Estimated balance (31.12) Additional information

2017 2018 The project has two tenants: 4Subsea AS, Norgesgruppen AS (Kiwi). Jakt og Friluft Working capital 6 174 971 8 516 717 moved out 28.02.2017. The premises are assumed rentet out at equal terms as Property value 51 666 438 51 666 438 today from 01.07.2017. Claim 37 000 003 35 666 671 Total assets 94 841 411 95 849 825 Debt 37 000 003 35 666 671 Total debt 37 000 003 35 666 671

NAV after dividend and tax 57 841 408 60 183 154

NRP Finans AS ‐ Market Report June 2017 Page 41

Kristiansund Handelseiendom AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 682 719

Key figures 100 %

Paid in capital: 45 000 000 Accumulated dividends/repayments: 18 500 000

Average rent/sqm: 1 191

Sensitivity Yield 2017 7,50 %7,25 %7,00 % Property value 196 916 693 203 706 924 210 982 171 Property value after deferred tax 187 950 863 194 062 071 200 609 794 Price/sqm (average) 14 558 15 060 15 598 Tax‐based value* 107 258 393 107 258 393 107 258 393 Market value hedging (76%) ‐2 715 026 ‐2 715 026 ‐2 715 026 Share price per 1% ** 621 607 682 719 748 196 IRR share price*** 12,6 % 11,7 % 10,8 % Yield at end of project (2023) 8,7 % 8,5 % 8,2 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Retail Technical management: LL Holding AS Location: Løkkemyra, Kristiansund Lettable area (sqm.): 13 526 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 2017: 16 114 644 Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: Weighted approx. 31.12.2023

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 16 114 644 16 517 510 16 930 448 Mortgage tranche 163 875 000 2 500 000 2,80 %p.a. 38 250 000 Cost of ownership 1 345 892 1 364 496 1 383 565 Mortgage tranche 232 562 500 1 000 000 4,89 %p.a. 23 687 500 Net operating income 14 768 752 15 153 014 15 546 883 Mortgage tranche 316 281 250 500 000 4,23 %p.a. 15 281 250 Interest income 79 872 101 763 117 989 Mortgage tranche 416 281 250 0 2,80 %p.a. 16 281 250 Interest expense (tranche 1‐4) 4 490 366 4 735 472 4 441 969 Total 129 000 000 4 000 000 93 500 000 Instalments mortgage 4 000 000 4 000 000 4 000 000 Net finance ‐8 410 494 ‐8 633 709 ‐8 323 979 Value of interest rate swaps per 31.03.2017: ‐3 572 402 Tax payable 1 765 568 1 832 806 1 909 066 Net cash flow 4 592 690 4 686 499 5 313 837 All tranches have quarterly instalments. Tranche 1 has floating interest rate adjusted with the forward curve. Dividend/capital repayment 2 500 000 3 300 000 3 500 000 Trance 2‐4 have fixed interest for 10, 5 and 3 years respectively.

Estimated balance (31.12) Additional information

2017 2018 2019 The property is located at Løkkemyra Handelspark right next to the main highway to Working capital 6 932 752 8 319 250 10 133 088 Kristiansund, close to the airport. The store composition in Løkkemyra has been well Property value 194 062 071 194 062 071 194 062 071 received by the market, and the expected yearly revenue is around NOK 300 mill. Total assets 200 994 823 202 381 321 204 195 159 Debt (tranche 1‐4) 125 000 000 121 000 000 117 000 000 Total debt 125 000 000 121 000 000 117 000 000

NAV after dividend and tax 75 994 823 81 381 321 87 195 159

Page 42 NRP Finans AS ‐ Market Report June 2017

København Kontorbygg I AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (DKK):* 3 395 704

Key figures (DKK) 100 %

Paid in capital 334 000 000 Accumulated dividends/repayments: ‐

Average rent/sqm: 689

Sensitivity Low case*** Base case*** Yield 2017 5,50 %5,50 % Property value 781 835 691 781 835 691 Property value after deferred tax 780 452 122 780 452 122 Price/sqm (average) 11 667 11 667 Tax‐based value 768 000 000 768 000 000 Market value hedging (78%) ‐5 766 540 ‐5 766 540 Share price per 1%* 3 395 704 3 395 704 IRR share price** 7,2 %9,1 % Yield at the end of project (2036) 6,3 %8,6 % * Adjusted for hedging agreement swap ** After tax

Company information Property

Business management: NRP Business Management AS Property type: Office Location: Ballerup, Denmark Lettable area (sqm.): 67 014 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: 46 205 463 Occupancy rate: 100% ( 80,5% from 1.7.18) Adjustment of rent: 100% of CPI Tenant: Tryg Forsikring A/S Rental agreement: Owner responsible for exterior maintenance and own admin. Lease period: 31.01.2037

Estimated cash flow (assuming 2.0% CPI)* Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon 2036 Rental income 42 486 008 42 714 856 38 929 850 Tier I 229 071 000 0 2,48 %p.a. 229 071 000 Cost of ownership 3 204 500 3 732 180 3 806 824 Tier II 114 527 000 4 431 724 1,00 %p.a. 1 695 276 Net operating income 39 281 508 38 982 676 35 123 027 Tier II‐ part 2 115 200 000 0 1,00 %p.a. 115 200 000 Interest income 136 778 113 879 104 508 Total 458 798 000 4 431 781 345 966 276 Interest expense 6 561 429 8 152 465 8 619 490 Instalments mortgage 4 431 724 4 900 000 5 000 000 Value of interest rate swap per 28.04.2017: ‐7 393 000 Net finance ‐10 856 375 ‐12 938 586 ‐13 514 982 Tax payable 0 5 515 917 4 966 517 75% of the loans have floating rate bond, and 25% have fixed rate bond. Of the 75% Common costs 0 1 989 000 4 056 000 with floating rate, 50% of the rent is secured with a 12‐year swap of 2.48% incl. margin. Net cash flow 28 425 133 18 539 173 12 585 528

Dividend low case*** 27 300 000 18 400 000 14 100 000 Dividend base case*** 023 000 000 23 900 000

Estimated balance (31.12)* Additional information

2017 2018 2019 Tryg wil reduce their rental space to 80.5% from 1.7.18. Working capital 11 125 133 11 264 306 9 749 833 Property value 780 452 122 780 452 122 780 452 122 *** Two alternative cases: Total assets 791 577 255 791 716 427 790 201 955 Low Case: The vacant area never to be let out, were the owner also covers share of Debt 454 366 276 449 466 276 444 466 276 common costs. Total debt 454 366 276 449 466 276 444 466 276 Base Case: The vacant area is assumed vacant until 2019 from were it is fully let. All costs connected to renting the ares is included in analysis and therefore no dividend NAV after dividend and tax 337 210 979 342 250 151 345 735 679 assumed in 2017. *Cash flow and balance is based on low case

NRP Finans AS ‐ Market Report June 2017 Page 43

Lilleby Eiendom AS ‐ residential development project Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:* 4 000 000

Key figures 100 %

Paid in capital: 319 024 000 Accumulated dividends/repayments: ‐

Key data Base case Share price per 1%* 4 000 000 Land price per sqm (based on 82 000 BRAS) 8 000 Estimated IRR* 15‐18% * After tax, depending on leverage construction costs (70‐90%)

Company information Property

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: 1 100 Sales start first building stage: 10.11.2014 Additional information: www.nyelilleby.no

Estimated progress Sales rate and financing

The three land plots have different regulation status. Per Q4‐2016 four contruction 5 stages of a total of 280 units have been laid out for sale so far. 95.6% of Konsul stages are under development; Konsul Lorcks Hage (25 rowhouses), Ladebekken 1 Lorcks Hage, 100% of Ladebekken 1, 90.5% of Ladebekken 2 and 78.5% of (67 apartments), Ladebekken 2 (60 apartments) and Maskinparken 1 (49 Maskinparken 1 have been sold per 31.12.2016. apartments). The plot is financed through 60% loan and 40% equity. Estimated 10‐20% equity requirement on construction cost.

Balance 31.12.2016 Additional information

Plot and projects in production 743 652 549 The average salesprice used is NOK 54 000 per sqm. Building cost is approx. NOK 35 Cash and cash equivalents 20 771 000 600 per sqm. Infrastructure cost estimated to NOK 1 600 per sqm. 3.0% market risk Receivables 349 762 000 allocation. Other costs based on Veidekke practice. These numbers apply for Total Assets 1 114 185 549 apartments only.

Equity 406 617 549 Dividends assumed paid out as free cashflow is available. Land loan 302 500 000 Building loan 356 054 000 Payables 18 685 000 Deferred tax 30 329 000 Total debt 707 568 000 Total equity and debt 1 114 185 549

Page 44 NRP Finans AS ‐ Market Report June 2017

Logistikk og Lagershop AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price of 1%: (SEK) 610 830

Key figures (SEK) 100 %

Paid in capital: 114 000 000 Accumulated dividends/repayments: 98 400 000

Average rent/sqm: 1 021

Sensitivity Yield 2017 6,50 %6,25 %6,00 % Property value 59 511 323 61 891 776 64 470 600 Property value after deferred tax 58 220 978 60 470 506 62 907 494 Price/sqm (average) 12 859 13 373 13 931 Tax‐based value 36 050 497 36 050 497 36 050 497 Share price per 1% 588 334 610 830 635 200 IRR share price* 5,6 % 5,4 % 5,2 % Yield at end of project (2023) 7,3 % 7,0 % 6,7 % * After tax

Company information Property information

Business management: NRP Business Management 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: NetOnNet AB Yield rent: 4 724 736 Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI technical installations, insurance and own administration Lease period: NetOnNet: 31.10.2024

Estimated cash flow (assuming 2.0% CPI) Financing

2017 2018 2019 Loan was repaid 15.04.2016, due to sale of the Helsingborg property with a rental agreement to Rental income 3 724 736 4 809 781 4 896 357 Post Nord. Cost of ownership 856 500 873 630 891 103 Net operating income 2 868 236 3 936 151 4 005 254 Net finance 0 0 0 Tax payable 0 486 862 720 855 Net cash flow 2 868 236 3 449 289 3 284 399

Dividend/capital repayment 2 400 000 2 500 000 2 400 000

Estimated balance (31.12) Additional Information

2017 2018 2019 The project consists of a NetOnNet shop in Linkøping. The two other properties are sold. Working capital 886 264 1 835 553 2 719 953 Property value 60 470 506 60 470 506 60 470 506 Tenant had a break‐option 31.10.2019. This is now agreed to cease. As compensation the tenant Total assets 61 356 770 62 306 059 63 190 458 receives a SEK 1 mill. discount on the rent in 2017.

NAV after dividend and tax 61 356 770 62 306 059 63 190 458

NRP Finans AS ‐ Market Report June 2017 Page 45

Lørenskog Kombiutvikling AS Contact: Christian Ness ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (NOK):** 444 512

Key figures (NOK) 100 %

Paid in capital 36 000 000 Accumulated dividends/repayments: ‐

Average rent/sqm: 920

Sensitivity Yield 2017 7,60 %7,30 %7,00 % Property value 110 002 974 114 523 644 119 431 800 Property value after deferred tax* 134 589 432 138 658 035 143 075 376 Price/sqm (average) 9 760 10 161 10 596 Tax‐based value** 105 867 560 105 867 560 105 867 560 Market value hedging (76%) 490 778 490 778 490 778 Share price per 1%*** 403 826 444 512 488 686 IRR share price**** 14,6 % 13,8 % 13,0 % Yield at the end of project (2024) 8,7 % 8,3 % 8,0 % * Including value of development plot of NOK 25 mill. ** Including market value of plot *** Adjusted for hedging agreement swap **** After tax.

Company information Property

Business management: NRP Business Management AS Property type: Combination property/development potential Technical management: CO IN Utvikling AS Location: Skoglistubben 21, Lørenskog Initial cost of property: 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 2017: 10 373 897 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 * Additional plot of 27 401 sqm. The plot is planned for residential development Lease period: Weighted remaining 6.5 years

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income 10 373 897 10 581 375 10 845 909 Mortgage tranche 174 437 500 2 250 000 3,63 %p.a. 56 437 500 Cost of ownership 2 013 671 2 037 144 2 067 073 Seller's credit 25 502 500 0 4,00 %p.a. 0 Net operating income 8 360 226 8 544 231 8 778 836 Total 99 940 000 2 250 000 56 437 500 Interest income 58 079 94 158 106 612 Interest expense 2 681 663 2 599 988 2 518 313 Value of interest rate swap per 28.04.2017: 645 761 Potential payment from investors 0 25 000 000 0 Instalments mortgage (tranche 1‐2) 2 250 000 29 865 553 2 250 000 Mortgage has fixed interest rate of 3.63% incl. margin until 16.09.2016. Net finance ‐4 873 584 ‐7 371 383 ‐4 661 701 Tax payable 0 0 136 473 The seller's credit has interest of 4%, which is paid at maturity Q4 2018. Net cash flow 3 486 642 1 172 848 3 980 663

Estimated balance (31.12) Additional information

2017 2018 2019 Investors are committed to pay their pro rata share of the seller's credit of NOK 25 mill, Working capital 6 340 083 7 512 931 11 493 594 at repayment in 2018. The seller's credit will preferably be refinanced through a Property value 138 658 035 138 658 035 138 658 035 building loan and/or parts of the liquidity in the project. Assumed recidential potential Total assets 144 998 119 146 170 966 150 151 629 of 10 000‐20 000 BRAS. Debt and seller's credit 97 690 000 69 937 500 67 687 500 Total debt 97 690 000 69 937 500 67 687 500 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 NAV after dividend and tax 47 308 119 76 233 466 82 464 129 long as the investor has received 12%.

Page 46 NRP Finans AS ‐ Market Report June 2017

Lørenskogveien 75 Holding AS ‐ financial real estate project Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 308 879

Key figures 100 %

Paid in capital: 19 800 000 Accumulated dividends/repayments: 1 000 000

Average rent/sqm: 877

Sensitivity Yield 2017 7,75 %7,50 %7,25 % Property value 66 907 613 69 137 867 71 521 931 Property value after deferred tax 63 157 166 65 164 394 67 310 052 Price/sqm (average): 7 530 7 781 8 050 Tax‐based value* 29 403 144 29 403 144 29 403 144 Share price per 1% ** 288 806 308 879 330 335 IRR share price*** 11,9 % 11,1 % 10,4 % Yield at end of project (2019) 8,1 % 7,9 % 7,6 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Logistics/office Technical management: Aker Eiendomsdrift AS Location: Lørenskog Lettable area (sqm.): 8 885 Initial cost of property after deferred tax: NOK 57 447 510 Construction year: 1987/1993/1997 Paid in capital: NOK 19 800 000 Occupancy rate: 100 % Establishment: 21. September 2007 Tenants: Gummiservice Produksjon AS, Schiedel Skorsteiner AS, Yearly rent 2017: 7 793 673 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

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2019 Rental income 7 793 673 7 949 546 8 148 285 Mortgage tranche 138 125 000 500 000 2,95 %p.a. 36 625 000 Cost of ownership 2 608 333 2 653 981 2 712 182 Total 38 500 000 375 000 36 625 000 Net operating income 5 185 340 5 295 566 5 436 103 Interest income 1 993 2 204 1 888 The mortgage has floating interest rate. Interest expense 1 121 000 1 293 750 1 276 500 Instalments mortgage 500 000 500 000 37 125 000 Net finance ‐1 619 007 ‐1 791 546 ‐38 399 612 Tax payable 656 446 1 590 000 0 Other costs 740 000 0 0 Net cash flow 2 169 887 1 914 019 ‐32 963 509

Dividend/ capital repayment 2 000 000 3 000 000 1 500 000

Estimated balance (31.12) Additonal information

2017 2018 In the municipal plan, the area where the project is located is allocated to large‐ Working capital 3 338 347 2 252 366 scale commerce, which is positive for the project. Property value 65 164 394 65 164 394 Total asset 68 502 741 67 416 760 Debt 37 625 000 37 125 000 Total debt 37 625 000 37 125 000

NAV after dividend and tax 30 877 741 30 291 760

NRP Finans AS ‐ Market Report June 2017 Page 47

Martodden Utbygging KS/AS ‐ construction/sale of apartments in Hamar Contact: Morten Berg ([email protected]) Date of analysis 01.06.2017

Share price 1 %

Share price per 1%: 520 000

Key figures 100 %

Paid in capital: 35 000 000 Uncalled capital: 0 Accumulative dividends: 15 000 000

Sensitivity BASE CASE Selling price per sqm (housing)* 43 300 Estimated share price 1% 52 000 IRR estimated share price** 22,2 % IRR estimated share price after tax *** 14,5 % * Incl. garage for the block of flats ** Project completion estimated to 2019 *** 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.

Company information Property information

Business management: NRP Business Management AS Property type: Residential development Project leader: Backe Prosjekt AS Location: Hamar Projected built sqm: Approx. 17 000 sqm Sum budgeted revenue: 733 135 500 Sum budgeted project cost: 659 821 950 Budgeted builder margin: 11,4 %Projected number of apartments/townhouses: Ca. 192 Paid in capital: 35 000 000 Uncalled capital: 0 Lot size (sqm): 63 000 Established: 10. November 2006 Projected completion (estimate): 2011‐2019

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

2017 2018 2019 All townhouses in phase 1 & 2 of the project are sold and completed (53). Regarding Budgeted homes completed 28 0 35 the apartments, phase 1, 2 and 3 are completed and all 76 are sold. Phase 4 consists of 28 apartments, and 27 are sold. The project owns 50% of the townhouses. Work is Budgeted revenue 119 826 314 106 045 000 126 200 000 initiated to build 35 more apartments, with estimated completion in 2019. Budgeted expenses 102 573 000 91 669 000 1 690 000 Cash flow before loan property 17 253 314 14 376 000 124 510 000

Dividend/capital repayment* 10 000 000 10 000 000 5 000 000

Estimated balance (31.12) Additonal information

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

Page 48 NRP Finans AS ‐ Market Report June 2017

Maskinveien Kontorbygg AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 309 481

Key figures 100 %

Paid in capital: 30 000 000 Accumulated dividends/repayments: 6 500 000

Average rent/sqm: 1 612

Sensitivity Yield 2017 9,00 %8,75 %8,50 % Property value 91 472 846 94 086 356 96 853 602 Propert value after deferred tax 89 324 056 91 676 215 94 166 736 Price/sqm (average) 16 230 16 694 17 185 Tax‐based value* 69 642 795 69 642 795 69 642 795 Market value hedging (76%) ‐442 208 ‐442 208 ‐442 208 Share price per 1% ** 285 960 309 481 334 386 IRR share price*** 16,8 % 15,7 % 14,7 % Yield at end of project (2021) 9,9 % 9,6 % 9,3 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Office (70%), Warehouse/simulator (30%) Technical management: Ferrum AS Location: Forus, Stavanger Lettable area (sqm.): 5 636 Initial gross property value: NOK 99 700 000 Construction year: 2009 Paid in capital: NOK 30 000 000 Occupancy rate: 100 % Established: 01.04.2014 Tenant: MHWirth AS Yearly rent 2017: 9 082 542 Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: 01.04.2021

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2020 Rental income 9 082 542 9 264 193 9 495 798 Mortgage tranche 126 040 000 3 500 000 4,49 %p.a.* 12 040 000 Cost of ownership 849 986 871 236 893 016 Mortgage tranche 235 000 000 0 3,15 %p.a.** 35 000 000 Net operating income 8 232 556 8 392 957 8 602 781 Total 61 040 000 3 500 000 47 040 000 Interest income 5 034 4 676 4 640 Interest expense (tranche 1‐2) 2 232 409 2 250 259 2 093 109 Value of interest rate swap per 28.02.2017: ‐581 853 Instalments mortgage 3 500 000 3 500 000 3 500 000 Net finance ‐5 727 374 ‐5 745 582 ‐5 588 469 * Tranche 1 has fixed interest rate of 4.49% p.a. including margin until 11.04.2019. Tax payable 0 369 160 1 128 694 ** Tranche 2 has floating interest rate. Net cash flow 2 505 182 2 278 215 1 885 619

Dividend/capital repayment 2 800 000 2 300 000 2 100 000

Estimated balance (31.12) Additional information

2017 2018 2019 MHWirth AS has an option to extend the lease agreement for 5 years at Fair Market Working capital ‐541 502 ‐563 287 ‐777 669 Rent. Property value 91 676 215 91 676 215 91 676 215 Total assets 91 134 713 91 112 928 90 898 546 Because of downsizing due to the ongoing turmol in the oil‐industry, MHWirth has Debt (tranche 1‐2) 57 540 000 54 040 000 50 540 000 subleased 1 200 sqm to Dunlop Hiflex (until 01.12.2017), 439 sqm to Presight Total debt 57 540 000 54 040 000 50 540 000 Solutions AS, 612 sqm to WestNet AS and 555 sqm to Well System Technology AS.

NAV after dividend and tax 33 594 713 37 072 928 40 358 546

NRP Finans AS ‐ Market Report June 2017 Page 49

Nydalen Kontorbygg II AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 1 630 976

Key figures 100 %

Paid in capital: 96 212 000 Accumulated dividends/repayments: 37 000 000

Average rent/sqm office: 1 577 Average rent per parking lot: 19 000

Sensitivity Yield 2017 6,10 %5,90 %5,70 % Property value 402 226 738 415 861 542 430 453 175 Property value after deferred tax 387 477 743 399 749 067 412 881 537 Price/sqm excl. parking 27 747 28 688 29 695 Tax‐based value* 254 736 793 254 736 793 254 736 793 Market value hedging (76%) ‐4 535 669 ‐4 535 669 ‐4 535 669 Share price per 1% ** 1 508 263 1 630 976 1 762 300 IRR share price*** 9,6 % 9,0 % 8,4 % Yield at end of project (2024) 7,4 % 7,2 % 7,0 % * Including market value of plot ** Adjusted for hedging agreement *** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Office Technical management: Aker Eiendomsdrift AS Location: Maridalsveien 323, Oslo Lettable area (sqm.) / Office: 19 800 / 11 559 Initial gross property value: 337 000 000 Parking spaces: 178 Paid in capital: 96 212 000 Construction year: 2001 Established 01.09.14 Occupancy rate: 100 % Yearly rent 2017: 26 386 460 Tenant: Get AS, Konica Minolta AS Adjustment rent: 100% of CPI Lease agreement: Owner responsible for maintenance of technical installations, part of Nydalen Gårdeierforening, insurance and own administration Lease period: Weighted, 9 years

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2024 Rental income 26 386 460 26 914 189 27 452 473 Mortgage tranche 180 622 000 3 000 000 3,00 %* 40 122 000 Cost of ownership* 1 850 629 1 896 895 1 944 317 Realkredit 153 000 000 0 2,03 % ** 153 000 000 Net operating income 24 535 831 25 017 294 25 508 156 Total 233 622 000 3 000 000 193 122 000 Interest income 18 274 17 311 16 787 Interest expense (tranche 1‐2) 7 514 560 8 101 520 7 917 770 Value of interest rate swap per 28.02.2017: ‐5 967 985 Instalments mortgage 3 000 000 4 500 000 6 000 000 Net finance ‐10 496 286 ‐12 584 209 ‐13 900 983 * The mortgage has a maturity date June 2018, with annual instalments of NOK 3 mill. Net cash flow 14 039 545 12 433 085 11 607 173 ** The Realkredit has a maturity date 20 years from drawdown, but the instalment‐ Tax & other costs 2 612 700 2 729 531 3 043 617 free period is only 5 years, and must be renewed thereafter. A swap agreement runs for 115 mill. from 05.10.16‐05.10.21 at an interest rate of Dividend/ capital repayment 14 000 000 10 000 000 8 000 000 3.78% including margin. * The property tax received is based on incorrect sqm allocation, and the property tax included in our cost of ownership is based on correct allocation.

Estimated balance (31.12) Additional information

2017 2018 2019 Get AS has a contract until 07.06.26, but can exit fully, or floor by floor, in 07.06.2021 Working capital 925 129 628 683 1 192 239 except for approx 1 500 sqm that runs without exit option. Property value 399 749 067 399 749 067 399 749 067 Konica Minolta Business Solutions AS has a contract until 01.06.2025. Total assets 400 674 197 400 377 751 400 941 306 Debt (tranche 1) 77 622 000 73 122 000 67 122 000 Realkredit 153 000 000 153 000 000 153 000 000 Total debt 230 622 000 226 122 000 220 122 000

NAV after dividend and tax 170 052 197 174 255 751 180 819 306

Page 50 NRP Finans AS ‐ Market Report June 2017

Nydalen Kontorbygg III AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** ‐

Key figures 100 %

Paid in capital 186 000 000 Accumulated dividends/repayments: 15 800 000

Average rent office/sqm: 2 033 Average rent per parking lot: 19 022

Sensitivity Yield 2017 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 the end of project (2025) * Including market value of plot ** Adjusted for hedging agreement swap and loss carry‐forward *** After tax

Company information Property

Business Management: NRP Business Management AS Property type: Office Location: Nydalen, Oslo Initial gross cost of property: 505 000 000 Lettable area (sqm.): 15 671 Paid in capital: 186 000 000 Parking: 90 parking lots Established: 10.11.2015 Construction year: 2005 Yearly rent 2017: 0 Occupancy rate: 100 % Adjustment of rent: 80% of CPI Tenant: PST/Ministry of Justice and Public Security Rental agreement: Owner responsible for exterior maintainance, technical inst., insurance, property tax and own admin. Lease period: 30.04.2025

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income Mortgage tranche 1227 934 000 0 2,25 %p.a. 227 934 000 Cost of ownership Mortgage tranche 298 598 500 3 290 000 2,98 %p.a. 70 633 500 Net operating income Total 326 532 500 3 290 000 298 567 500 Interest income Interest expense Value of interest rate swap per 31.12.2016: ‐5 593 741 Instalments mortgage (tranche 1‐2) Net finance NOK 250 mill. will be fixed at interest of 3.28% incl. margin from 24.11.2017‐19.11.2024. Net cash flow Approximately NOK 22 of mortgage tranche 2 is fixed at interest of 3.88% incl. margin from 24.11.2017‐19.11.2024. Tranche 2 has quarterly instalments of NOK 822 500. Dividend/capital repayment

Estimated balance (31.12) Additional information

2017 2018 2019 Modern and flexible office‐building with high security standard, located by the subway‐ Working capital station in Nydalen. Property value Total assets The tenant has option to extend for 10+10 years at market terms. Debt Total debt Ongoing sales process.

NAV after dividend and tax

NRP Finans AS ‐ Market Report June 2017 Page 51

Nye Berghagan Næringseiendom AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 474 254

Key figures 100 %

Paid in capital: 44 325 000 Accumulated dividends/repayments: 11 001 200

Average rent/sqm 968

Sensitivity Yield 2017 8,50 %8,25 %8,00 % Property value 149 748 920 154 286 766 159 108 228 Property value after deferred tax 142 053 205 146 137 267 150 476 582 Price/sqm (average) 7 882 8 120 8 374 Tax‐based value* 72 791 774 72 791 774 72 791 774 Market value hedging (76%) ‐2 175 120 ‐2 175 120 ‐2 175 120 Share price per 1% ** 433 414 474 254 517 648 IRR share price*** 15,8 % 14,7 % 13,7 % Yield at end of project (2021) 9,1 % 8,8 % 8,6 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Office and warehouse/workshop Technical management: Aker Eiendomsdrift AS Location: Langhus / Ski Lettable area (sqm.): 19 000 Initial gross property value: 140 000 000 Construction year: 1978 Paid in capital: 44 325 000 Occupancy rate: 87 % 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 2017: 16 000 000 The project has approximately 30 tenants

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2021 Rental income 16 000 000 16 000 000 16 400 000 Mortgage tranche 112 416 000 4 056 000 3,80 %p.a. 0 Cost of ownership 3 271 342 3 353 125 3 436 953 Mortgage tranche 212 000 000 0 3,80 %p.a. 10 848 000 Net operating income 12 728 658 12 646 875 12 963 047 Mortgage tranche 325 000 000 0 3,80 %p.a. 22 568 000 Interest expense 4 659 376 4 252 648 4 327 035 Mortgage tranche 425 000 000 0 3,80 %p.a. 22 568 000 Instalments mortgage 4 056 000 4 056 000 4 056 000 Mortgage tranche 525 000 000 0 6,47 %p.a. 22 568 000 Net finance ‐8 715 376 ‐8 308 648 ‐8 383 035 Total 99 416 000 4 056 000 78 552 000 Upgrading costs 500 000 500 000 0 Net cash flow 3 513 282 3 838 227 4 580 012 Value of interest rate swap per 31.03.2017: ‐2 862 000

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.

Estimated balance (31.12) Additional information

2017 2018 2019 The property has development‐ potential of approximately 7 000 m2 high ceiling Working capital 2 907 226 6 745 453 11 325 464 warehouse. Property value 146 137 267 146 137 267 146 137 267 Total assets 149 044 493 152 882 720 157 462 731 Debt 95 360 000 91 304 000 87 248 000 Total debt 95 360 000 91 304 000 87 248 000

NAV after dividend 53 684 493 61 578 720 70 214 731

Page 52 NRP Finans AS ‐ Market Report June 2017

Nye Holmsbu Invest AS Contact: Christian Ness ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 33 510

Key figures 100 %

Paid in capital: 3 351 000 Accumulated dividends/repayments: ‐

Average rent/sqm: 488

Sensitivity Yield 2017 9,50 %9,11 %8,50 % Property value (after deferred tax) 55 839 242 58 246 079 62 408 565 Price/sqm. 4 540 4 735 5 074 Share price per 1% 9 442 33 510 75 135 IRR share price 142,3 % 62,3 % 33,5 % Yield at end of project (2019) 9,7 % 9,3 % 8,7 %

Company information Property information

Business management: NRP Business Management 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: 3 351 000 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 * 6 800 of the sqm consists of 42 cabins and boathouses and 26 apartments, which are not owned but leased for eternity with a user‐right 9 months per year.

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.2016)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2019 Rental income 2 700 000 6 000 000 6 000 000 Mortgage 53 500 000 500 000 3,75 %p.a. 49 000 000 Cost of ownership 695 272 709 177 726 907 Total 53 500 000 500 000 49 000 000 Net operating income 2 004 728 5 290 823 5 273 093 Interest expense 2 006 250 1 968 750 1 893 750 The mortgage has floating interest rate of 3.75% including margin. Quarterly instalments of NOK Instalments mortgage 500 000 2 000 000 2 000 000 500 000. Net finance ‐2 506 250 ‐3 968 750 ‐3 893 750 Net cash flow ‐501 522 1 322 073 1 379 343

Estimated balance (31.12) Additional information

2017 2018 The competition between hotels offering spa‐services is tough, and this is affecting the income Working capital ‐245 967 1 076 105 for Holmsbu SPA Hotel. The actual income for the project could be higher or lower than the Property 58 246 079 58 246 079 estimates in our analysis. Total assets 58 000 112 59 322 184 Debt 53 000 000 51 000 000 Nye Holmsbu Invest AS owns 100% of the operating company that leases the hotel. Nye Total debt 53 000 000 51 000 000 Holmsbu Invest AS is a restructuring of the project Holmsbu Invest KS.

NAV after dividend and tax 5 000 112 8 322 184

NRP Finans AS ‐ Market Report June 2017 Page 53

Nässjö Logistikkbygg AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price SEK 1 %

Share price per 1% (SEK): 522 213

Key figures (SEK) 100 %

Paid in capital including converted participant loan: 62 693 314 Accumulated dividends/repayments: 8 422 924

Average rent/sqm: 298

Sensitivity Yield 2017 8,00 %7,50 %7,00 % Property value 123 738 419 131 987 647 141 415 336 Property value after deferred tax 119 252 357 127 047 878 135 957 044 Price/sqm (average) 1 743 1 859 1 992 Tax‐based value 42 173 666 42 173 666 42 173 666 Share price per 1% 444 257 522 213 611 304 IRR share price* 12,6 % 10,9 % 9,4 % Yield at the end of project (2019)** 8,0 % 7,5 % 7,0 % * After tax ** Based on assumed rent in 2019

Company information Property information

Business management: NRP Business Management AS Property type: Warehouse/Logistics Technical management: Wilfast Forvaltning AB Location: Nässjö in Sweden Lettable area (sqm.): 71 000 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:* 15 876 375 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 2019 + assumed additional rent of 1.3 mill.

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2019 Rental income 13 320 808 13 114 093 14 576 375 Mortgage debt 78 000 000 4 000 000 2,10 %p.a. 66 000 000 Cost of ownership 5 755 421 5 865 229 5 977 302 Total 78 000 000 4 000 000 66 000 000 Net operating income 7 565 387 7 248 864 8 599 073 Interest expense 1 617 000 1 533 000 735 000 The mortgage has floating interest rate. Instalments mortgage 4 000 000 4 000 000 68 000 000 Net finance ‐5 617 000 ‐5 533 000 ‐68 735 000 The loan agreement runs until 30.09.2017, and the loan is assumed refinanced at equal Tax payable 460 220 505 129 0 terms. Other costs 500 000 0 0 Sale of property 127 047 878 Net cash flow 988 167 1 210 735 66 911 951

Estimated balance (31.12) Additional information

2017 2018 2018 Work is being done to attract new tenants, and to extend lease agreements with existing Working capital 2 084 278 3 295 013 3 295 013 tenants. Property value 127 047 878 127 047 878 127 047 878 Assumed additional rent of SEK 300 000 for 2017 and 2018 and SEK 1.2 mill for 2019. Total assets 129 132 156 130 342 891 130 342 891 Mortgage debt 74 000 000 70 000 000 66 000 000 Total debt 74 000 000 70 000 000 66 000 000

NAV after dividend and tax 55 132 156 60 342 891 64 342 891

Page 54 NRP Finans AS ‐ Market Report June 2017

Oslo Science Park AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** 2 081 174

Key figures 100 %

Paid in capital (100%) 194 000 000 Accumulated dividends/repayments: 127 500 000

Average rent/sqm: 1 712

Sensitivity Yield 2017 4,75 %4,50 %4,25 % Property value 570 366 737 602 053 778 637 468 706 Property value after deferred tax 533 640 452 562 158 789 594 032 224 Price/sqm (average) 35 637 37 617 39 829 Tax‐based value* 203 103 886 203 103 886 203 103 886 Share price per 1%** 1 795 991 2 081 174 2 399 909 IRR share price*** 8,5 % 7,7 % 6,9 % Yield at the end of project (2036) 6,3 % 6,0 % 5,6 % * Including market value of plot ** Adjusted for loss carry‐forward *** After tax

Company information Property

Business Management: NRP Business Management AS Property type: Office Location: Forskningsparken, Oslo Initial cost of property: 452 100 000 Lettable area (sqm.): 16 005 Paid in capital (100%): 194 000 000 Plot size (leasehold): 6 148 Established: 15.12.2015 Construction year: 2006 Yield rent: 27 398 420 Occupancy rate: 100 % Adjustment of rent: 80% of CPI Tenant: Oslotech Rental agreement: Barehouse, owner responsible for own administration

Lease period: 1.October 2036

Estimated cash flow (assuming 2.5% CPI) Financing (10.03.17)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income 25 747 620 26 159 582 26 578 135 Mortgage tranche 1114 587 500 2 356 250 3,25 %p.a. 0 Cost of ownership 306 000 313 650 321 491 Realkredit (fixed) 190 000 000 0 2,43 % p.a. 123 156 060 Net operating income 25 441 620 25 845 932 26 256 644 Realkredit (floating) 67 700 000 0 2,90 %p.a. 67 700 000 Interest income 194 710 193 904 196 995 Total 372 287 500 2 356 250 190 856 060 Interest expense 10 256 603 10 852 890 10 215 113 Instalments mortgage (tranche 1‐2) 7 068 850 9 425 000 9 425 000 Loan refinanced 10.03.2017 with a combination of Mortgage loan and Realkredit. Net finance ‐17 130 743 ‐20 083 986 ‐19 443 118 Weighted margin approx 150 bps. Net cash flow 8 310 877 5 761 946 6 813 526 50% of the loan has been fixed for 5 years starting october 2017, with interest rate 2.43% incl. margin. Dividend/capital repayment 10 000 000 4 500 000 7 000 000 Year end cash covenant at NOK 12 million.

Estimated balance (31.12) Additional information

2017 2018 2019 The lease contract was renegotiated and now runs until October 2036 with options to Working capital 13 758 452 15 020 398 14 833 924 extend for 15+15 years at same terms. If the tenant declares their extention option the Property value 562 158 789 562 158 789 562 158 789 owner and tenant shall together 50/50 refurbish parts of the building. Total assets 575 917 241 577 179 187 576 992 713 Debt 297 518 650 288 093 650 278 668 650 A rent discount runs until October 2021 at NOK 1.6 mill per year. NPV of this is included Total debt 297 518 650 288 093 650 278 668 650 in the analysis.

NAV after dividend and tax 278 398 591 289 085 537 298 324 063

NRP Finans AS ‐ Market Report June 2017 Page 55

Oslo Science Park II AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:* 3 195 684

Key figures 100 %

Paid in capital 250 000 000 Accumulated dividends/repayments: 26 000 000

Average rent/sqm: 1 594

Sensitivity Yield 2017 4,75 %4,50 %4,25 % Property value 962 668 484 1 016 150 067 1 075 923 600 Property value after deferred tax 916 047 982 964 181 406 1 017 977 586 Price/sqm (average) 33 195 35 040 37 101 Tax‐based value 496 463 464 496 463 464 496 463 464 Share price per 1%* 2 714 350 3 195 684 3 733 646 IRR share price** 8,3 % 7,2 % 6,4 % Yield at the end of project (2038) 7,1 % 6,8 % 6,4 % * Adjusted for loss carry‐forward and investment contribution of NOK 80 mill. ** After tax

Company information Property

Business management: NRP Business Management AS Property type: Office Technical management: Location: Forskningsparken, Oslo Initial cost of property: 850 000 000 Lettable area (sqm.): 29 000 Paid in capital: 250 000 000 Plot size (leasehold): 8 940 Established: 23.06.2016 Construction year: 1989/2000 Yield rent without discount: 46 215 971 Occupancy rate: 100 % Adjustment of rent: 80% of CPI Tenant: Oslotech AS Rental agreement: Barehouse, owner responsible for own administration Lease period: 01.10.2038

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 44 152 471 44 866 467 45 575 974 Mortgage tranche 1400 000 000 0 3,65 %p.a. 300 000 000 Cost of ownership 489 218 500 970 513 007 Mortgage tranche 2200 000 000 0 3,05 %p.a. 150 000 000 Net operating income 43 663 253 44 365 496 45 062 967 Total 600 000 000 0 450 000 000 Interest income 88 160 83 962 84 648 Interest expense 20 700 000 21 700 000 21 700 000 Value of interest rate swap per 01.06.2017: 0 Net finance ‐20 611 840 ‐21 616 038 ‐21 615 352 Investment contribution 8 000 000 8 000 000 8 000 000 Tranche 1 has 10 year bullet, and interest rate of 3.65%. Mortgage Tranche 2 has Net cash flow 15 051 413 14 749 458 15 447 616 floating interest rate of 3.05%. We have assumed intallments of NOK 12 mill anually from 30.06.2026. Dividend/capital repayment 16 500 000 15 000 000 15 000 000

Estimated balance (31.12) Additional information

2017 2018 2019 There is an annual hire discount of NOK 2 mill until 2020. This has been deducted from Working capital 1 963 931 1 713 389 2 161 004 the share price. Property value 964 181 406 964 181 406 964 181 406 Total assets 966 145 337 965 894 795 966 342 411 The owner has an obligation to contribute with NOK 8 mill annually for 10 years for Debt 600 000 000 600 000 000 600 000 000 investments in the property. The tennant will match this amount 100%, making total Total debt 600 000 000 600 000 000 600 000 000 investments NOK 160 mill. The obligation has been deducted in the share price. NAV after dividend and tax 366 145 337 365 894 795 366 342 411

Page 56 NRP Finans AS ‐ Market Report June 2017

Raufoss Industripark AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 4 623 121

Key figures 100 %

Paid in capital 360 000 000 Accumulated dividends/repayments: 125 000 000

Average rent/sqm: 537

Sensitivity Yield 2017 7,50 %7,25 % 7,00 % Property value 1 571 866 667 1 626 068 966 1 684 142 857 Property value after deferred tax 1 475 380 000 1 524 162 069 1 576 428 571 Price/sqm (average) 6 604 6 832 7 076 Tax‐based value* 607 000 000 607 000 000 607 000 000 Share price per 1% 4 135 300 4 623 121 5 145 786 IRR share price** 16,3 % 14,9 % 13,7 % Yield at the end of project (2021) 7,8 % 7,8 % 7,8 % * Including market value of plot ** After tax

Company information Property

Business management: NRP Business Management 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: 127 890 000 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)

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income 121 580 000 127 890 000 129 808 350 Mortgage tranche 1375 000 000 0 3,20 % p.a. 375 000 000 Cost of ownership 12 607 500 12 922 688 13 245 755 Mortgage tranche 2308 750 000 29 100 000 3,50 % p.a. 192 350 000 Net operating income 108 972 500 114 967 313 116 562 595 Mortgage tranche 3165 000 000 0 3,50 % p.a. 165 000 000 Interest income 747 514 285 716 303 725 Mortgage tranche 4200 000 000 0 7,00 % p.a. 200 000 000 Interest expense 42 014 125 40 995 625 40 477 125 Total 1 048 750 000 29 100 000 932 350 000 Instalments mortgage (tranche 1‐4) 29 100 000 29 100 000 29 100 000 Net finance ‐70 366 611 ‐69 809 909 ‐69 273 400 NOK 262 mill. has been secured until February 2021 at 0.92% + margin of 3.2%. Investments and tax 87 290 292 24 885 401 12 847 671 Net cash flow ‐48 684 403 20 272 002 34 441 525 Tranche 3 is secured with an EUR Basis swap effectivly converting cost of loan to EURIBOR + margin. Included in the interest rate is also the termination cost for a Dividend/capital repayment 35 000 000 30 000 000 29 000 000 currency swap.

Due to complex financing the above is a simplification of the financing. There are ongoing discussions with regards to optimizing the financing.

Estimated balance (31.12) Additional information

2017 2018 2019 From 2008‐2017, the property has been upgraded for approx NOK 300 mill. Large plot Working capital 5 215 597 ‐4 512 401 929 123 of approximately 3 000 acres that enables for expansion possibilities, with potential Property value 1 524 162 069 1 524 162 069 1 524 162 069 building rights of 193 500 sqm. A new plant for Benteler has been agreed resulting in Total assets 1 529 377 666 1 519 649 668 1 525 091 192 approx NOK 60 mill investment, higher rent and contract extention. A plant extention Debt 1 019 650 000 990 550 000 961 450 000 has been agreed with Hexagon with approx. NOK 35 mill investment, higher rent, Total debt 1 019 650 000 990 550 000 961 450 000 contract extention and fixed CPI. Initially paid in NOK 500 mill., but approx. NOK 140 mill was immediately paid out to NAV after dividend and tax 509 727 666 529 099 668 563 641 192 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.

NRP Finans AS ‐ Market Report June 2017 Page 57

REX Logistik AB Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (SEK):** 1 088 278

Key figures (SEK) 100 %

Paid in capital SEK 92 000 000 Accumulated dividends/repayments: ‐

Average rent/sqm: 733

Sensitivity Yield 2017 6,00 %5,75 %5,50 % Property value 243 879 033 254 482 470 266 049 855 Property value after deferred tax 238 336 039 247 879 131 258 289 778 Price/sqm (average) 11 428 11 925 12 467 Tax‐based value 188 449 085 188 449 085 188 449 085 Market value hedging (78%) 1 278 763 1 278 763 1 278 763 Share price per 1%* 992 847 1 088 278 1 192 384 IRR share price** 11,4 % 10,4 % 9,6 % Yield at the end of project (2026) 7,1 % 6,8 % 6,5 % * Adjusted for hedging agreement swap ** After tax

Company information Property

Business Management: NRP Business Management 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 Established: 01.08.2016 Occupancy rate: 100 % Yearly rent 2017: 15 647 742 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

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon 2026 Rental income 15 647 742 15 960 697 16 279 911 Mortgage tranche 124 292 125 981 500 2,30 %p.a. 14 967 875 Cost of ownership 1 015 000 1 035 300 1 056 006 Mortgage tranche 273 612 500 0 3,15 %p.a. 73 612 500 Net operating income 14 632 742 14 925 397 15 223 905 Mortgage tranche 311 756 250 475 000 2,30 %p.a. 7 481 250 Interest income 50 051 57 525 60 192 Mortgage tranche 435 625 000 0 3,04 %p.a. 35 625 000 Interest expense 4 223 600 3 643 913 4 101 983 Total 145 285 875 1 456 500 131 686 625 Instalments mortgage (tranche 1‐2) 1 456 500 1 456 500 1 456 500 Net finance ‐5 630 050 ‐5 042 889 ‐5 498 290 Value of interest rate swap per 31.03.2017: 1 639 440 Net cash flow 9 002 692 9 882 508 9 725 615 Mortgage tranche 1 and 3 have floating interest rate, while tranche 2 and 4 have Dividend/capital repayment 7 700 000 9 600 000 9 800 000 fixed interest rate.

Estimated balance (31.12) Additional information

2017 2018 2019 Rexel has an option to expand their premises another 7 000 sqm. Plot size of 42 000 Working capital 1 902 866 2 185 374 2 110 989 sqm. Property value 247 879 131 247 879 131 247 879 131 Total assets 249 781 997 250 064 505 249 990 120 Exide Technologies has a plot of 19 000 sqm. Debt 143 829 375 142 372 875 140 916 375 Total debt 143 829 375 142 372 875 140 916 375

NAV after dividend and tax 105 952 622 107 691 630 109 073 745

Page 58 NRP Finans AS ‐ Market Report June 2017

Ringeriksveien 2012 DIS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: ** 182 281

Key figures 100 %

Paid in capital: 14 500 000 Accumulated dividends/repayments: 8 100 000

Average rent/sqm: 1 027

Sensitivity Yield 2017 8,00 %7,75 %7,50 % Property value 76 589 638 79 060 271 81 695 613 Property value after deferred tax 73 126 970 75 350 540 77 722 348 Price/sqm (average) 11 858 12 240 12 648 Tax‐based value* 41 962 964 41 962 964 41 962 964 Market value hedging (76%) ‐1 328 595 ‐1 328 595 ‐1 328 595 Share price per 1% ** 160 046 182 281 205 999 IRR share price*** 14,1 % 12,9 % 11,9 % Yield at end of project (2027) 9,3 % 9,0 % 8,7 % * Including market value of plot ** Adjusted for hedging agreement swap *** Before tax

Company information Property information

Business management: NRP Business Management AS Property type: Warehouse, office and industry Technical Management: Aker Eiendomsdrift AS Location: Vøyenenga, Bærum Lettable area (sqm): 6 459 Initial cost of property after deferred tax: 79 074 697 Plot size: 43 000 sqm Paid in capital: 14 500 000 Occupancy rate: 100 % Established: 16. March 2012 Tenant: Veidekke Entreprenør AS (barehouse), Yield rent: 6 634 337 Mølla Kompetansesenter AS et al. Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, insurance and own administration Lease period: Veidekke Entreprenør AS: 31.12.2026

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.2016)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 5 634 337 6 337 420 6 495 856 Mortgage tranche 125 040 000 880 000 5,84 %p.a.* 0 Cost of ownership 507 166 517 309 530 242 Mortgage tranche 225 040 000 880 000 3,65 %p.a.** 32 920 000 Net operating income 5 127 171 5 820 111 5 965 613 Seller's credit 8 000 000 0 7,50 %p.a.*** 8 000 000 Interest income 9 115 11 229 14 470 Total 58 080 000 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 31.12.2016: ‐1 748 151 Instalments mortgage 1 760 000 1 760 000 1 760 000 Net finance ‐4 626 303 ‐4 836 137 ‐4 741 464 * Tranche 1 has fixed interest rate of 5.84% p.a. including margin until 15.04 2020. Other costs 139 300 0 0 ** Tranche 2 has floating interest rate. Net cash flow 361 568 983 973 1 224 149 *** The seller's credit from Veidekke Entreprenør AS has no instalments and fixed interest rate of 7.50% p.a.

Estimated balance (31.12) Additional information

2017 2018 2019 The property consists of offices, warehouse and industrial premises. Mølla Working capital 2 047 707 3 031 680 4 255 829 Kompetansesenter AS moved out 31.03.2017. Work is being done to attract new Property value 75 350 540 75 350 540 75 350 540 tenants to the premises. Total assets 77 398 247 78 382 221 79 606 370 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

NAV after dividend and tax 21 078 247 23 822 221 26 806 370

NRP Finans AS ‐ Market Report June 2017 Page 59

Rud Fryselager AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** 605 939

Key figures 100 %

Paid in capital 30 500 000 Accumulated dividends/repayments: 7 200 000

Average rent/sqm: 944

Sensitivity Yield 2017 6,25 %6,00 %5,75 % Property value 163 958 800 170 790 417 178 216 087 Property value after deferred tax 154 436 737 160 585 192 167 268 295 Price/sqm (average) 14 574 15 181 15 841 Tax‐based value* 68 738 165 68 738 165 68 738 165 Market value hedging (75%) ‐1 247 464 ‐1 247 464 ‐1 247 464 Share price per 1%** 544 454 605 939 672 770 IRR share price*** 12,3 % 11,1 % 10,1 % Yield at the end of project (2024) 7,4 % 7,1 % 6,8 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property

Business Management: NRP Business Management AS Property type: Combination property, office, logistics, cold storage Technical management: Aker Eiendomsdrift AS Location: Rud, Bærum Lettable area (sqm.): 11 250 Initial cost of property: 139 200 000 Construction year: 1976/2001 Paid in capital: 30 500 000 Occupancy rate: 100 % Established: 17.12.2014 Tenant: Bring Frigo Warehouse AS Yearly rent 2016: 10 618 653 Rental agreement: Barehouse. Owner responsible for own administration Adjustment of rent: 100% CPI Lease period: 30.09.2024

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.16 Interest Balloon Rental income 10 618 653 10 831 026 11 047 647 Mortgage tranche 163 000 000 0 4,20 %p.a. 63 000 000 cost of ownership 371 228 380 509 390 021 Mortgage tranche 239 875 000 1 500 000 3,75 %p.a. 18 250 000 Net operating income 10 247 425 10 450 517 10 657 625 Total 102 875 000 1 500 000 81 250 000 Interest income 17 131 17 322 16 138 Interest expense 4 124 906 4 333 500 4 237 875 Value of interest rate swap per 31.12.2016: ‐1 641 400 Instalments mortgage (tranche 1‐2) 1 875 000 2 000 000 2 750 000 Net finance ‐5 982 775 ‐6 316 178 ‐6 971 737 Mortgage tranche 1 has fixed interest of 4.2% including margin until 23.12.2024. Tax payable 1 043 517 1 171 966 1 273 171 Mortgage tranche 2 has floating interest. Other costs 110 000 0 0 Net cash flow 3 111 133 2 962 374 2 412 717

Dividend/capital repayment 5 700 000 3 200 000 2 200 000

Estimated balance (31.12) Additional information

2017 2018 2019 Parent company, Bring Frigo AB, guarantees the rent. The tenant has an option to Working capital 74 811 ‐162 815 49 902 extend the lease‐agreement for 10 + 10 years at equal terms. Must be declared three Property value 160 585 192 160 585 192 160 585 192 years before expiration. Total assets 160 660 003 160 422 377 160 635 094 Debt 101 000 000 99 000 000 96 250 000 Total debt 101 000 000 99 000 000 96 250 000

NAV after dividend and tax 59 660 003 61 422 377 64 385 094

Page 60 NRP Finans AS ‐ Market Report June 2017

Skøyen Kontorbygg AS Contact: Erlend Torsen ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** 2 977 853

Key figures 100 %

Paid in capital 225 000 000 Accumulated dividends/repayments: 28 500 000

Average rent office/sqm: 2 976 Average rent parking /space: 29 116

Sensitivity Yield 2017 4,60 %4,40 %4,20 % Property value 723 799 978 756 699 977 792 733 310 Property value after deferred tax 695 930 581 725 540 580 757 970 579 Price/sqm (average) 57 235 59 837 62 686 Tax‐based value* 445 106 003 445 106 003 445 106 003 Market value hedging (76%) ‐901 856 ‐901 856 ‐901 856 Share price per 1%** 2 681 753 2 977 853 3 302 153 IRR share price*** 9,2 % 7,9 % 6,8 % Yield at the end of project (2023) 5,3 % 5,1 % 4,8 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property

Business management: NRP Business Management AS Property type: Office 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 Established: 05.01.2016 Construction year: 2014 Yearly rent 2017: 34 753 128 Occupancy rate: 100 % 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 Lease period: 30.04.2024

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income 34 753 128 35 620 456 36 509 468 Mortgage tranche 1 215 000 000 0 2,35 % p.a. 215 000 000 Cost of ownership 1 458 329 1 766 600 1 789 306 Mortgage tranche 2 214 752 500 4 330 000 2,35 % p.a. 184 442 500 Net operating income 33 294 799 33 853 856 34 720 162 Total 429 752 500 4 330 000 399 442 500 Interest income 104 598 113 884 113 323 Interest expense 10 073 745 12 480 690 13 382 335 Value of interest rate swap per 31.12.2016: ‐1 186 653 Instalments mortgage (tranche 1‐2) 4 330 000 4 330 000 4 330 000 Net finance ‐14 299 147 ‐16 696 806 ‐17 599 012 Mortgage tranche 1 has fixed interest of 3.03% incl. margin from 08.01.2018 until Tax payable 492 767 2 446 266 2 344 786 09.01.2023. Net cash flow 18 502 885 14 710 784 14 776 363

Dividend/capital repayment 17 500 000 15 000 000 15 000 000

Estimated balance (31.12) Additional information

2017 2018 2019 Yara has option to extend the lease at 5+5 years at market terms. Yara has an option to 31.12.2017 31.12.2018 31.12.2019 leave the property partly or in full from 2019, but with a 36 month penalty. If the Working capital 2 893 464 2 604 248 2 380 611 property is re‐let, the penalty will be reduced. Property value 725 540 580 725 540 580 725 540 580 Floor two only has a lease period until 2019, but with 5 year extention option for Yara. Total assets 728 434 044 728 144 828 727 921 191 The seller has guaranteed for this areas equal to the main contract. Debt 425 422 500 421 092 500 416 762 500 Total debt 425 422 500 421 092 500 416 762 500 The company also owns the land of the neighbouring residential building with an annual lease income of NOK 60 000. NAV after dividend and tax 303 011 544 307 052 328 311 158 691 Assumed net sales price of NOK 750 000 000 for all three scenarios.

NRP Finans AS ‐ Market Report June 2017 Page 61

Stadion Utbygging KS ‐ construction/sale of apartments in Fredrikstad Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 470 000

Key figures 100 %

Paid in capital: 37 000 000 Outstanding uncalled capital: 0 Accumulated dividends/repayments: 0

Sensitivity BASE CASE Sales price per sqm (apartments) 44 000 Estimated share price 1% 470 000 IRR estimated share price before tax* 23,2 % IRR estimated share price after tax** 15,3 % * Project completion estimated to 2021. ** 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.

Company information Property information

Business management: NRP Business Management 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 Paid in capital: 37 000 000 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 Phase 1 and 2 have been completed, and all of the 53 apartments are now sold. Budgeted homes completed 36 12 24 Phase 3 was completed March 2017, and 34 out of 36 apartments have been sold. The apartments are financed with 100% loan, and the plot‐area is financed 50% by Budgeted revenue 0 141 600 000 66 999 346 loan. Phase 4 consists of 12 apartments, and all are sold. Budgeted expenses 0 127 424 227 59 322 540 Cash flow before loan property 0 14 175 773 7 676 805

Estimated payments 7 500 000 15 000 000 15 000 000

Estimated balance (31.12) Additional information

The estimatet payments to investors will vary as the actual sale will deviate from assumed sales rate.

Page 62 NRP Finans AS ‐ Market Report June 2017

Statens Hus Lillehammer KS Contact: Christian Ness ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: 202 732

Key figures 100 %

Paid in capital: 20 600 000 Outstanding uncalled capital: ‐ Accumulated dividends/repayments: 5 300 000 Initial participant loan: 8 000 000 Outstanding participant loan: 3 435 351 Repaid instalments and interest on participant loan: 6 010 069

Average rent/sqm: 1 318

Sensitivity Yield 2017 6,25 % 6,00 % 5,75 % Property value 114 835 249 119 620 051 124 820 923 Property value after deferred tax 106 280 270 110 586 592 115 267 377 Price/sqm (average) 10 696 11 142 11 626 Tax‐based value* 29 285 462 29 285 462 29 285 462 Share price per 1% 159 669 202 732 249 540 IRR share price 15,0 % 13,4 % 12,1 % Yield at end of project (2030) 10,1 % 9,7 % 9,3 % * Including market value of plot

Company information Property information

Business management: NRP Business Management 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 Paid in capital: 20 600 000 Occupancy rate: Approx. 60% Established: 25. April 2006 Main tenants: Lillehammer Kommune, Rema 1000 Norge AS, Yield rent: 8 493 013 Arbeidstilsynet, Torshov Bilrekvisita AS Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, insurance and own administration 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 (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 7 983 013 8 918 241 9 141 197 Mortgage 83 900 000 1 500 000 3,58 %p.a. 0 Cost of ownership 1 315 810 1 343 683 686 127 Participant loan 3 435 351 0 1,52 %p.a. 4 003 937 Net operating income 6 667 203 7 574 558 8 455 070 Total 87 335 351 1 500 000 4 003 937 Interest income 10 519 13 392 22 426 Interest expenses 3 075 220 3 411 420 3 346 620 Instalments mortgage 1 500 000 3 000 000 3 000 000 The mortgage has floating interest rate. New mortgage 4 000 000 Net finance ‐564 701 ‐6 398 028 ‐6 324 194 New loan of NOK 21 mill. has been raised 2016/2017 to finance upgrading of the Other costs/upgrading costs 6 333 000 0 0 premises to Lillehammer Kommune and Arbeidstilsynet. Net cash flow ‐230 498 1 176 530 2 130 876

Estimated balance (31.12) Additional information

2017 2018 2019 When purchasing shares in the project, pro rata share of the participant loan will Working capital 262 813 1 439 343 3 570 219 also have to be purchased by new owner. Arbeidstilsynet moved in 01.04.2017 on Property value 110 586 592 110 586 592 110 586 592 approx. 500 sqm. Tax is paid by the participants of the project. Total assets 110 849 405 112 025 935 114 156 811 Debt 86 400 000 83 400 000 80 400 000 In the yield‐rent, it is assumed that 600 sqm in addition to today's contracted area Participant loan 3 473 140 3 511 344 3 549 969 will be rented out AS‐IS. Total debt 89 873 140 86 911 344 83 949 969

Nav after dividend and tax 20 976 265 25 114 591 30 206 842

NRP Finans AS ‐ Market Report June 2017 Page 63

Statens Hus Stavanger AS Contact: Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** 2 739 182

Key figures 100 %

Paid in capital 255 000 000 Accumulated dividends/repayments: 28 000 000

Average rent/sqm: 1 826

Sensitivity Yield 2017 5,25 %5,00 %4,75 % Property value 672 492 019 706 116 620 743 280 653 Property value after deferred tax 640 682 131 670 944 272 704 391 901 Price/sqm (average) 32 920 34 566 36 385 Tax‐based value* 354 393 136 354 393 136 354 393 136 Market value hedging (76%) 2 446 469 2 446 469 2 446 469 Share price per 1%** 2 436 561 2 739 182 3 073 659 IRR share price*** 9,0 % 8,1 % 7,3 % Yield at the end of project (2026) 6,5 % 6,2 % 5,9 % * Including market value of plot ** Adjusted for hedging agreement swap, as well as loss carry‐forward of NOK 28 mill. *** After tax

Company information Property

Business management: NRP Business Management AS Property type: Office Technical management: Caverion Norge AS Location: Lagård, Stavanger Lettable area incl.parking (sqm.): 20 428 Initial cost of property: NOK 706 750 000 Parking lots: 146 Paid in capital: NOK 255 000 000 Construction year: 2010 Established: 22.01.2016 Occupancy rate: 100 % Yield rent 2017: 37 294 699 Main tenants: Fylkesmannen, Bufetat, Fylkesnemda i Rogaland Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, technical installations, insurance, real estate tax, own administration Lease period: Fylkesmannen (01.10.2031), Bufetat (01.12.2025), Fylkesnemda i Rogaland (01.10.2030)

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon 2026 Rental income 37 294 699 38 040 593 38 801 405 Mortgage tranche 1 335 000 000 0 3,21 % p.a. 335 000 000 Cost of ownership 1 988 868 2 019 440 2 050 623 Mortgage tranche 2 103 926 400 5 647 200 2,62 %p.a. 47 454 400 Net operating income 35 305 831 36 021 153 36 750 781 Total 438 926 400 5 647 200 382 454 400 Interest income 57 521 41 038 42 349 Interest expense 13 439 383 13 775 763 14 283 722 Value of interest rate swap per 28.04.2017: 3 219 038 Instalments mortgage (tranche 1‐2) 5 647 200 5 647 200 5 647 200 Net finance ‐19 029 062 ‐19 381 925 ‐19 888 572 Mortgage tranche 1 has fixed interest rate of 3.21% until 23.02.2026. Net cash flow 16 276 769 16 639 228 16 862 209 Yearly instalments of 5 647 200.

Dividend/capital repayment 25 500 000 16 500 000 17 000 000

Estimated balance (31.12) Additional information

2017 2018 2019 Modern and flexible office property located at Lagård, just outside Stavanger city Working capital 2 820 966 2 960 194 2 822 403 center. Property value 670 944 272 670 944 272 670 944 272 Total assets 673 765 238 673 904 466 673 766 675 Debt 433 279 200 427 632 000 421 984 800 Total debt 433 279 200 427 632 000 421 984 800

NAV after dividend and tax 240 486 038 246 272 466 251 781 875

Page 64 NRP Finans AS ‐ Market Report June 2017

Sydsvenskan Lager & Handel AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (SEK): 304 390

Key figures (SEK) 100 %

Paid in capital (SEK): 36 007 234 Accumulated dividends/repayments (SEK): 30 505 439

Average rent/sqm (SEK): 1 049

Sensitivity Yield 2017 10,50 % 10,00 %9,50 % Property value 53 111 362 55 766 930 58 702 032 Property value after deferred tax 52 029 393 54 538 905 57 312 576 Price/sqm (average) 8 968 9 417 9 913 Tax‐based value 33 439 199 33 439 199 33 439 199 Share price per 1% (SEK) 279 295 304 390 332 127 IRR share price* 20,7 % 19,0 % 17,5 % Yield at end of project (2018) 15,3 % 14,5 % 13,8 % * After tax

Company information Property information

Business management: NRP Business Management AS Property type: Retail Technical management: Wilfast Forvaltning AB Location: Borås in Sverige Lettable area (sqm.): 5 922 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: 28.02.2018

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 Principal Inst. 17 Interest Balloon 2017 Rental income 6 209 658 Mortgage tranche 177 953 304 53 011 304 2,60 %p.a. 24 942 000 Cost of ownership 868 465 Total 77 953 304 53 011 304 24 942 000 Net operating income 5 341 193 Interest expense 1 341 756 The mortgage has floating interest rate. 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 6 800 000

Estimated balance (31.12) Additional information Bilia Group 1 AB will not renew their contract, and will move out in 2018. The two 2017 properties in Höganäs have been sold in 2017, and loan has been reduced following Working capital 3 056 029 the sale. Property value 54 538 905 Ongoing sales process for the remaining property. Total assets 57 594 934 Debt 24 942 000 Total debt 24 942 000

NRP Finans AS ‐ Market Report June 2017 Page 65

Sørenga Utvikling KS ‐ residential development project Oslo Contact: Erlend Torsen ([email protected]) Morten Berg ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:

Key figures 100 %

Paid in capital: 330 000 000 Uncalled capital: 300 000 000 Accumulated dividends: 361 300 000

Sensitivity BASE CASE Share price per 1 % IRR share price IRR estimated share price after tax

Company Information Property information

Business Management: NRP Business Management AS Property type: Residential and commercial under construction Project developer: Sørenga Utvikling KS Location: Sørenga, Oslo Planned built sqm: Approx. 62 000 sqm Sum budgeted sales revenue (index adjusted): 4.9 billion Approx. 5 000 sqm commercial Paid in capital: 330 000 000 Expected remaining equity payments: 0 Number of apartments: 746 Uncalled capital: 300 000 000 Established: 8. November 2007 Plot (sqm): 35 000 Projected completion: 2011‐2017

Estimated progress Financing

The plot is financed through 50% loan and 50% equity. Working capital is financed Budgeted sqm completed through equity and overdraft. Construction is financed by construction loan. Total amount of building stages is 7/8. Estimated payments*

Balance ( NOK 1 000) Additional information

All 8 building stages are put up for sale, where approx. 97% of the value is sold, and Total assets 725 out of 746 apartments. Total debt Sum equity Commercial space to be finished 2017. The parking has been completed and sold.

The commercial buildings have been valued at cost price.

Page 66 NRP Finans AS ‐ Market Report June 2017

Sørlandsparken Terminal AS Contact: Christian Ness ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** 517 158

Key figures 100 %

Paid in capital 47 500 000 Accumulated dividends/repayments: 9 000 000

Average rent/sqm: 1 126

Sensitivity Yield 2017 6,50 %6,25 %6,00 % Property value 108 702 462 113 050 560 117 761 000 Property value after deferred tax 105 932 614 109 845 903 114 085 299 Price/sqm (average) 16 708 17 376 18 100 Tax‐based value* 81 003 990 81 003 990 81 003 990 Market value hedging (76%) ‐158 972 ‐158 972 ‐158 972 Share price per 1%** 478 025 517 158 559 552 IRR share price*** 11,6 % 10,8 % 10,0 % Yield at the end of project (2026) 7,7 % 7,4 % 7,1 % * Including market value of plot ** Adjusted for hedging agreement swap and loss carry‐forward *** After tax

Company information Property

Business management: NRP Business Management 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 Construction year: 2011 Yearly rent 2017: 7 328 952 Occupancy rate: 100 % Adjustment of rent: 80% of CPI Tenant: Posten Norge AS Rental agreement: Barehouse. Owner responsible for own administration

Lease period: 31.12.2026

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon Rental income 7 328 952 7 446 215 7 595 140 Mortgage tranche 160 000 000 0 2,88 %p.a. 60 000 000 Cost of ownership 263 292 269 874 276 621 Total 60 000 000 60 000 000 Net operating income 7 065 660 7 176 341 7 318 518 Interest income 14 031 14 432 14 606 Value of interest rate swap per 31.03.2017: ‐209 174 Interest expense 1 728 000 1 728 000 1 764 000 Net finance ‐1 713 969 ‐1 713 568 ‐1 749 394 The mortgage has fixed interest of 2.88% incl. margin. Net cash flow 5 351 691 5 462 772 5 569 124

Dividend/capital repayment 5 300 000 5 500 000 5 600 000

Estimated balance (31.12) Additional information

2017 2018 2019 Large plot of 23 700 sqm. Terminal of 3 932 sqm and office of 1 322 sqm. Tenant has an Working capital 251 892 214 665 183 789 option to extend the lease for 5+5 years. Property value 109 845 903 109 845 903 109 845 903 Total assets 110 097 795 110 060 568 110 029 692 Debt 60 000 000 60 000 000 60 000 000 Total debt 60 000 000 60 000 000 60 000 000

NAV after dividend and tax 50 097 795 50 060 568 50 029 692

NRP Finans AS ‐ Market Report June 2017 Page 67

Tangen Havnelager AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (EUR):** 15 266

Key figures 100 %

Paid in capital (EUR): 1 875 307 Accumulated dividends/repayments (EUR): 1 635 791

Average rent/sqm. (NOK/EUR): 1 100 / 125

Sensitivity Yield 2017 8,75 %8,50 %8,25 % Property value 9 128 251 9 396 729 9 681 479 Property value after deferred tax 8 378 706 8 620 336 8 876 611 Price/sqm (EUR) 1 338 1 378 1 420 Tax‐based value* 1 632 797 1 632 797 1 632 797 Market value hedging (76%) ‐271 793 ‐271 793 ‐271 793 Share price per 1%** 12 850 15 266 17 829 IRR share price*** 19,0 % 13,3 % 8,4 % Yield at the end of project (2021)**** 11,2 % 11,2 % 11,2 % * Including market value of plot ** Adjusted for hedging agreement swap. *** After tax **** Residual value is reduced to EUR 7 500 000

Company information Property information

Business management: NRP Business Management AS Property type: Industry/ warehouse Technical mangement: Aker Eiendomsdrift AS Location: Drammen Lettable area (sqm.): 6 820 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 2017: (EUR) 864 841 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 (31.12.16) (EUR)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 864 841 878 678 896 252 Mortgage tranche 11 746 471 36 832 2,70 %p.a. 1 580 727 Cost of ownership 66 119 67 772 69 466 Mortgage tranche 21 746 471 36 832 2,70 %p.a. 1 580 727 Net operating income 798 722 810 906 826 786 Mortgage tranche 32 056 476 0 6,80 %p.a. 2 056 476 Interest expense (tranche 1‐4) 267 083 258 537 260 979 Mortgage tranche 41 313 196 300 116 2,35 %p.a. 334 174 Instalments mortgage (tranche 1‐4) 373 780 289 780 289 780 Total 6 862 614 373 780 5 552 104 Net finance ‐640 863 ‐548 317 ‐550 759 Tax payable 42 836 111 563 0 Value of interest rate swap per 28.02.2017: ‐357 623 Net cash flow 115 023 151 027 276 027 Tranche 1, 2 and 4: Floating interest rate. Dividend/capital repayment 229 000 145 000 145 000 Tranche 3: Fixed interest of 6.45% 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.

Estimated balance (31.12) (EUR) Additional information

2017 2018 2019 The property is leased to Midsona Norge AS, guaranteed by FMC Biopolymer AS. Working capital 67 687 73 714 87 089 Property value 8 620 336 8 620 336 8 620 336 Total assets 8 688 023 8 694 050 8 707 425 Debt (tranche 1‐4) 6 488 834 6 199 054 5 909 274 Total debt 6 488 834 6 199 054 5 909 274

NAV after dividend and tax 2 199 189 2 494 996 2 798 151

Page 68 NRP Finans AS ‐ Market Report June 2017

TFGS Kombi AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (SEK):* 313 628

Key figures (SEK) 100 %

Paid in capital: 91 058 789 Accumulated dividends/repayments: 16 396 000

Average rent/sqm: 472

Sensitivity Yield 2017 8,50 %8,00 %7,50 % Property value 219 221 153 232 922 475 248 450 640 Property value after deferred tax 214 414 296 227 362 046 242 036 162 Price/sqm (average) 4 858 5 161 5 505 Tax‐based value 131 823 760 131 823 760 131 823 760 Share price per 1% * 184 151 313 628 460 369 IRR Share price** 31,1 % 21,5 % 16,1 % Yield at end of project (2021) 9,4 % 8,8 % 8,3 % * Including value of loss carried forward. ** After tax

Company information Property information

Business management: NRP Business Management AS Property type: Storage/industry Technical management: Wilfast Forvaltning AB Location: Trelleborg, Falköping, Göteborg, Stenungsund in Sweden Lettable area (sqm): 45 129 Initial cost of property after deferred tax: SEK 337 400 000 Construction year: Varies Paid in capital: SEK 91 058 789 Occupancy rate: 100 % Established: 11. May 2007 Tenants: LEAX Arkivator Sweden, Daros Piston Rings AB, Prestando AB Assumed rent before discounts: 21 297 768 Lease period: LEAX AB until 2020 Adjustment of rent: 100% of CPI Daros Piston Rings until until 2022 Prestando AB until 2026

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon 2021 Rental income 20 047 768 21 743 041 22 578 513 Mortgage 201 550 000 9 500 000 4,10 % p.a. 160 050 000 Cost of ownership 2 663 970 2 717 249 2 771 594 Total 201 550 000 9 500 000 160 050 000 Net operating income 17 383 798 19 025 792 19 806 919 Interest mortgage 8 150 800 7 792 050 8 374 300 The mortgage has floating interest rate, and runs until April 2017. Assumed refinanced. Instalments mortgage 9 500 000 8 000 000 8 000 000 Net finance ‐17 650 800 ‐15 792 050 ‐16 374 300 Net cashf flow ‐267 002 3 233 742 3 432 619

Estimated balance (31.12) Additional information

2017 2018 2019 Prestando, the tenant in Trelleborg has been through restructuring, and receive a Working capital ‐1 014 457 2 219 284 5 651 903 reduced rent throughout 2018. The lease contract runs until 31.12 2030. Property value 227 362 046 227 362 046 227 362 046 Total assets 226 347 588 229 581 330 233 013 949 The Stenungsund property has 6 500 sqm vacant area. LEAX Arkivator has a minimum Debt 192 050 000 184 050 000 176 050 000 rent of 6 mill. and a max of 8.5 mill. until 2018, depending on their revenue. Value loss carried forward 2 953 239 1 980 642 798 550 NAV after dividend and tax 34 297 588 45 531 330 56 963 949

NRP Finans AS ‐ Market Report June 2017 Page 69

Torslanda Lagerbygg AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (SEK): *2 470 442

Key figures (SEK) 100 %

Paid in capital: 197 000 000 Accumulated dividends/repayments: 48 700 000

Average rent/sqm: 1 327

Sensitivity Yield 2017 6,90 %6,70 %6,50 % Property value 494 655 634 509 421 474 525 095 981 Property value after deferred tax 479 779 930 493 733 648 508 546 057 Price/sqm 18 653 19 210 19 801 Tax‐based value 224 188 279 224 188 279 224 188 279 Market value hedging (78%) ‐2 728 347 ‐2 728 347 ‐2 728 347 Share price per 1%* 2 330 905 2 470 442 2 618 566 IRR share price** 10,7 % 10,1 % 9,6 % Yield at end of project (2028) 8,9 % 8,6 % 8,4 % * Adjusted for hedging agreement swap ** After tax

Company information Property information

Business management: NRP Business Management 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 Paid in capital: 197 000 000 Occupancy rate: 100 % Established 22.01.2015 Tenant: The International Automotive Components AB (IAC AB) Yearly rent 2017: 36 465 711 Lease agreement: Owner responsible for exterior maintenance, Adjustment rent: 100% CPI technical installations, insurance and administration Lease period: 31.12.2028

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

201720182019 PrincipalInst. 17 Interest Balloon Rental income 36 465 711 37 195 025 37 938 926 Mortgage tranche 1135 000 000 0 2,80 %p.a. 135 000 000 Cost of ownership 1 934 472 1 973 162 2 396 465 Mortgage tranche 2118 075 000 7 950 000 2,39 %p.a. 22 675 000 Net operating income 34 531 239 35 221 864 35 542 461 Total 253 075 000 7 950 000 157 675 000 Interest expense (tranche 1‐2) 6 557 393 6 367 190 6 176 986 Instalments mortgage 7 950 000 7 950 000 7 950 000 Value of interest rate swap per 31.12.2016: ‐3 497 881 Net finance ‐14 507 393 ‐14 317 190 ‐14 126 986 Net cash flow 20 023 845 20 904 674 21 415 475 Tranche 1 has fixed interest of 2.80% p.a. including margin until 15.01.2020. Tranche 2 has fixed interest of 2.39% until 15.10.2018. Dividend/ capital repayment 18 600 000 19 600 000 21 600 000

Estimated balance (31.12) Additional information

201720182019The tenant has an option to extend the lease period for 5 years. The lease is Working capital 7 888 341 9 193 015 9 008 489 guaranteed by the parent company IAC Group Sweden AB. Property value 493 733 648 493 733 648 493 733 648 Total assets 501 621 989 502 926 663 502 742 138 Negotiations with tenant in regards to investment of approximately SEK 10 mill., Debt (tranche 1‐2) 245 125 000 237 175 000 229 225 000 combined with prolongation of the lease agreement. Total debt 245 125 000 237 175 000 229 225 000

NAV after dividend and tax 256 496 989 265 751 663 273 517 138

Page 70 NRP Finans AS ‐ Market Report June 2017

Vestby Logistikk AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%:** 1 526 544

Key figures 100 %

Paid in capital 106 000 000 Accumulated dividends/repayments: 23 800 000

Average rent/sqm: 764

Sensitivity Yield 2017 6,90 %6,70 %6,50 % Property value 310 135 159 319 392 925 329 220 400 Property value after deferred tax 297 982 754 306 314 743 315 159 471 Price/sqm (average) 10 188 10 493 10 815 Tax‐based value* 188 611 105 188 611 105 188 611 105 Market value hedging (76%) ‐1 411 373 ‐1 411 373 ‐1 411 373 Share price per 1%** 1 443 224 1 526 544 1 614 991 IRR share price*** 9,7 % 9,2 % 8,8 % Yield at the end of project (2023) 7,9 % 7,7 % 7,5 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property

Business Management: NRP Business Management AS Property type: Logistics Technical Management: Aker Eiendomsdrift AS Location: Vestby, Norway Lettable area (sqm.): 30 440 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 Established: 26.08.2014 Construction year: 2007 Yearly rent 2017: 23 256 808 Occupancy rate: 100 % 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

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon 2023 Rental income 23 256 808 23 716 843 24 186 078 Mortgage tranche 182 500 000 0 3,82 %p.a. 0 Cost of ownership 1 857 482 1 894 632 1 932 524 Mortgage tranche 255 050 000 0 3,30 %p.a. 121 687 500 Net operating income 21 399 326 21 822 211 22 253 554 Mortgage tranche 318 787 500 4 950 000 3,00 %p.a. 0 Interest income 30 029 30 183 30 765 Total 156 337 500 4 950 000 121 687 500 Interest expense 5 490 938 5 421 525 5 258 175 Instalments mortgage 4 950 000 4 950 000 4 950 000 Value of interest rate swap per 31.12.2016: ‐1 857 070 Net finance ‐10 410 909 ‐10 341 342 ‐10 177 410 Tax payable 1 715 992 1 966 627 2 230 867 Tranche 1 has fixed interest of 3.82% p.a. incl. margin until 07.11.2019. Tranche 2 Net cash flow 9 272 425 9 514 242 9 845 277 has fixed interest of 3.30% until 15.10.2019. Tranche 3 has floating interest rate.

Dividend/capital repayment 9 400 000 9 500 000 9 800 000

Estimated balance (31.12) Additional information

2017 2018 2019 The property consists of 3 logistics halls, with a joint office‐space located in Working capital 2 038 204 2 052 446 2 097 722 connection to hall 1. Hall 3 is subleased to Varner Gruppen AS until 30.04.2018. The Property value 306 314 743 306 314 743 306 314 743 company owns a separate plot of approximately 44 000 sqm. Total assets 308 352 947 308 367 189 308 412 466 Debt 151 387 500 146 437 500 141 487 500 Total debt 151 387 500 146 437 500 141 487 500

NAV after dividend and tax 156 965 447 161 929 689 166 924 966

NRP Finans AS ‐ Market Report June 2017 Page 71

Wergelandsveien 23 AS/Kongholm Langgaten AS (previously Kongholm Invest KS) Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: **

Key figures 100 %

Paid in capital: 15 550 000 Accumulated dividends/repayments: 4 770 410

Average rent/sqm office: Average rent/sqm apartments:

Sensitivity Yield 2017 Property value Property value after deferred tax Price/sqm (average) Tax‐based value* Share price per 1% ** IRR share price*** Yield at end of project (2019) * Including market value of plot ** Adjusted for hedging agreement swap *** After tax

Company information Property information

Business management: NRP Business Management 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 % Tenant: 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

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.16)

Principal Inst. 17 Interest Ballon 2019 Mortgage 28 945 750 0 3,00 %p.a. 28 945 750 Total 28 945 750 28 945 750

The mortgage has floating interest rate of 3.00% including margin.

Page 72 NRP Finans AS ‐ Market Report June 2017

Wilfast Mølndal AB Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (SEK): * 260 732

Key figures (SEK) 100 %

Paid in capital: 19 700 000 Accumulated dividends/repayments: 6 200 000

Average rent/sqm: 1 348

Sensitivity Yield 2017 6,50 %6,25 %6,00 % Property value 60 335 000 62 748 400 65 362 917 Property value after deferred tax 59 348 719 61 629 382 64 100 100 Price/sqm (average) 18 429 19 166 19 964 Tax‐based value 42 402 615 42 402 615 42 402 615 Market value hedging (78%) ‐716 035 ‐716 035 ‐716 035 Share price per 1% *237 926 260 732 285 439 IRR share price** 11,1 % 10,3 % 9,4 % Yield at the end of project (2025) 7,5 % 7,2 % 6,9 % * Adjusted for hedging agreement swap ** After tax

Company information Property Information

Business management: NRP Business Management 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 Paid in capital: SEK 19 700 000 Occupancy rate: 100 % Established: 15.01.2014 Tenant: Bravida Sverige AB Yield rent: 4 412 775 Rental agreement: Owner responsible fo exterior maintenance, technical Adjustment of rent: 100% of CPI installations, insurance and own administration Lease period: 30.06.2025

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 4 364 775 4 499 111 4 589 093 Mortgage tranche 110 000 000 0 4,25 %p.a. 6 700 000 Cost of ownership 491 000 500 820 585 988 Mortgage tranche 25 200 000 1 000 000 2,25 %p.a. 0 Net operating income 3 873 775 3 998 291 4 003 105 Mortgage tranche 310 000 000 0 3,24 %p.a. 10 000 000 Interest expense 1 121 375 1 098 875 955 125 Mortgage tranche 410 000 000 0 2,61 %p.a. 10 000 000 Instalments mortgage 1 000 000 1 000 000 1 000 000 Total 35 200 000 1 000 000 26 700 000 Net finance ‐2 121 375 ‐2 098 875 ‐1 955 125 Other costs 1 200 000 Value of interest rate swap per 31.03.2017: ‐917 993 Net cash flow 552 400 1 899 416 2 047 980 Tranche 1 has fixed interest of 4.25% p.a. incl. margin until 28.12.2018. Dividend/capital repayment 1 700 000 1 700 000 1 900 000 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.

Estimated balance (31.12) Additional information

2017 2018 2019 The property consists of 2 buildings, one office‐building of 2 142 sqm and a Working capital 66 069 265 485 413 465 warehouse of 1 132 sqm. Investment in project of SEK 1.2 mill. due to extension of Property value 61 629 382 61 629 382 61 629 382 lease agreement until 30.06.2025 Total assets 61 695 451 61 894 867 62 042 847 Debt 34 200 000 33 200 000 32 200 000 Total debt 34 200 000 33 200 000 32 200 000

NAV after dividend and tax 27 495 451 28 694 867 29 842 847

NRP Finans AS ‐ Market Report June 2017 Page 73

Wilfast Mölnlycke Holding AB Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (SEK):* 263 731

Key figures (SEK) 100 %

Paid in capital 18 102 000 Accumulated dividends/repayments: 3 800 000

Average rent/sqm: 2 025

Sensitivity Yield 2017 6,00 %5,75 %5,50 % Property value 50 699 583 52 903 913 55 308 636 Property value after deferred tax 49 611 922 51 695 013 53 967 477 Price/sqm (average) 30 690 32 024 33 480 Tax‐based value 30 923 914 30 923 914 30 923 914 Market value hedging (78%) ‐299 488 ‐299 488 ‐299 488 Share price per 1%* 242 900 263 731 286 456 IRR share price** 8,7 % 8,1 % 7,6 % Yield at the end of project (2029) 7,4 % 7,1 % 6,8 % * Adjusted for hedging agreemen swap ** After tax

Company information Property

Business Management: Wilfast Forvaltning AB Property type: Logistics/terminal Technical Management: Wilfast Forvaltning AB Location: Mölnlycke (Gothenburg) Lettable area (sqm.): 1 652 Initial cost of property: SEK 43 500 000 Construction year: 2015 Paid in capital: SEK 18 102 000 Occupancy rate: 100 % Established: 20.02.2015 Tenant: Arla Foods AB Yearly rent 2017: 3 345 975 Rental agreement: Owner is responsible for insurance, Adjustment of rent: 100% of CPI technical replacements, and own administrative expenses. Lease period: 31.01.2030

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst.17 Interest Balloon 2029 Rental income 3 345 975 3 412 895 3 481 152 Mortgage tranche 118 100 000 0 2,51 %p.a. 15 052 500 Cost of ownership 304 000 310 080 316 282 Mortgage tranche 27 482 500 810 000 2,05 % p.a. 0 Net operating income 3 041 975 3 102 815 3 164 871 Total 25 582 500 810 000 15 052 500 Interest expense 603 550 586 945 655 240 Instalments mortgage (tranche 1‐2) 810 000 810 000 810 000 Value of interest rate swap per 31.03.2017: ‐383 959 Net finance ‐1 413 550 ‐1 396 945 ‐1 465 240 Net cash flow 1 628 425 1 705 870 1 699 631 Mortgage tranche 1 has fixed interest of 2.51% including margin until 20.02.2020. Mortgage tranche 2 has floating interest rate. Dividend/capital repayment 1 600 000 1 600 000 1 700 000

Estimated balance (31.12) Additional information

2017 2018 2019 The property is strategically located in Mölnlycke, east of Gothenburg, which has Working capital 373 033 478 903 478 534 become one of Swedens best locations for logistics. Property value 51 695 013 51 695 013 51 695 013 Total assets 52 068 046 52 173 916 52 173 547 Debt 24 772 500 23 962 500 23 152 500 Total debt 24 772 500 23 962 500 23 152 500

NAV after dividend and tax 27 295 546 28 211 416 29 021 047

Page 74 NRP Finans AS ‐ Market Report June 2017

Wilfast Tagenevägen 30 AB Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1%: (SEK)* 206 638

Key figures (SEK) 100 %

Paid in capital 20 200 000 Accumulated dividends/repayments: 2 000 000

Average rent/sqm: 936

Sensitivity Yield 2017 6,50 % 6,25 % 6,00 % Property value 50 926 138 52 963 184 55 169 983 Property value after deferred tax 47 907 579 49 740 920 51 727 040 Price/sqm (average) 13 169 13 696 14 267 Tax‐based value 20 740 545 20 740 545 20 740 545 Market value hedging (78%) 45 643 45 643 45 643 Share price per 1%* 188 304 206 638 226 499 IRR share price* 12,0 % 11,0 % 10,2 % Yield at the end of project (2029) 8,2 % 7,9 % 7,6 % * Adjusted for hedging agreement swap ** After tax

Company information Property

Business management: NRP Business Management AS Property type: Combination property Technical management: Wilfast Forvaltning AB Location: Kärra, Gothenburg Lettable area: 3 867 Initial cost of property after deferred tax: SEK 48 650 000 Plot size: 8 892 Paid in capital: SEK 20 200 000 Construction year: 1984, 2007 and 2011 Established: 23.06.2016 Occupancy rate: 100 % Yearly rent 2017: 3 619 199 Tenant: Holmgrens Bil i Göteborg AB Adjustment of rent: 100% of CPI Rental agreement: Barehouse Lease period: 30.06.2029

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 3 619 199 3 691 583 3 765 415 Mortgage tranche 120 000 000 0 2,09 %p.a. 20 000 000 Cost of ownership 309 000 315 180 321 484 Mortgage tranche 29 850 000 600 000 2,00 %p.a. 2 050 000 Net operating income 3 310 199 3 376 403 3 443 931 Total 29 850 000 600 000 22 050 000 Interest expense 612 000 600 000 715 500 Instalments mortgage (tranche 1‐2) 600 000 600 000 600 000 Value of interest rate swap per 31.03.2017: 58 517 Net finance ‐1 212 000 ‐1 200 000 ‐1 315 500 Tax payable 86 836 364 287 381 162 Mortgage tranche 1 has fixed interest of 2.09% including margin until 04.07.2021. Net cash flow 2 011 363 1 812 116 1 747 269 Mortgage tranche 2 has floating interest rate.

Dividend/capital repayment 3 000 000 1 800 000 1 700 000

Estimated balance (31.12) Additional information

2017 2018 2019 The property has development potential of approximately 1 500 sqm. Working capital 851 787 863 902 911 171 Property value 49 740 920 49 740 920 49 740 920 Total assets 50 592 707 50 604 823 50 652 091 Debt 29 250 000 28 650 000 28 050 000 Total debt 29 250 000 28 650 000 28 050 000

NAV after dividend and tax 21 342 707 21 954 823 22 602 091

NRP Finans AS ‐ Market Report June 2017 Page 75

Århus Kombibygg AS Contact: Knut Ekjord ([email protected]) Date of analysis: 01.06.2017

Share price 1 %

Share price per 1% (DKK):* 1 309 853

Key figures (DKK) 100 %

Paid in capital 100 500 000 Accumulated dividends/repayments: 7 000 000

Average rent/sqm: 434

Sensitivity Yield 2017 6,40 %6,10 %5,80 % Property value 210 398 422 220 745 885 232 163 776 Property value after deferred tax 203 629 007 212 941 724 223 217 826 Price/sqm (average) 6 175 6 478 6 813 Tax‐based value 142 704 276 142 704 276 142 704 276 Market value hedging (78%) ‐1 745 633 ‐1 745 633 ‐1 745 633 Share price per 1%* 1 216 726 1 309 853 1 412 614 IRR share price** 8,5 % 8,0 % 7,5 % Yield at the end of project (2030) 8,3 % 7,9 % 7,5 % * Adjusted for hedging agreement swap ** After tax

Company information Property

Business management: NRP Business Management 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 Established: 08.12.2015 Occupancy rate: 100 % Yearly rent 2017: 14 780 699 Tenant: Elopak Denmark A/S Adjustment of rent: 100% of CPI (minimum 1%, maximum 2.5%) Rental agreement: Owner responsible for exterior maintenance, insurance and own administration Lease period: 30.09.2030

Estimated cash flow (assuming 2.0% CPI) Financing (31.12.16)

2017 2018 2019 Principal Inst. 17 Interest Balloon Rental income 14 780 699 15 076 313 15 377 839 Mortgage tranche 139 258 906 4 714 672 0,80 %p.a. 0 Cost of ownership 1 315 200 1 341 504 1 368 334 Mortgage tranche 245 000 000 0 2,12 %p.a. 18 389 522 Net operating income 13 465 499 13 734 809 14 009 505 Total 84 258 906 4 714 672 18 389 522 Interest expense 1 258 642 1 220 761 1 325 133 Instalments mortgage (tranche 1‐2) 4 714 672 4 796 448 4 796 448 Value of interest rate swap per 31.12.2016: ‐2 237 991 Net finance ‐5 973 314 ‐6 017 209 ‐6 121 581 Tax payable 0 1 566 971 1 631 227 Mortgage tranche 1 has floating interest of 0.8% p.a. including margin. Other costs 1 000 000 0 0 Mortgage tranche 2 has fixed interest of 2.12% p.a. including margin until 30.06.2025. Net cash flow 6 492 185 6 150 629 6 256 697

Dividend/capital repayment 7 000 000 6 000 000 6 100 000

Estimated balance (31.12) Additional information

2017 2018 2019 Tenant has options to extend for 5*1 year until 2035. Working capital ‐443 128 ‐292 499 ‐135 801 Property value 212 941 724 212 941 724 212 941 724 Total assets 212 498 597 212 649 226 212 805 923 Debt 79 544 234 74 747 786 69 951 338 Total debt 79 544 234 74 747 786 69 951 338

NAV after dividend and tax 132 954 363 137 901 440 142 854 585

Page 76 NRP Finans AS ‐ Market Report June 2017

4. Shipping & offshore

NRP Finans AS ‐ Market Report June 2017 Page 77

4.1 Shipping market comments by Affinity1

Container Contracting has been limited in 2016, down by 55% in The overall fleet capacity grew by 1.4% in 2016, and is terms of number of orders placed and by 81% in terms expected to expand by 2.5% in 2017 and 4% in 2018, of Teu capacity added to orderbook. Maersk’s mainly caused by larger new buildings hitting the water determination to avoid placing orders for newbuildings (+10,000 TEU). Fleet capacity in the container feeder in the near future and the marginal earnings of bigger segment (less than 4K TEU) declined by 2.1% in 2016, vessels, which were expected to be rather profitable and year to date capacity have declined by 1.1% as when ordered, will make the already struggling shipbuilding has come to a halt, and scrapping activity shipyards to downsize their capacity. Other major liner continues. companies seem to have followed the example of Maersk, as most of them already have reduced their Fleet growth >4k TEU container ships orderbooks during the last years. # Ships 12% USD Mn Second Hand Prices 9% 200 80 6% 3% 60 ‐ 0% ‐3% 40 ‐6% ‐ 200 ‐9% 20

0 0‐1kTEU Source: Affinity

1.7k TEU Liner companies, still remaining under severe pressure, Source: Affinity now attempt to reduce the sector’s capacity in an effort to lessen the disappointingly limited demand In contrast to the market’s expectations back in late growth. Alliances and further consolidation, both 2015 and 2016, 2017 so far hasn`t been as strong as between operators and tonnage providers, have been earlier anticipated, as the demand side, mainly driven some of the tools that proved rather popular among by the Asia ‐ Europe route, has only grow marginally. most if not all investors with exposure to liner European import volumes originating in Asia only shipping. As in every other commercial shipping sector, increased by less than 1.5% during 2016, with the same miracles cannot happen from the one day to another growth rate maintained both before and after the on the supply side, as there are no quick fixes. Brexit referendum. Intraregional trade performed However, the dynamic scrapping activity in rather impressively last year, with volumes up by up to combination with the strengthened scrap steel prices 8% year‐on‐year, compared to the growth of 2.1% have allowed some sectors to take a breath. We only experienced in 2015 versus 2014. Asian exports to have to wait and see if that continues and how long it North America are expected to start improving by the will last. Real rebalancing back to healthy rate levels end of 2017, but we still must wait till we have the first could only come through strong demand growth, with significant signs of this trend. Trade from Asia to Latin the market’s optimists still recognizing some potentials America suffered more losses, declining by 1.5% in in several routes. In contrast to that, there is doubt 2016, compared to previous year’s marginal decline by whether any supply side adjustments could be enough 0.4%. for a dynamic recovery to come, even if demolitions have been strengthening last year, with bigger and Uncertainty continues to be considered the normal in younger vessels getting scrapped. The impact of 2017, but with optimism establishing across the Hanjin’s collapse is now believed to be behind us market after the dynamic recovery in rates achieved already. Furthermore, the risk of another shock in the during the last two months. market remains high as several liner operators have reported much worse results in 2016, compared to the During last couple of months, we have seen an previous years. increased purchasing interest in the container feeder

1 The shipping market comment is written by Affinity (Shipping) LLP`s Research team Page 78 NRP Finans AS ‐ Market Report June 2017

segment, with several parties successfully raising highlighted the ability of the freight market to respond significant funds to enter the feeder space. Due to this to improved market conditions. interest and a more positive market sentiment in general, second hand prices have been affected 1 Year TC Rates positively the last months. Last year’s fleet 40 000 development (feeder segment) showed, as previously stated, a decline in capacity (TEU) of around 2.1%. This 30 000 combined with high scrapping and few new orders Day

/ being placed indicates that the market is moving 20 000

slowly, but surely towards balance. USD 10 000

k USD/ 1 year TC rates 0 Day 14 jan.10 jan.12 jan.14 jan.16 sep.10 sep.12 sep.14 sep.16 12 mai.11 mai.13 mai.15 mai.17 Handysize Supramax 10 Source: Affinity 8 6 Second Hand Prices 4 A combination of reduced availability of suitable second hand ships and believes that the recovery of 2 the freight market could be sustained has caused a significant jump in second hand prices. The price of a 5‐ year‐old vessel has increased by an average 56% year‐ 1.1k TEU 1.7k TEU Source: Affinity on‐year (Handysize, Ultramax, Kamsarmax and Capesize), with newbuilding prices following suit as Global trade could be expanding slower than the global good second hand tonnage is proving scarce. economy does, as protectionist policies around the world further affect both international trade and job 5 Year Old Asset Values creation, essential elements for economic growth and 60 development. Demand for container ships is expected to increase by marginally above 2% in 2017 year‐on‐ 40 year, while we expect growth by around 2.3% and 2.5% in 2018 and 2019 respectively. The improving numbers reflect our projections for a more stable 20 macroeconomic environment, after extreme results have been avoided in recent elections across several 0 developed countries, such as the Netherlands or France, and the clearer view on Brexit’s impact, which would allow consumer spending and restocking to start Handysize Supramax increasing faster. Source: Affinity

DRY CARGO Recently, given corrections to the freight rate Freight Rates environment, the price rally has cooled off, yet as The end of last year saw a marked recovery in freight market sentiment still reflects a belief that 2016 was rates across the board for the dry bulk market. Driven an absolute low and that matters are set to improve. by a range of supply constraints in China, particularly regarding coking coal, and a general tightening of Dry Bulk Demand available seaborne capacity in the short term has led to With regards to demand there are good news, two distinct spikes in Capesize freight rates since particularly from China, that alleviate some concerns November 2016, the most recent sending spot rates to that the market is destined for a demand side just above USD 20,000 per day. Unfortunately, these withdrawal. The biggest source of optimism in this spikes have so far largely been short lived given the regard is the Chinese steel sector, which despite initial continued oversupply of tonnage, yet they have concerns is showing signs of continued strength.

NRP Finans AS ‐ Market Report June 2017 Page 79

The official steel output in China for 2016 amounted to TANKERS 800 Mn tonnes of product, roughly 300 of which was Freight Rates – last 12 months steel plate. This compares to the official production capacity of 1.2 Bn tonnes per year. However, what VLCC should be noted, is that this capacity is measured in USD/Day 100 000 terms of the capacity of the refining vessel, rather than in terms of tons of semi‐finished shapes per day. 80 000 Seemingly trivial at an initial glance, the differences in 60 000 calculation for these capacity measures shows that at the bottleneck, Chinese production capacity is closer to 40 000 900 Mn tonnes per year, bringing the actual capacity 20 000 utilisation up to 88.9% rather than the previously ‐ assumed 66.6%, suggesting far stronger demand than often thought. ‐20 000 123456789101112 Port stocks tell a similar story. While inventories have 2014 2015 2016 2017 soared to 132.9 Mn tonnes, lower grade ore (below 58% Fe content), makes up most the volume, and there USD/Day Crude Tanker Spot Earnings is a consensus among Chinese steel maker and ore 100 000 traders that China will rely increasingly on imports to 80 000 meet their demand. On the other hand, China is also expected to use an increasing amount of scrap in its 60 000 steel making process, thus potentially reducing some 40 000 of the demand for ore, despite maintaining growth in 20 000 its steel demand. Despite this, for the time being, we 0 can expect demand to remain firm from China.

Chinese Iron Ore Imports 100 VLCC‐TCE Suezmax‐TCE Aframax‐TCE 90 Source: Affinity 80 Spot earnings hit the bottom in late August/early 70 Tonnes September in 2016 but then recovered coming into the 60 Mn new year. However, a lack of available cargoes and an 50 excess of available vessels in all the major regions have 40 pressured rates into falling once again. VLCCs had a brief revival during April, but the Opec crude oil

jan.10 jan.11 jan.12 jan.13 jan.14 jan.15 jan.16 jan.17 production cut agreement is playing its part in reducing sep.10 sep.11 sep.12 sep.13 sep.14 sep.15 sep.16 mai.10 mai.11 mai.12 mai.13 mai.14 mai.15 mai.16 Iron Ore Imports 12 Month MA the number of available cargoes, particularly in the Middle East, while outages in West Africa, notably Source: Affinity Nigeria, have also hindered the markets. Grains and oilseeds, while still under pressure from a severe supply glut and high opening stocks across the Average earnings during the first four months of the world, are expected to remain a solid source of year for VLCCs are USD 17,731 per day, 57% lower than tonnage demand, particularly as Mexico is currently the USD 41,529 per day earned during the same period negotiating trade agreements with Brazil and in 2016. Both Suezmaxes and Aframaxes have also Argentina in an effort to reduce their reliance on US registered heavy declines, slipping to USD 16,769 and corn. Should such an agreement be made a significant USD 12,802 per day respectively. tonne mileage contribution should be expected. Demand Demand for crude oil, and thus the demand for the means with which to transport it, remains strong. During the first few months of the year, the IEA continuously revised its estimates for global demand

Page 80 NRP Finans AS ‐ Market Report June 2017

upwards, placing demand growth at 1.6 Mn bpd in Second Hand Prices – the last 12 months 2016 and a projected growth of 1.3 Mn bpd for 2017. 5‐Year‐Old Tanker Values As China’s domestic oil production continues to Mn USD 100 decline, so its reliance on imports to satisfy its growing demand increases. In March, imports reached a record 80 9.21 Mn bpd, smashing the previous record of 8.6 Mn 60 bpd in December 2016. China’s teapots continue to 40 drive demand, while Beijing are more urgently filling 20 their inventories while anticipating that oil prices will 0 increase later in the year.

The completion of the long‐delayed cross‐border pipeline from Myanmar to China will reduce tonne‐ Aframax Suezmax VLCC miles for vessels discharging in China. Rather than negotiating the Malacca Strait, vessels will instead Source: Affinity discharge at the port of Kyauk Phyu, from where the oil will be transported through the 480‐mile long pipeline Second‐hand crude oil tanker values have been largely to the Kunming refinery in the Chinese province of on the decline since the end of 2015/beginning of 2016 Yunnan. It is estimated that the pipeline will be able to and have now flatlined. Bearish sentiment borne out of supply nearly 6% of China’s crude oil imports. the growing, threatening orderbook is now weighing on assets, while the current low values also reflect the Fleet poor performances in the freight market. A recent 50 25% uptick in newbuilding activity will likely cap any future 40 20% improvements in the short term. 30 15% OFFSHORE SUPPLY MARKET2 20 10% The offshore market remains severely challenged for 10 5% most market players and is still close to its worst state 0 0% Dwt

in 30 years. Last year, a majority of the offshore supply ‐10 ‐5% companies went through financial restructurings in Mn ‐20 ‐10% order to avoid bankruptcy, and the market ‐30 ‐15% experienced increased consolidation activity. These trends are not likely to stop, and have resulted in

1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 fewer, bigger and more powerful market players. We Additions Removals %Change have also seen increasing activity in the S&P market. Source: Affinity Despite an increasing oil price over the last twelve months and a slightly more positive market sentiment In terms of Dwt, the entire tanker fleet grew by a net in most oil sectors so far this year, the immediate 6% in 2016, its largest annual increase since 2011. 30.9 market outlook remains challenging. Mn Dwt was added to the fleet, while 2.2 Mn Dwt was demolished. E&P Spending Offshore spending is expected to fall by around 14% in So far this year, 13.7 Mn Dwt has been delivered into 2017, which takes offshore spending back to the levels the tanker fleet, while just 0.7 Mn Dwt has been seen in 2005‐2006, and down 53% from 2014. E&P removed. A further 26.7 Mn Dwt is currently under Spending is further expected to being shifted away construction for delivery this year; the total 40.4 Mn from deepwater and oil companies to focus more on Dwt that would be delivered should all of the capital discipline. construction be completed this year would be the highest since 2009’s 44 Mn Dwt.

2 Clarksons Research, DNB Markets and NRP Finans

NRP Finans AS ‐ Market Report June 2017 Page 81

North Sea Spot rates for PSVs (GBP/day) 30 000

25 000

20 000

15 000

10 000

5 000

‐ 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Medium PSV Large PSV

Source: Clarksons Research

North Sea Spot rates for AHTS (GBP/day) 60 000

50 000

40 000

30 000

Source: Clarksons Research 20 000

10 000 The offshore support vessel sector remains under heavy pressure, and arguably faces problems with ‐ oversupply. There are more than 900 vessels built post‐1990 in lay‐up (along with equal number of older 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Medium AHTS Large AHTS units), and 389 OSVs currently on order, down from 406 end of last year. In addition, many completed Source: Clarksons Research vessels are just sitting “silent” in the yards worldwide.

Even without the addition of these newbuilds, the OSV market is clearly oversupplied, with the imbalance between supply and demand being severe.

In the North Sea market, there are currently 71 PSV and 34 AHTS active in the spot market, compared to 84 PSV vessels and 37 AHTS vessels in lay‐up, i.e. totalled 121 PSV/AHTS vessels in lay‐up.

Page 82 NRP Finans AS ‐ Market Report June 2017

4.2 Key figures shipping & offshore portfolio

Yearly return NRP Finans Shipping/offshore portfolio vs OSEBX 80 % 63 % 65 % 60 % 54 % 52 % 52 % 47 % 48 % 47 % 39 % 41 % 40 % 32 %34 % 28 % 24 % 18 % 20 % 15 % 12 % 11 % 9 % 5 % 8 % 4 % 4 % 3 % 0 % ‐4 % ‐12 % ‐20 % ‐14 % ‐16 % ‐22 % ‐40 % ‐31 % ‐32 % ‐36 %

‐60 % ‐55 % ‐54 % ‐80 % 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NRP Finans Shipping/offshore portfolio OSEBX

Development number of shipping/offshore projects 25 40 21 20 30 14 15 13 12 20 10 8 8 55 44 4 10 5 3 3 2

0 0 ‐1 ‐2 ‐2 ‐2 ‐5 ‐3 ‐3 ‐4 ‐4 ‐4 ‐5 ‐5 ‐5 ‐10 ‐7 ‐10 ‐11 ‐12 ‐20 ‐15

‐17 ‐20 ‐30 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Projects established (left axis) Projects sold (left axis) Projects in portfolio end of year (right axis)

Accumulated equity raised to NRP shipping & offshore projects 1000

900

800

700

600

500 mUSD

400

300

200

100

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NRP Finans AS ‐ Market Report June 2017 Page 83

The graph shows the Return on NRP Finans shipping & offshore portfolio internal rate of return for 0 % three time‐periods in the NRP Finans shipping & ‐2 % offshore portfolio. ‐4 % ‐6 % ‐8 % ‐10 %

‐12 % ‐13 % ‐14 % ‐14 % ‐15 % ‐16 % IRR last 5 yea rs IRR last 3 years Return last ye ar

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 up to today.

Page 84 NRP Finans AS ‐ Market Report June 2017

4.3 Shipping & offshore projects overview

Estimated IRR since Return Projects Shipping value per 1% Established established p.a. 2017*** Arca Shipping DIS USD 30 535 2013 3 % 2 % Atlantic Bulk IS* USD 93 000 2017 N.A N.A BB Troll DIS NOK 500 000 2014 ‐22 % ‐27 % Bulk Avanti DIS USD 45 330 2013 ‐24 % 55 % Bulk Transloading DIS USD 30 000 2007 ‐20 % 0 % Cresco Shipping DIS USD 25 000 2014 ‐16 % ‐17 % Eastern Reefer II DIS* USD 49 000 2017 N.A N.A Gjende DIS USD 22 500 2014 15 % 6 % Jupiter Bulker DIS USD 46 000 2014 ‐34 % 15 % KUO DIS USD 57 873 2012 11 % ‐10 % Nordic Lübeck DIS EUR 55 000 2016 ‐4 % ‐7 % Nordic Supra IS* USD 112 214 2016 N.A 33 % Nordic Supra II IS* USD 119 309 2016 N.A 42 % Nordic Wismar KG USD 10 000 2016 ‐69 % 0 % Songa Macau IS* USD 113 730 2017 N.A N.A Spero DIS USD 19 175 2013 ‐13 % ‐49 % UACC Bergshav Tanker DIS USD 86 512 2011 9 % 8 % UACC Ross Tanker DIS USD 90 493 2010 11 % 6 %

* 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 ‐ 01.06.2017

NRP Finans AS ‐ Market Report June 2017 Page 85

Arca Shipping DIS ‐ container asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 30 535

Key figures: 100 %

Paid in equity (USD): 3 650 000 Accumulated dividends (USD): 900 000 Tax value vessel (USD): 1 119 908

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Gross vessel value 2 100 000 2 800 000 3 500 000 Net vessel value 2 100 000 2 800 000 3 500 000 Working capital 253 536 253 536 253 536 Net asset value 2 353 536 3 053 536 3 753 536 * 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.

Corporate details The Vessel

Corporate management: NRP Business Management 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: Nov. 2017 Next DD/SS: Nov. 2019 Average BB‐rate 2017‐2018: USD 1 077/day Other information: 1 199 TEU homogeneous, 7 holds, 8 hatches, Est. net TC‐rate year 2017 USD 6 175/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 2016: (BB‐rate + opex) USD 6 922/day

Estimated Cashflow Financing (31.12.2016)

2017 2018 Balance Inst. 17 Interest Balloon Operating revenue 493 656 295 497 Mortgage debt 0 0 0,00 %p.a. 0 DD/SS repayment 0 41 384 Total 0 0 0 Administration expenses 84 001 110 645 Net operating cashflow 409 655 226 236 Currently no debt on the vessel. Net financial items 0 0 Net project cashflow 409 655 226 236

* Profit split initially used to pay docking‐cost of USD 500 000, paid by investors.

Implicit vessel value Additional information The Vessel is fixed on a 5 year BB‐charterparty with a profit sharing agreement to an 01.06.2017 SPC, Timber Shipping Inc., guaranteed by Conbulk S.A of Greece. When the DD/SS cost Estimated equity value 3 053 536 of USD 1 700 000 is paid, all earnings exceeding a pre‐agreed hurdle rate consisting of Working capital 253 536 the BB‐rate and operational expenses to be split 60/40 between the owning company Net implicit vessel value* 2 800 000 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. * including CP value, and after profit split Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange‐rate of 8.5 NOK/USD is used in this analysis.

Page 86 NRP Finans AS ‐ Market Report June 2017

Atlantic Bulk IS ‐ dry bulk asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 93 000

Key figures: 100 %

Paid in equity (USD): 7 740 000 Accumulated dividends (USD): 0

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 10 000 000 13 000 000 16 000 000 Working capital 700 000 700 000 700 000 Debt 4 400 000 4 400 000 4 400 000 Net asset value 6 300 000 9 300 000 12 300 000 * Before adjusted for tax value of vessel.

Corporate details The Vessel

Corporate management: NRP Business Management 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 9 560 Yard: Tsuneishi Zhoushan, China Estimated break even rates (ex. SS/DD) 2017: USD 5 215 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

Estimated Cashflow Financing (07.03.2017)

2017 2018 2019 Balance Inst. 17 Interest Balloon 2019 Operating revenue 2 578 609 3 227 440 3 925 901 Mortgage debt 14 400 000 0 6,70 %p.a. 3 630 000 Operating expenses 1 447 332 1 822 781 1 859 236 Total 4 400 000 0 0 0 3 630 000 Administration expenses 119 656 150 000 153 000 Docking cost 45 000 0 650 000 Mortgage loan has interest rate of 6.70% incl. margin. Quarterly instalments of USD Net operating cashflow 966 621 1 254 659 1 263 665 110 000, starting June 2018. Maturity 07.03.2022. Interest expenses 229 800 291 115 265 320 Repayment long term debt 0 330 000 440 000 Net financial items ‐229 800 ‐621 115 ‐705 320 Net project cashflow 736 821 633 544 558 345

Implicit vessel value Additional information

01.06.2017 The vessel has entered into the A. M. Nomikos supramax pool from 9th of March Estimated equity value 9 300 000 2017. The pool will pay hire as per the BSI Index multiplied by its pool points. The Debt 4 400 000 earnings will be adjusted to actual earnings (under/overperformance) every 6 Working capital 700 000 months. Implicit vessel value 13 000 000

NRP Finans AS ‐ Market Report June 2017 Page 87

BB Troll DIS ‐ offshore asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (NOK): 1 %

Estimated share price (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

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 30 000 000 50 000 000 100 000 000 Working capital 13 512 952 13 512 952 13 512 952 Net asset value 43 512 952 63 512 952 113 512 952 * 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.

Corporate details The Vessel

Corporate management: NRP Business Management 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 Newly performed intermediate survey*: March 2017 * Full overhaul of main engines, new stern roller, spooling gear for towing winch and sandblasting + coating of four ballast tanks

Estimated Cashflow Financing (31.12.2016)

Balance Inst. 17 Interest Balloon Mortgage debt 1000,00 %p.a. 0 Total 0 0 0

Implicit vessel value Additional information The vessel is operating in the spot market in the North Sea. The vessel will also be tendered for long term contracts.

Page 88 NRP Finans AS ‐ Market Report June 2017

Bulk Avanti DIS ‐ dry bulk asset play project Contact: Ragnvald Risan ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 45 330

Key figures: 100 %

Paid in equity after refinancing (USD): 1 850 000 Accumulated dividends before refinancing (USD): 1 100 000 Tax value vessel (USD): 6 927 619

Net asset value senstivity LOW CASE BASE CASE HIGH CASE Vessel value 8 500 000 10 500 000 12 500 000 Working capital 730 055 730 055 730 055 Debt 6 697 068 6 697 068 6 697 068 Net asset value 2 532 987 4 532 987 6 532 987 * Before adjusted for tax value vessel.

Corporate details The Vessel

Corporate management: NRP Business Management 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 hatches 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 4 712 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

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon 2019 Operating revenue 2 322 664 3 043 425 3 412 636 Mortgage debt 6 697 068 0 5,41 %p.a. 6 697 068 Operating expenses 1 925 905 1 764 500 1 808 613 Total 6 697 068 0 6 697 068 Administration expenses 103 058 114 390 94 841 Net operating cashflow 293 701 1 164 535 1 509 182 Minimum free liquidity is USD 150 000. Loan runs until 24.04.2019. Quarterly Interest expenses 362 311 368 339 368 339 instalments are waived, but cash sweep of cash exceeding USD 1.25 mill. Maturity of Net financial items ‐362 311 ‐368 339 ‐368 339 loan April 2019, but assumed refinanced in estimated cashflow for 2019. Net project cashflow ‐68 610 796 196 1 140 844

Implicit vessel value Additional information Tax value of the vessel is subject to currency risk, as the tax value is denominated in 01.06.2017 NOK. Exchange‐rate of 8.5 NOK/USD is used in this analysis. Estimated equity value 4 532 987 Debt 6 697 068 Capital increase in April 2016 by setting off USD 350 000 of the shareholder loan and Working capital 730 055 USD 1.5 mill., with payment from investors, subsequent to writedown of equity to USD Implicit vessel value 10 500 000 1. Loans were restructured in April 2016, incl. the shareholder loan of USD 1.5 mill. entered into in January 2016.

NRP Finans AS ‐ Market Report June 2017 Page 89

Bulk Transloading DIS ‐ asset play project Contact: Ragnvald Risan ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 30 000

Key figures: 100 %

Paid in equity (USD): 23 200 000 Accumulated dividends (USD): 4 300 000

Net asset value sensitivity: BASE CASE Sales proceeds* 3 000 000 * Expected sales proceeds paid out Q1 2018, at expiration of BB charter party. Discount rate of 15% used.

Corporate details The Vessels

Corporate management: NRP Business Management AS Vessel name: M/V Trans Bay Commercial management: Atlantica Shipping AS Type: Bulk Transloader Dwt: 68,857 Purchase price vessels: USD 115 000 000 Yard: Daewoo Paid in capital: USD 23 200 000 Built: 1996 Uncalled capital: USD 0Converted: 1996 Class: DnV Flag: Marshall Islands

Estimated Cashflow Financing (31.12.2016)

Balance Inst. 17 Interest Balloon 2018 Mortgage debt 2 641 974 675 000 4,80 % p.a.* 1 966 974 Total 2 641 974 1 966 974

The mortgage lender has a cash sweep on the project.

Implicit vessel value Additional information

M/V Trans Emirates was sold June 2015. M/V Trans Bay was sold January 2016, and has entered into a two year BBHP.

Page 90 NRP Finans AS ‐ Market Report June 2017

Cresco Shipping DIS ‐ container asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD): 25 000

Key figures: 100 %

Accumulated dividends (USD): 0

Net asset value sensitivity BASE CASE Vessel value 2 500 000 MV Cresco has been scrapped, and has been replaced by a new ship called Sentosa.

Corporate details The Vessel

Corporate management: NRP Business Management AS Vessel name: 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 Dwt/Ldt: 15 312 / 6 424 LOA/ Beam/Draught: 158.7m / 25.6m / 9.2m Speed/Consumption 16.0 kts @ 27mt Yard: Hanjin H.I, Stoh Korea Built: 2001 Flag: Liberia Main engine: Wartsila 8RTA62UB 24 Next intermediate: 2019 Next DD/SS: 2021 Other information: 5 Holds, 7 Hatches

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon Operating revenue Mortgage debt 0 0 0,00 %p.a. 0 Profit split Total 0 0 0 Dry docking* Administration expenses Currently no debt on the vessel. Net operating cashflow Net financial items Net project cashflow

Estimated dividend

Implicit vessel value Additional information MV Cresco has been scrapped, and will be replaced by a new vessel called 01.06.2017 Sentosa Kontor (to be named Sentosa). The vessel will continue on the same Estimated equity value BBCP as the MV Cresco. Debt Working capital Net implicit vessel value

NRP Finans AS ‐ Market Report June 2017 Page 91

Eastern Reefer II DIS ‐ industrial shipping project Contact: Ragnvald Risan ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD): 49 000

Key figures: 100 %

Paid in equity (USD): 4 671 491 Accumulated dividends (USD): 0

Residual value sensitivity on IRR: BASE CASE Residual value end C/P 2022: 1 000 000 IRR estimated share price: 13,4 %

Corporate details The Vessel

Corporate management: NRP Business Management 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: 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. Estimated Cashflow Financing (16.04.2017)

2017 2018 2019 Balance Inst. 17 Interest Balloon 2022 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 1 219 634 Net project cashflow 931 700 1 221 484 1 219 634 No debt on the vessel.

Estimated dividend 950 000 1 200 000 1 200 000 Seller's credit of USD 600 000, as a bullet over 5 years. None interest bearing.

Implicit vessel value Additional information The Charterer has a purchase obligation at the end of the charterparty at USD 01.06.2017 1 000 000. Estimated equity value 4 900 000 Seller's credit 600 000 Working capital 414 918 Implicit vessel value 5 085 082

Page 92 NRP Finans AS ‐ Market Report June 2017

Gjende DIS ‐ industrial shipping project Contact: Ragnvald Risan ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD): 22 500

Key figures: 100 %

Paid in equity (USD): USD 3 180 000 Accumulated dividends (USD): USD 2 025 000

Residual value sensitivity on IRR: BASE CASE Residual value end C/P 2019: 2 000 000 IRR estimated share price: 12,7 %

Corporate details The Vessel

Corporate management: NRP Business Management 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 0Yard: 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 Next intermediate: Feb. 2018 BB hire (5 years): USD 2 805/day

Charterer: NOK Co. Ltd., Panama Guarantor: Khana Enterprise CO. Ltd., Japan and Boyang Ltd., South Korea Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon 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 No debt on the vessel. Purchase obligation 0 0 2 000 000 Net project cashflow 918 745 916 643 751 823 Seller's credit of USD 2 000 000, as a bullet over 5 years. None interest bearing.

Estimated dividend 925 000 900 000 0

Implicit vessel value Additional information The Charterer has a purchase obligation at the end of the charterparty at 01.06.2017 USD 2 000 000. Estimated equity value 2 250 000 Seller's credit 2 000 000 Working capital 399 692 Implicit vessel value 3 850 308

NRP Finans AS ‐ Market Report June 2017 Page 93

Jupiter Bulker DIS ‐ bulk asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 46 000

Key figures: 100 %

Paid in capital after restructuring (USD): 2 485 000 Accumulated dividends (USD): 0 Tax value of vessel (USD): 4 149 686

Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value end C/P: 4 000 000 5 500 000 7 000 000 IRR estimated share price: 9,2 % 23,4 % 35,9 % * Before adjusted for tax value vessel.

Corporate details The Vessel

Corporate management: NRP Business Management AS Vessel name: MV Astra Commercial management: Atlantica Shipping AS Type: Handymax bulk carrier Class: Bureau Veritas 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: 2019 * Additional profit split 60% to owner on rate exceeding USD 5 350 Next intermediate: 2017 Estimated net rate TC year 1‐3: USD 7 792/day Other information: 5 holds, 5 hatches, 4 cranes with safe working load of 30.0 tonnes

Charterer: Atlantis Service Company Limited

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon Operating revenue 95 000 91 250 33 625 Mortgage 0 0 0,00 %p.a. 0 Profit split 326 847 507 149 513 711 Total Administrative expenses 95 822 98 980 94 301 Net operating cashflow 326 026 499 419 453 035 Loan and interest 30 113 Shareholder loan of USD 3 000 000, was converted to equity in March 2016. Net financial items 30 113 0 0 Net project cashflow 295 913 499 419 453 035

Estimated dividend 200 000 500 000 521 760

Implicit vessel value Additional information Tax value of the vessel is subject to currency risk, as the tax value is denominated 01.06.2017 in NOK. Exchange rate of 8.5 NOK/USD is used in this analysis. Estimated equity value 4 600 000 Debt 0 The vessel is fixed on a 3 year BB‐charterparty, from 25.05.2016. Agreed BB rate is Working capital 209 692 USD 250 per day and a 60/40 profit split on rate exceeding the threshold of USD Implicit vessel value 4 390 308 5,250 per day, and 60/40 profit split on sale of the vessel above pre‐agreed threshold.

Page 94 NRP Finans AS ‐ Market Report June 2017

KUO DIS ‐ container asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 57 873

Key figures: 100 %

Paid in equity (USD): 8 800 000 Accumulated dividends (USD): 6 475 000 Tax value vessels (USD): 3 483 532

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 9 000 000 9 000 000 12 000 000 Net vessel value* 7 875 000 7 875 000 8 000 000 Working capital 412 287 412 287 412 287 Debt 2 500 000 2 500 000 2 500 000 Net asset value 5 787 287 5 787 287 5 912 287 * 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.

Corporate details The Vessels

Corporate management: NRP Business Management AS Vessel names: KUO Tai / KUO Hung / 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 at 14 tons 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 Ldwt: 5 955 Expiry of C/P: 28.09.2017 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 BB ‐ Hire en‐bloc (excl. BB instalments): Built: 1995, 1997, 1998 Net BB‐rate 28.03.17 ‐ 28.09.2017 USD 2 836 / day Flag: Panama Profit split hurdle rate avg. per vessel: USD 8 298 / day Class: Bureau Veritas Main engine: Man B&W, 13 580 kW a 127 rpm 2017 Other: 4 holds, 8 hatches, 4 tiers on deck Estimated net TC‐rate per vessel: 7 815 KUO Tai KUO Hung KUO Lung Next SS Jan. 2020 Sep. 2017 Feb. 2018 Next intermediate Des. 2017 Sep. 2020 Mar. 2021

Estimated Cashflow Financing (31.12.2016)

2017 Balance Inst. 17 Interest Balloon 2017 Operating revenue Mortgage debt 2 500 000 0 6,40 %p.a. 2 500 000 BB Instalment Total 2 500 000 0 2 500 000 Administration expenses Net operating cashflow The interest rate on the mortgage is floating. Interest expenses Semiannual instalments of USD 500 000. The mortgage will mature September Repayment long term debt 2017. Net financial items Minimum Value Clause of 140% of the outstanding facility. Minimum cash: USD Sale of vessels en‐bloc 500 000 Net project cashflow

Implicit vessel value Additional information 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 01.06.2017 Charterer (Conbulk). The profit sharing agreement also applies in the event of a Estimated equity value 5 787 287 sale. Any sale revenue shall be split 50/50 between KUO DIS and Conbulk. Should Debt 2 500 000 the value of the Vessels fall below USD 10 875 000, KUO DIS has the right to, but Working capital 412 287 no obligation, to sell the Vessels. Net implicit vessel value* 7 875 000 Tax value of the vessels are subject to currency risk, as the tax value is *including CP value, after profit split denominated in NOK. Exchange‐rate of 8.5 NOK/USD is used in this analysis.

NRP Finans AS ‐ Market Report June 2017 Page 95

Nordic Lübeck DIS ‐ financial shipping project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (EUR): 1 %

Estimated share price (EUR):* 55 000

Key figures: 100 %

Paid in equity (EUR): 5 805 000 Accumulated dividend (EUR): 0 Tax value vessel: 8 919 398

Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE 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: 4,9 % 21,9 % 35,9 % IRR total capital: 6,1 % 17,1 % 27,2 % * Not adjusted for tax value vessel. ** The net residual value is after profit split 70% to the owning company.

Corporate details The Vessel

Corporate management: NRP Business Management 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 6 840/day Next SS: 2021 Estimated net TC‐rate 2018‐2019: EUR 8 575/day

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon 2021 Operating revenue 912 500 912 500 912 500 Mortgage debt 13 835 000 385 000 3,25 %p.a. 2 130 000 Profit split ‐ ‐ 269 871 Total 3 835 000 385 000 2 130 000 Administration expenses 102 000 105 080 107 182 Net operating cashflow 810 500 807 420 1 075 189 Loan duration 5 years with 20 equal instalments of EUR 110 000. Interest margin: Interest expenses 121 956 101 400 87 100 EURIBOR + 325 bps. LTV 60% of fair market value. Minimum liquidity EUR 200 000. Repayment long term debt 385 000 440 000 440 000 Net financial items ‐506 956 ‐541 400 ‐527 100 Net project cashflow 303 544 266 020 548 089

Estimated dividend 400 000 320 000 620 000

Implicit vessel value Additional information

01.06.2017 Owners are entitled to 70% of profit from trading and sale of vessel above pre‐agreed Estimated equity value 5 500 000 thresholds. Pre‐agreed threshold starting at EUR 7 300 p/d (pre‐agreed OPEX EUR 4 800 Debt 3 670 000 p/d incl. EUR 300 p/d in DD provision escalated 2% p.a. + EUR 2 500 p/d BB). Owners are Working capital 581 000 also entitled to 70% of profit from sale defined as net sales proceeds above purchase Net implicit vessel value 8 589 000 price of EUR 9.45 million.

Page 96 NRP Finans AS ‐ Market Report June 2017

Nordic Supra IS ‐ dry bulk asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 112 214

Key figures: 100 %

Paid in equity (USD): 7 000 000 Accumulated dividends (USD): 630 000 Tax value vessel (USD): 19 453 032

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 24 000 000 28 000 000 32 000 000 Outstanding senior debt 15 500 000 15 500 000 15 500 000 Working capital 2 580 545 2 580 545 2 580 545 Profit split to junior loan 1 969 163 3 969 163 5 969 163 Net asset value 9 221 382 11 221 382 13 221 382 * 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.

Corporate details The Vessels

Corporate management: NRP Business Management AS Vessel name: Nordic Stavanger Nordic Aarhus Nordic Kiel Commercial management: Nordic Hamburg Ship Management Type: Geared supramax Geared supramax Geared handymax GmBH & Co KG Class: NK NK NK Manager: Lorentzens Skibs Mgmt. Dwt/Ldt: 56,700/9,770 52,100/8,460 48,400/7,800 Implied purchase price vessels: 17 000 000 LOA/ Beam/Draught: 190/32.3/12.7 189.9/32.3/12 187.3/32.2/11.7 Paid in capital: 7 000 000 Yard: Mitsui SB (JPN) Sanoyas (JPN) Sanoyas (JPN) Senior loan: 15 500 000 Built: 2011 2000 2001 Junior loan: 14 500 000 Holds/hatch: 5/5 5/5 5/5 Project established: 16.08.2016 Flag: Liberia Liberia Liberia Main engine: MAN B. W. Sulzer 6RTA48T‐BSulzer 6RTA48T Estimated TC‐rate for all 3 vessels year 1: USD 25 500/day 2‐stroke, 6‐cyl 2‐stroke, 6 cyl 2‐stroke, 6‐cyl Estimated TC‐rate for all 3 vessels year 2: USD 26 300/day Gir/Grabs: JIB Cranes 4*30 JIB Cranes 4*30 MT/ JIB Cranes 4*30 Estimated TC‐rate for all 3 vessels year 3: USD 29 000/day MT/4*13.5 CBM 4*12 CBM MT/4*12 CBM Next DD/SS: Oct. 2021 July 2020 Nov. 2020 Estimated break even rate for all 3 vessels year 1:* USD 19 800/day * excluding SS/DD costs

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019* Balance Inst. 17 Interest Balloon 2019 Operating revenue 8 367 641 9 633 500 5 191 000 Senior debt 15 500 000 0 3,70 %p.a. 14 435 000 Docking costs 0 1 000 000 100 000 Junior debt 14 500 000 0 2,65 %p.a. 14 500 000 Operating expenses 6 308 062 5 920 194 2 837 920 Total 30 000 000 28 935 000 Administration expenses 202 320 203 026 103 706 Net operating cashflow 1 857 259 2 510 279 2 149 374 Interest expenses 957 750 957 750 486 808 No fixed amortization year 1 and 2. Pay‐as‐you‐earn via Excess Cash Sweep quarterly. Repayment long term debt 0 355 000 710 000 Starting 3 months from draw down if cash buffer of USD 500 000 for each vessel is built Net financial items ‐957 750 ‐1 312 750 ‐1 196 808 up. Initial working capital of USD 5.5 mill is not to be used towards cash sweep. Net project cashflow 899 509 1 197 529 952 566 The junior loan shall only be repaid when the vessels are sold, or in one balloon at the Estimated dividend 840 000 840 000 420 000 final repayment day unless senior loan is fully repaid.

* June 2019

Additional information There is no repayment of the junior loan until sale of all three 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.

NRP Finans AS ‐ Market Report June 2017 Page 97

Nordic Supra II IS ‐ dry bulk asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 119 309

Key figures: 100 %

Paid in equity (USD): 8 412 000 Accumulated dividends (USD): 0

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 9 000 000 11 000 000 13 000 000 Working capital 930 920 930 920 930 920 Net asset value 9 930 920 11 930 920 13 930 920 * Before adjusted for tax value of vessel.

Corporate details The Vessel

Corporate management: NRP Business Management 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 Currently on short TC to Oldendorff: USD 9 250/day 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

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon 2017 Operating revenue 2 343 000 3 102 500 3 832 500 Mortgage debt 1000,00 %p.a. 0 Operating expenses 1 900 920 1 938 938 1 977 717 Total Administration expenses 119 656 122 049 124 490 Docking cost 0 100 000 0 Net operating cashflow 322 424 941 512 1 730 293 Net financial items 0 0 0 Net project cashflow 322 424 941 512 1 730 293

Estimated dividend 250 000 0 0

Implicit vessel value Additional information

01.06.2017 No debt on the vessel. Estimated equity value 11 930 920 Working capital 930 920 Implicit vessel value 11 000 000

Page 98 NRP Finans AS ‐ Market Report June 2017

Nordic Wismar KG ‐ container asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 10 000

Key figures: 100 %

Paid in equity (USD): 7 285 000 Accumulated dividend (USD): 0

* 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.

Corporate details The Vessel

Corporate management: NRP Business Management 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 10 670/day Flag: Liberia Budgeted OPEX*: USD 6 000/day Main engine: Wartsila, 2‐stroke * including technical management Next SS: nov.21

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon 2019 Operating revenue 2 191 500 4 354 619 4 080 603 Mortgage tranche 114 500 000 0 4,00 %p.a. 14 050 000 Operating expenses 2 166 115 2 342 180 2 339 402 Mortgage tranche 2004,00 % p.a. 500 000 Administration expenses 178 500 234 246 243 367 Total 14 500 000 0 14 550 000 Net operating cashflow ‐153 115 1 778 193 1 497 834 Interest expenses 580 000 609 000 609 000 Mortgage has floating interest rate. New loan of USD 500 00 from January 2017 at Instalment 0 0 450 000 same terms. New mortgage 500 000 0 0 Net financial items ‐80 000 ‐609 000 ‐1 059 000 Net project cashflow ‐233 115 1 169 193 438 834

Implicit vessel value Additional information

01.06.2017 The non‐subordinated equity has a 4 year call option of the subordinated equity Estimated equity value 1 000 000 at a level of USD 1 000 000 + 12 % p.a. Debt 14 500 000 Working capital 806 840 Implicit vessel value 14 693 160

NRP Finans AS ‐ Market Report June 2017 Page 99

Olympic Kombiskip KS ‐ offshore asset play project Contact: Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (NOK): 1 %

Estimated share price (NOK):*

Key figures: 100 %

Paid in capital (NOK): 40 000 000 Accumulated dividends (NOK): 79 000 000 Tax value vessel (NOK): 21 572 042

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value: Working capital: Debt: Net asset value:

Corporate details The Vessel

Corporate management: NRP Business Management 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 0Yard: STX OSV AS, Brevik Built: 2005 Flag: Norway Main engine: KRMB9 Deck space: 680 sqm Next SS: 2019

Cashflow Financing (31.12.2016)

Balance Inst. 17 Interest Balloon 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 cashflow The mortgage runs until March 2018 with semi‐annual instalments of Interest expenses NOK 3 500 000. Repayment long term debt Net financial items Net project cashflow

Additional information Olympic Promotor is currently cold stacked in Norway.

Page 100 NRP Finans AS ‐ Market Report June 2017

Olympic Master KS ‐ asset play offshore project Contact: Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (NOK): 1 %

Estimated share price (NOK):*

Key figures :100 %

Paid in capital (NOK): 40 000 000 Accumulated dividends (NOK): 91 000 000 Tax value vessel (NOK): 23 828 222

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value: Working capital: Debt: Net asset value:

Corporate details The Vessel

Corporate management: NRP Business Management 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 Purchase price vessel: NOK 130 000 000 LOA: 73.6 m Paid in capital: NOK 25 000 000 Draught: 5.9 m Uncalled capital: NOK 0Yard: STX OSV AS, Brevik Built: 2005 Flag: Bahamas Main engine: MAN B&W 6S50MC‐C8

Cashflow Financing (31.12.2016)

Balance Inst. 17 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 The mortgage runs until March 2018, with semi‐annual instalments of Interest expenses NOK 3 500 000. Repayment long term debt Net financial items Net project cashflow

Additional information Olympic Progress is currently cold stacked in Norway.

NRP Finans AS ‐ Market Report June 2017 Page 101

Olympic Octopus KS ‐ industrial offshore project Contact: Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (NOK): 1 %

Estimated share price (NOK):* 350 000

Key figures: 100 %

Paid in capital (NOK): 135 000 000 Accumulated dividends (NOK): 0 Tax value vessel (NOK): 53 334 340

Net asset value sensitivity: BASE CASE Vessel value: 137 000 000 Working capital: 15 800 000 Debt: 85 500 000 Net asset value: 67 300 000 * 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.

Corporate details The Vessel

Corporate management: NRP Business Management 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 Purchase price vessel: NOK 290 000 000 LOA: 78.3 m 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

Cashflow Financing (31.12.2016)

Balance Inst. 17 Interest Balloon Mortgage debt 92 000 000 13 000 000 4,10 %30 000 000 Total 92 000 000 13 000 000 30 000 000

The mortgage runs until October 2020, with semi‐annual instalments of NOK 6 500 000.

Additional information The vessel is currently operating in the spot market in the North Sea. Olympic Octopus entered into a charterparty this summer for 12 months, with options to extend for 4*6 months with Høyland Offshore and Ithaca Energy Inc.

Page 102 NRP Finans AS ‐ Market Report June 2017

Songa Macau IS ‐ container asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 113 730

Key figures: 100 %

Paid in equity (USD): USD 8 440 000 Accumulated dividends (USD): 0

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 9 000 000 11 000 000 13 000 000 Working capital 373 006 373 006 373 006 Net asset value 9 373 006 11 373 006 13 373 006 * Before adjusted for tax value of vessel.

Corporate details The Vessel

Corporate management: NRP Business Management AS Vessel name: MV Nordic Macau Technical and commercial management: Nordic Hamburg Shipmanagement Type: U Fully Cellular Container vessel (2 509 TEU Homogenous) Reefer capacity: 538 Class: GL Purchase price vessel: USD 7 900 000 Dwt/Ldt: 46 130 / 16 309 Paid in capital: USD 8 440 000 LOA/ Beam/Draught: 228m / 32.2m / 12.5m Project established: 09.02.2017 Speed / cons: 12.0 kts at 31.0 tonnes per day TC‐rate 12.10.2016‐12.06.2018*: USD 6 950/day Yard: Guangzhou Wenchoung, China Estimated average yearly TC‐rate 2018‐2021: USD 13 500/day Built: 2013 Operational expenses 2017 incl. management fee: USD 5 812/day Flag: Liberia Main engine: Wärtsilä 8RT‐FLEX 68‐D –25,040 KW/95 RPM * Currently on a 15‐21 month TC to Hamburg Süd, with option to extend for 12 Cranes: 4 cranes with safe working load of 45t months at USD 10 000/day. Next SS: nov.18

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon Operating revenue 2 076 750 2 979 313 3 592 969 Mortgage debt 1000,00 %p.a. 0 Operating expenses 1 871 380 2 142 594 2 185 446 Total Administration expenses 50 000 50 500 51 510 Docking cost 0 700 000 0 Net operating cashflow 155 370 86 219 1 356 013 Net financial items 0 0 0 Net project cashflow 155 370 86 219 1 356 013

Estimated dividend 001 248 809

Implicit vessel value Additional information

01.06.2017 No debt on the vessel. Estimated equity value 11 373 006 Working capital 373 006 Implicit vessel value 11 000 000

NRP Finans AS ‐ Market Report June 2017 Page 103

Spero DIS ‐ container asset play project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 19 175

Key figures: 100 %

Paid in equity (USD): 4 900 000 Accumulated dividends (USD): 1 160 000 Tax value vessel (USD): 2 721 881

Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Gross vessel value 3 500 000 4 500 000 5 500 000 Net vessel value 3 500 000 4 500 000 5 500 000 Debt 3 000 000 3 000 000 3 000 000 Working capital 417 500 417 500 417 500 Net asset value 917 500 1 917 500 2 917 500 * Before adjusted for tax value vessel. ** The net residual value is net after profit split ‐ 70% to the owning company and 30% to Conbulk.

Corporate details The Vessel

Corporate management: NRP Business Management AS Vessel name: MV Spero Commercial management: Atlantica Shipping AS Type: B‐170, 1 730 TEU geared container vessel Class: Bureau Veritas Purchase price vessel: USD 7 145 000 Dwt: 22 968 Paid in capital: USD 4 900 000 Ldt: 7 852 Uncalled capital: nil 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 2016‐2019: USD 1 958/day Next intermediate: July 2019 Estimated net TC‐rate 2017: USD 6 209/day Next DD/SS: Jan. 2022 Estimated net TC‐rate 2018‐2019: USD 8 788/day Other information: 4 holds, 9 hatches, DWT to TEU ratio of 13.28, Profit split hurdle rate 2017: (net BB‐rate + opex) USD 7 594/day 3 cranes with working load of 45 tonnes

Estimated Cashflow Financing (31.12.2016)

2017 2018 2019 Balance Inst. 17 Interest Balloon Operating revenue 713 691 714 670 180 093 Mortgage debt 13 000 000 0 6,70 %p.a. 3 000 000 Proft split 0 0 175 794 Total 3 000 000 0 3 000 000 Dry docking* 303 535 0 0 Administration expenses 162 001 126 969 129 142 Net operating cashflow 248 155 587 701 226 745 The mortgage has floating interest rate. Mortgage refinanced 2016, and has Interest expenses 201 000 201 000 100 500 floating interest rate. 50% of profit‐split used as instalment mortgage. Net financial items ‐201 000 ‐201 000 ‐100 500 Net project cashflow 47 155 386 701 126 245 The mortgage has final maturity 3 years from drawdown. Minimum Value Clause ‐ 140% of outstanding mortgage. * Split between Owner and Charterer Minimum free liquidity of USD 450,000, which builds up to USD 1 500 000.

Implicit vessel value Additional information

01.06.2017 All earnings exceeding a pre‐agreed hurdle rate consisting of the BB‐rate and Estimated equity value 1 917 500 operational expenses, to be split 60/40 between the owning company and the Debt 3 000 000 charterer. Up to $500/day of the trading profit may be retained in a DD/SS‐ Working capital 417 500 retention account, which if not used will be paid out according to the trading Net implicit vessel value* 4 500 000 profit split. 70/30 profit split between the owning company and the charterer of sales * including CP value, after profit split 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 8.5 NOK/USD is used in this analysis.

Page 104 NRP Finans AS ‐ Market Report June 2017

UACC Bergshav Tanker DIS ‐ industrial shipping project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 86 512

Key figures: 100 %

Paid in equity (USD): 14 540 000 Accumulated dividends (USD): 13 110 000 Tax value vessel (USD): 12 207 470

Net asset value sensitivity BASE CASE Vessel value** 25 500 000 Working capital 1 051 230 Remaining value C/P*** 1 800 000 Debt and Charterer's credit 19 700 000 Net asset value 8 651 230 * Before adjusted for tax value of vessel. ** Vessel value is equal to put option. *** Discount rate of 12% used.

Corporate details The Vessel

Corporate management: NRP Business Management 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: 10.01.2018 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.

Estimated Cashflow Financing (31.12.2016)

2017 2018 Balance Inst. 17 Interest Balloon 2018 Operating revenue 4 927 500 127 575 Mortgage debt 116 425 000 2 000 000 4,95 %p.a. 14 425 000 Administration expenses 110 960 42 603 Charterer's Credit 4 275 000 0 0,00 %4 275 000 Net operating cashflow 4 816 540 84 972 Total 20 700 000 2 000 000 18 700 000 Interest expenses 938 288 178 509 Repayment long term debt 2 000 000 18 700 000 Mortgage refinanced 04.01.2016, with quarterly instalments of 500 000. Net financial items ‐2 938 288 ‐18 878 509 Floating interest rate of 4.95%. Sale of vessel 25 500 000 Net project cashflow 1 878 253 6 706 463

Estimated dividend 2 150 000 0

Implicit vessel value Additional information

01.06.2017 The charterer has a purchase option in January 2018 at USD 34 000 000. The Estimated equity value 8 651 230 owning company has a put option towards the seller in January 2018 at USD 25 Debt and Charterer's credit 19 700 000 500 000. UACC Bergshav Tanker DIS has two covenants towards the Charterer: Remaining value C/P 1 800 000 Ratio of stockholders equity to at all times exceed 30% of total assets, and Working capital 1 051 230 minimum tangible Net Worth of USD 100 million. Implicit vessel value 25 500 000 Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange rate of 8.5 NOK/USD is used in this analysis.

NRP Finans AS ‐ Market Report June 2017 Page 105

UACC Ross Tanker DIS ‐ industrial shipping project Contact: Ragnvald Risan ([email protected])/ Mats Olimb ([email protected]) Date of analysis: 01.06.2017

Estimated share price (USD): 1 %

Estimated share price (USD):* 90 493

Key figures: 100 %

Paid in equity (USD): 11 540 000 Accumulated dividends (USD): 9 800 000 Tax value vessel (USD): 10 347 561

Net asset value sensitivity BASE CASE Vessel value** 25 500 000 Working capital 1 449 268 Remaining value C/P*** 1 800 000 Debt and Charterer's credit 19 700 000 Net asset value 9 049 268 * Before adjusted for tax value of vessel. ** Vessel value is equal to put option. *** Discount rate of 12% used.

Corporate details The Vessel

Corporate management: NRP Business Management 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

Estimated Cashflow Financing (31.12.2016)

2017 Balance Inst. 17 Interest Balloon 2017 Operating revenue 4 914 000 Mortgage debt 115 925 000 1 150 000 5,20 %p.a. 14 425 000 Administration expenses 145 400 Charterer's Credit 4 275 000 0 0,00 %4 275 000 Net operating cashflow 4 768 600 Total 20 200 000 1 150 000 18 700 000 Interest expenses 764 106 Repayment long term debt 20 200 000 The mortgage loan has total annual instalments of USD 2.0 mill., and floating Net financial items ‐20 964 106 interest rate. Sale of vessel 25 500 000 Net project cashflow 9 304 494

Estimated dividend 1 150 000

Implicit vessel value Additional information

01.06.2017 The Charterer has a purchase option December 2017 at USD 34 000 000. Estimated equity value 9 049 268 Debt and Charterer's credit 19 700 000 The owning company has a put option towards the seller December 2017 at Remaining value C/P 1 800 000 USD 25 500 000. UACC Ross Tanker DIS has two convenants towards the Charterer: Working capital 1 449 268 Ratio of stockholders equity to at all times exceed 30% of total assets, and minimum Implicit vessel value 25 500 000 tangible Net Worth of USD 100 million.

Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange‐rate of 8.5 NOK/USD is used in this analysis.

Page 106 NRP Finans AS ‐ Market Report June 2017

5. Explanation of procedures and key figures:

Explanation of procedures: Contingent tax liability Pricing of projects When buying a company instead of the property directly, In projects where there have been recent second hand the tax values are carried forward. If the tax value is lower transactions, the transaction value will normally be of than the purchase price, it is normal to give the buyer a guidance for setting the market value for the project. discount in the purchase price as a compensation for the Analysis of expected cash flow and net asset value is low future depreciation. This discount is often calculated always performed. We calculate the Net Asset Value as follows: (market value property ‐ tax value property) * (NAV) of real estate projects as follows: discount rate. In this market report, we have used the following discount rates: For Norwegian property we use Market value of property a depreciation rate of 10%. In Sweden we use 5.5%, and in - Discount for contingent tax liability Finland we use 7%. For property in Norway, we include + Net cash flow since the last year end, and up to the market value of the plot when calculating the tax‐ the date of analysis value of property instead of book value. - Debt per the last year‐end - Dividend since last year‐end Market value hedging agreement +/‐ Added value/value discount of lease contract The valuations are adjusted for the market value of any + Net working capital per last year end interest rate swaps. +/‐ Market value hedging agreement + Value loss carry‐forward We have assumed projects are in tax‐position at the time = NAV of realization, and the values of hedging agreements are therefore adjusted for the full tax‐effect. The value of any The following describes some of the different elements in fixed interest rate is also shown explicitly in the valuations the calculation above in more detail: under Financing.

Market value of property Value of loss carry‐forward Market value of property is defined as: Net rent/ yield. In projects where we have loss carry‐forward, 12.5% of The net rent is the gross rental income deducted for the value is added to the project‐price. owner’s cost. The owner’s cost can vary depending on the lease contracts. Owner’s cost often includes the following: Pricing of shipping/offshore‐projects: insurance, outdoor maintenance, costs associated with Pricing of shipping/offshore projects is mainly based on technical installations, common costs on vacant areas. In cash‐flow calculations. We set the price of a project so it our calculations, administration costs, audit and gives a satisfying risk‐adjusted internal rate of return management fees are included in owner’s cost. This is given the underlying cashflow. Risk factors can be residual conservative as market yield is usually presented without value of the ship, solidity of the charterer, charter parties, these costs in the owner’s cost. spot market, the underlying market and loan agreements. The uncertainty in these factors make valuation of Yield is defined as the required real risk adjusted return of shipping/offshore projects challenging. For projects the property. In order to find the right yield, factors such without charter parties or with great uncertainties, as the following, are considered: valuation is based on net asset value calculations.

1. The property: Typical factors affecting the Unlike in real estate projects, where one normally sells attractiveness of the property are: type of property, the company, it is more normal to sell the ship in shipping‐projects. Because of this, the company will cease location, size of building, development potential, to exist when the ship is sold, and potential latent tax in condition, year built, technical installations, plot size. the company will be triggered. Please be aware that the 2. Financing: The leverage of the project and the loan share prices do not take into account potential latent tax conditions. for investors in case of sale of ship. This value will vary 3. Lease contract: Length of contract, options to extend, based on how the investors have organized their terms, alternative use when the current contact investments and whether they are in tax‐position or not. expires. Investors in shipping projects must therefore be particularly aware of their tax position when investing in 4. Tenant: The credit of the tenant, securities from other company.

NRP Finans AS ‐ Market Report June 2017 Page 107

shipping‐projects, and understand the tax implications of Key figures, terms and expressions: a sale of the ship over book value. Bareboat charter An agreement for chartering a ship without crew, and Trading in shares or units of NRP Finans projects where the charterer has the technical and operational The projects described in this market report are available risk. Owner is only responsible for own administration. for trading through NRP Finans desk for second‐hand transactions, as long as the projects are not suspended. Charterer All trades are subject to the supply and demand for shares Lessee of the ship. or units in each project at any prevailing time. If investors are interested in trading in a project's shares, please Common area maintenance charges contact NRP Finans at + 47 22 04 81 68, or your contact Costs such as maintenance, heating, electricity, janitorial person in NRP Finans. costs, service/maintenance of technical installations, shoveling snow and renovation, are typical common area Trades in shares or units in projects managed by NRP maintenance costs. normally require the approval of the partnership’s or company's board and sometimes approval by lender(s). Internal rate of return (IRR) NRP looks after the communication with the board and Measure for the internal rate of return on equity for both the lender in such situations once adequate details have our shipping and real estate projects. IRR shows the been obtained from the buyer. Normally it takes about annualized return of the project. Investors need to seven days to settle such trades. consider if the expected IRR of a project is satisfactory to them, when adjusted for risks in the project. For trades in the second‐hand market for real estate, shipping and offshore asset projects ‐ regardless of Time Charter whether the firm is a partnership or a company, the buyer Charter for a fixed period of time. The owner manages the is normally charged a commission/brokerage fee of 3%, vessel, but the charterer decides where the vessel shall based on the value of the traded share or unit. go. The Owner pays the operational costs such as repairs, crew costs, and insurance, while the charterer pays all For internal transfers of shares between entities in the travel‐related costs such as fuel costs, port charges, same group, or between related parties, and where NRP commissions and loading and unloading costs. Finans was not involved as a broker, there is a handling charge of NOK 3 000. This is intended to cover the costs of Suspended tax reporting forms, update notice to the Register of Implies that trade in the shares of the project is not Business Enterprises, and other formalities. recommended and will not be facilitated by NRP Finans. The reasons for suspension may vary, but in general Client agreement suspension is due to the inability to estimate a fair share In order to be eligible to buy or sell shares or units in price because of great uncertainty in the project, or an projects listed in this market report, all clients are ongoing sales‐process. required to sign a Client Agreement with NRP Finans. More information about Client Agreements and formal Yield procedures are available on our website Within real estate, yield is a measure of the first year’s http://www.nrp.no/en/nrp_finans/compliance/. direct return. Yield is calculated by dividing net rental income (gross rental income – owner’s cost) with the Clients who have entered into an NRP Client agreement purchase price of the property. 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].

Page 108 NRP Finans AS ‐ Market Report June 2017

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 80 922 66 842

Erlend Torsen [email protected] 22 01 79 61 917 23 383

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 6590 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 37 414 20 101

Ragnvald Risan [email protected] 22 00 81 82 901 61 117

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 Business Management 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

Ann ‐ Christin Hansen [email protected] 23 11 71 02 48 03 18 66

Ann Helen Marthinussen [email protected] 23 11 71 04 97 70 15 70

Anne Aspelin [email protected] 23 11 78 49 93 05 23 52

Arild Kvalsvik [email protected] 23 11 78 35 92 46 99 80

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

Elfrid Lislevatn [email protected] 23 11 78 45 99 01 91 83

Grete Aasheim Anstice [email protected] 22 04 81 52 94 01 98 04

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

Jon Ånestad [email protected] 23 11 78 31 97 09 75 47

Kristine Nordheim Brekke [email protected] 22 01 79 64 98 20 68 20

Linda Cathrin Hansen [email protected] 23 11 71 08 98 80 45 35

Maria Terese Olsen [email protected] 23 11 38 37 41 66 69 66

Nina Ekhaugen [email protected] 22 04 81 62 90 58 57 55

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

Tonje Slorafoss [email protected] 23 11 78 44 90 79 53 06

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

Fredrik Holter [email protected] 22 04 81 53 92 29 34 14

Robin Mattsson [email protected] 23 11 58 90 45 96 24 99

Thorbjørn F. Pedersen [email protected] 23 11 58 81 90 54 72 43

NRP Finans AS ‐ Market Report June 2017 Page 109

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 9110

Paal Berg paal@aker‐eiendom.no 23 11 38 32 90 60 10 10

Per‐Anders Nygren per‐anders@aker‐eiendom.no 23 11 38 34 93 44 47 45

Robert Andre Frey robert@aker‐eiendom.no 96 91 42 50

AS Procurator E‐mail Mobile

Anne‐Lill Kvale anne‐[email protected] 92 46 17 85

Anne T. Dalsplass [email protected] 98 61 11 40

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

Bente Harkjerr [email protected] 41 54 40 03

Berit S. Andersen [email protected] 92 40 31 10

Cathrin Vo [email protected] 40 49 85 62

Eigil Jensen [email protected] 41 22 39 46

Elisabeth Wahl [email protected] 91 75 41 05

Galina G Hovland [email protected] 98 88 33 13

Grete Berild [email protected] 92 43 38 85

Henning Torgersen [email protected] 92 45 30 52

Henrik Havnå [email protected] 97 66 27 01 Inger Marie Eira [email protected] 97 11 52 56

Ingrid Ruud [email protected] 95 89 25 40

Ingvild Hopland [email protected] 48 13 04 27

Joackim Holand [email protected] 48 19 74 92 Karin Slettebakk [email protected] 90 87 63 16

Knut Hveding [email protected] 91 74 38 43

Knut Nielsen [email protected] 92 60 00 98

Lars Huuse Øwre [email protected] 95 28 89 09

Maria Bonadei [email protected] 90 17 24 67

Mari‐Anne Walum mari‐[email protected] 92 24 92 50

Marit Byklum [email protected] 99 51 54 95

Odd Solbakken [email protected] 90 72 23 84

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

Toril Leinonen [email protected] 97 75 37 87

Wenche Pettersen [email protected] 90 54 22 90

Øystein Karlsen [email protected] 95 20 35 25

Page 110 NRP Finans AS ‐ Market Report June 2017

NRP InvestorPortal Access to your Portfolios, Documents and Project info

The NRP Group of companies

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Project arrangement & Syndication Management of Alternative Corporate finance and Investment Funds and M&A advisory individual portfolios

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NRP Business Aker Management AS Eiendomsdrift AS AS Procurator

Corporate management, Real estate Corporate management, accounting, tax, consulting management accounting, tax and consulting and depositary

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]

2171102 • Bolt Communication AS • www.boltcommunication.no • Bolt Communication AS www.boltcommunication.no 2171102 Market Report June 2017

NRP Finans AS Haakon VIIs gate 1 Postbox 1358 Vika 0113 Oslo

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

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