MARKET REPORT Shipping & Offshore 2017 - Clarksons Report 2017 CP... · PART I – MARKET & FIGURES 03 Prologue & Employees 07 Project Finance Environment 08 Challenging Offshore

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MARKET REPORT Shipping & Offshore

2017

MARKET REPORT Shipping & Offshore

2017

PART I – MARKET & FIGURES 03 Prologue & Employees

07 Project Finance Environment

08 Challenging Offshore Market

10 The Tanker Market

14 The Containership Market

16 Drybulk Confidence

18 Projects Established

21 Projects Concluded

23 Existing Projects & Segments

24 Secondhand Opportunities

25 Fleet List 2017

PART II – CURRENT PROJECTS 28 Aberdeen Offshore DIS

29 Atlantic Kamsarmax DIS NEW

30 Bergshav Aframax AS

31 Bukit Timah Offshore DIS ENDED

32 CIT-Grieg

33 CIT-Thor

34 Dongguan Chemical Tankers DIS

35 European Venture DIS

36 Feeder Container II DIS

TABLE OF CONTENTS

37 Golden Kamsar DIS

38 Henrietta Product DIS

39 High Yield Shipping DIS

40 Homborsund Container DIS

41 Industrial Shipping DIS

42 Lesley Product DIS

43 MS Nordstjernen DIS

44 Nordic Handysize DIS NEW

45 Nordic Handysize II DIS NEW

46 Nordic Maxbox NEW

47 Panda Chemical II DIS

48 Park Street Shipping Ltd NEW

49 PSV Opportunity III DIS NEW

50 Standard PSV NEW

51 Saragol Tankers 1 DIS

52 Saragol Tankers 2 DIS

53 Seminyak DIS ENDED

54 Sentosa Offshore DIS ENDED

55 Southern Chemical DIS

56 Sudong Offshore DIS

57 Platou Shipinvest I DIS

58 Graphical Overview

59 Head Office & Contacts

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Dear Investors and Business Associates, After having experienced a dire first half of 2016, as reflected in last year's report, we are happy to write that over the past 12 months, Clarksons Platou Project Finance has concluded 9 shipping and offshore projects, totalling 16 vessels with an equity value of about USD 140m. The positive increase in transaction volume is not mainly the result of improved vessel earnings, but rather based on the notion that asset prices in the dry bulk, container and offshore segment had reached such lows that investors saw the opportunity of buying cheap assets and hold until markets return. For our recent dry bulk deals, values have already appreciated significantly, whilst offshore and container assets need more time in order to see a recovery. The traditional sale & leaseback project with owners selling their second hand vessels to free up cash and expand their business is still hard to find, although the tanker space has presented a few alternatives lately. With offshore still struggling with a broken back, the container and especially dry bulk space have seen strong growth in asset prices. Are these markets overheated? Or is it simply that a percentage growth from an extremely low level might seem daunting although all historical figures still point towards significant discounts to average parity valuations. Luckily, our business model is very flexible. During our years in project finance, we have funded long term and medium term bareboat leases, long term, medium term and short term time charters in addition to newbuilding and second hand asset plays. 2017 has seen the return of a newbuilding project, with the "Atlantic Kamsarmax DIS" being offered to investors. The 82,000 dwt bulk carrier was ordered by Oldendorff carriers and sold on MoA terms to the project company. The project board will be looking to sell the vessel prior to delivery or take delivery of the vessel and possibly employ it in Oldendorff's dry bulk pool. The past year's sources of funds have, with the exception of a single off-market deal, been 100% equity financed. Asset play projects are typically not able to service the finance cost, especially with today's bank margins hovering between 4-6% + LIBOR. Dry Bulk The past year has been the year of dry commodity shipping. Having seen a significant increase in coal imports to China, bulk carriers were all of a sudden in demand, leading to increased charter rates and up to ~50% increase in asset values. Listed entities such as Golden Ocean (GOGL) have, within the same period, appreciated from NOK 26 to NOK 77 per share. The recent dip since Q1 is, in our view, positive as it keeps the new orders to a minimum.

MARKET REPORT 2017 – CLARKSONS PLATOU PROJECT FINANCE

PROLOGUE Tankers In last years report, we wrote about a positive tanker market, with high spot rates but asset values trailing behind as most owners saw the uptick as a short-lived improvement. Values for both product tankers and crude carriers are about 30% lower than transactions that took place in 2016. 10-year old Aframaxes for instance have depreciated from ~USD 30m to ~USD 20m. This is an interesting prospect as the current rates can pay conservative leverage instalments and interest whilst still delivering a yield for investors at today's entry cost. Container vessels Having closed a container deal at truly distressed levels in Q4 2016, other players have followed and the market almost overheated within a few months. Panamax vessels that were scrapped in 2016 all of a sudden went for ~USD 10m, even though rates only slightly improved. After analysing the container market for some time, we have been close to securing more container deals, but seeing prices gallop in certain segments, we decided to "hold our horses". We still believe the market is attractive, but are not looking into deals where we are the 10th bidder. Offshore Since our last report we have been active in the distressed PSV market, having closed 4 projects totalling 10 vessels. With the "PSV Opportunity" projects we found a large anchor investor that decided to enter the market when the prices reached such a low level. Other investors were also intrigued by the low prices, and we managed to raise a total of USD 80m in equity for OSV's. Currently we are in the process of merging the projects into one project to mitigate the conflict of interest that might have surfaced had we decided to keep the entities separate. The larger fleet of a combined company could also be a good move when considering where to focus going forward. Other shipping segments We look at all floating assets, including cruise, ferries, RORO, cement, car carriers and chemical tankers. These are seen as industrial shipping segments with less cyclical markets. We will continue to monitor all opportunities and hope to see more activity in the coming months. If you are a shipowner looking for a flexible funding structure or you are an investor looking for direct investments in the shipping and offshore industry, we hope to serve you both with good solutions that creates value for both parties. We wish you all a good summer vacation! Kind regards, Clarksons Platou Project Finance

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CLARKSONS PLATOU PROJECT FINANCE Clarksons Platou Project Finance AS has since its inception in 2004 become one of the world’s major project finance companies that specialize in shipping and offshore related financial schemes in the interest of both shipowners and financial investors. The main objective is to identify attractive investment opportunities, which involve the purchase of shipping and offshore related assets along with secured employment, as well as present asset play cases when the timing is optimal. The strength of Clarksons Platou Project Finance lies not only with the highly qualified staff, but also with the vast shipping related resources available within the Clarksons Platou Group. Clarksons Platou Project Finance is an independent company within the Clarksons Platou Group utilizing the full potential of having close contact with shipbrokers, shipowners, ship managers, bankers, lawyers and consultants worldwide. CLARKSONS PLATOU PROJECT SALES In late 2014, Clarksons Platou Project Finance established a new division designated to sourcing equity and increasing liquidity of project shares in the second hand market. The new focus on sales will allow us to further increase our project activity and deal size. The team consists of four brokers and a compliance officer. Increasing the liquidity in the second hand market will provide added value to our existing investors and opportunities for new investors to enter existing projects.

CLARKSONS PLATOU REAL ESTATE Clarksons Platou Real Estate AS is one of the leading players within Norwegian real estate project finance. The company is a fully integrated real estate corporate finance house specialized in sourcing, structuring and facilitating commercial real estate. The company’s geographical focus is on the Norwegian and Swedish real estate market. The company’s core activities are: Origination of interesting financial estate

opportunities Structuring and restructuring of real estate projects Structuring of development and opportunistic

projects Project financing of real estate projects Corporate finance assisting within the commercial

sector Asset management

CLARKSONS PLATOU PROPERTY MANAGEMENT Clarksons Platou Property Management AS is a professional manager and developer of industrial and commercial real estate. The company offers highly qualified services within all types of management for sophisticated real estate investors, tenants and suppliers. The company’s main focus is to contribute to value creation for the investors and the property itself by being hands-on throughout the lifespan of the investment. The company’s core activities are: Technical management Tenant relationship management Letting and commercial management Corporate management and reporting Building operations and maintenance Real estate development


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CLARKSONS PLATOU PROJECT FINANCE

PROJECT SALES

PROJECT FINANCE

LARS GJERDE Head of Sales

STIAN SKAUG-PAULSEN Senior Broker

ANDREAS W. BANG Broker

AXEL MOLTZAU AAS Joint Managing Partner

CHRIS. W. SVENSSON Joint Managing Partner

TRULS WIESE KOLSTAD Project Broker

HÅKON FREDERIC RØSAKER Project Broker

TROND HAMRE Senior Partner

LARS GJØRVAD Head of Compliance

BENJAMIN RYENG-HANSEN Managing Director

HEIDI MEYER WESTBY Office Manager

ERIK KRISTIAN ANDRESEN Corporate Manager

ELISABETH RELBO Secretary

EVA LISE BJERKE Corporate Manager


TINE BØE ERIKSEN Corporate Manager

Steffen Lilleng Broker

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Disclaimer - Important Information The material and the information (including, without limitation, any future rates) contained herein (together, the "Information") are provided by Clarksons Platou Project Finance AS ("Clarksons Platou") for general information purposes. The Information is based solely on publicly available information and is drawn from Clarksons Platou's database and other sources. Clarksons Platou advises that: (i) any Information extracted from Clarksons Platou's database is derived from estimates or subjective judgments; (ii) any Information extracted from the databases or information services of other maritime data collection agencies may differ from the Information extracted from Clarksons Platous' database; (iii ) whilst Clarksons Platou has taken reasonable care in the compilation of the Information and believes it to be accurate and correct, data compilation is subject to limited audit and validation procedures and may accordingly contain errors; (iv) the provision of the Information does not obviate any need to make appropriate further enquiries; (v) the provision of the Information is not an endorsement of any commercial policies and/or any conclusions by Clarksons Platou and its 'connected persons', and is not intended to recommend any decision by the recipient; (vi) shipping is a variable and cyclical business and any forecasting concerning it may not be accurate. The Information is provided on "as is" and “as available” basis. Clarksons Platou and its ‘connected persons’ make no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the Information. Any reliance placed on such Information is therefore strictly at the recipient's own risk. The opinions and estimates contained herein represent the view and judgment as of the dates specified (and in absence of such, as of the date of the report), and are subject to change without notice. Delivery of this report shall not create any implication that Clarksons Platou assumes any obligation to update or correct the Information. This Information is confidential and is solely for the internal use of the recipient. Neither the whole nor any part of the Information may be disclosed to, or used or relied upon by, any other person or used for any other purpose without the prior written consent of Clarksons Platou. Especially, the information is not to be used in any document for the purposes of raising finance whether by way of debt or equity. All intellectual property rights are fully reserved by Clarksons Platou, its ‘connected persons’ and/or its licensors. To the extent permitted by law, Clarksons Platou and its ‘connected persons’ shall not be liable to the recipient or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect, consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance on the Information whether in contract, tort, negligence, bailment, breach of statutory duty or otherwise, even if foreseeable. These exclusions do not apply to the liability of Clarksons Platou and its ‘connected persons’ for fraud or fraudulent misrepresentation. In this disclaimer 'connected persons' means, in relation to Clarksons Platou, its ultimate holding company, subsidiaries and subsidiary undertakings of its ultimate holding company and the respective shareholders, directors, officers, employees and agents of each of them. This disclaimer shall be governed by and construed in accordance with Norwegian law.

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Project Finance: Positioning for Recovery

Since last year, the access to traditional finance in shipping has continued to be limited. On the positive side, the lack of debt financing, low charter rates and distressed prices of modern secondhand tonnage has resulted in very few newbuilding orders in most segments. Each day without newbuildings being ordered is helpful in creating a more economically sustainable freight market. Drybulk and Containers have been in the spotlight the last year as the low orderbook and record low prices have sparked interest from asset play investors and private equity funds. This renewed appetite, coupled with an improvement in day rates led to a price rally of nearly 50% in secondhand drybulk carriers. In Containers we have seen a similar development as scrapping was at an all-time high and prices for modern secondhand feeder tonnage reach an all-time low of near scrap value. We see the continuous trend of European shipping banks downsizing their shipping portfolio and selling off assets in a controlled way with the eventual goal of exiting the sector. While there are several thousand vessels in problem loans with these banks, we have yet to see any fire sale prices for these vessels. In lieu of the traditional shipping banks we have seen several new private equity funds willing to take first priority debt exposure at higher margins. Some of these funds can also be more flexible in providing a debt/equity hybrid structure that allows for more flexibility in poor markets against some upside sharing in good markets. Although this capital is more expensive than the traditional debt finance, there is a strong demand for this type of capital as ship-owners current bank loans are maturing.

The Norwegian KS market has also played an active part in refinancing vessels and acquiring assets from the German banks. Most of the projects placed in the market have been dry bulk; container and offshore asset play projects financed with 100% equity. We see this trend continuing as long as there are opportunities to acquire assets at significant discount to newbuilding parity. With the current low interest rate environment, we also notice that there is demand for more fixed income bareboat projects that are secured with seller’s credit and underlying timecharters. As market conditions normalise, and the period charter market returns we anticipate more long-term yield projects of this type. Clarksons Platou Project Finance is currently the corporate manager for 26 shipping and offshore projects. The majority of these projects are financed with 100% equity, so the portfolio is robust and can withstand the current low charter markets. Since June last year, we have completed 1x 3500TEU container project, 3x Handysize Bulk carrier projects, 4x PSV offshore projects and 1x Kamsarmax project, adding up to 16 new vessels in the project portfolio. The Clarksons Platou Project Finance shipping division consists of 5 project brokers, 4 project sales brokers, 4 corporate managers, 1 compliance officer, 1 office manager and a secretary. The project sales division has been active in arranging market seminars in co-operation with the research department. They have also been working actively to create a more liquid secondary market for trading of shares. We look forward to an active period going forward as demand for alternative financing remains strong. Hopefully we will see a more active charter market so that more bareboat projects can be structured.

Market Report 2017 – CLARKSONS PLATOU PROJECT FINANCE

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Overview Market conditions in the offshore segment remain challenging, but on back of relatively stable oil prices through the first quarter we have started to see some positive signals, most notably a steady increase in fixing activity for jackup rigs. In addition, there has been a small uptick in operators’ sanctioning of new field developments. Finally, there has been some improvement in the second-hand transaction market with a few notable jackup and floater transactions. Even though these are positive signals that could indicate the segment is about to bottom out in terms of activity, overcapacity in the asset-heavy segments of offshore oil services remains significant. As a consequence, utilization and rates remain at depressed levels. Going forward, we expect a continued gradual improvement in offshore activity, but it will most likely take significant time to rebalance the asset segments in order to see more sustainable utilization and rate levels. Drilling Market Rig fixing activity improved notably during the quarter, particularly for jackups, with a total of 63 rig years fixed. For floaters, corresponding number was 12 rig years. If fixing activity should remain at the same pace for the remainder of the year, this would imply an annualized level of 252 rig years for jackups and 48 rig years for floaters respectively. This would mark a significant improvement for the jackup segment compared to 2016 when 158 rig years were fixed. For floaters, 54 rig years were fixed during 2016. At historical turning points, the jackup market has tended to turn prior to the floater market, and floater fixtures should gradually also improve forward.

Offshore | Challenging Markets

Market activity currently seems to be picking up slowly, which should bode well for continued decent fixing activity throughout the year. In spite of the improving fixing activity, overcapacity remains substantial and average active utilisation through Q1 was 63.5% for jackups and 63.5% for floaters. As a consequence, dayrates for new contracts in general remain at unsustainable levels, broadly hovering around the level of operating expenses for the assets and providing limited or no contribution to capital. Against this backdrop, we have nevertheless seen an increased activity in the second hand market for drilling rigs, most notably newcomer Borr Drilling’s acquisition of Transocean’s jackup fleet and Seatankers’ acquisition of harsh environment semisub West Mira. We find these transactions to be encouraging signals for the anticipated longer term recovery of the offshore drilling market. The Subsea and Field Development Market Sanctioning of new offshore field developments has seen a small uptick so far in 2017, and provided oil prices remain relatively stable, we expect this trend to continue. Subsea equipment awards to the industry likely bottomed in 2016 with a low level of 83 Christmas trees awarded (each subsea well requires a subsea Christmas tree). This compares to an annual average level of 351 since 2000 and 153 trees in 2015. On back of improving sanctioning activity, we expect an uptick in awards this year to somewhere between 120 and 170 trees. Manufacturing lead times however imply that those trees most likely will not be installed subsea until 2019, implying highly moderate subsea construction activity through 2017 and 2018 at least.


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Subsea maintenance work could however pick up in the nearer term future, supporting some higher vessel activity in the sector. We are starting to see increasing tendering activity for subsea maintenance work and we should see awards in this segment increase throughout the year. This should lead to a gradual improvement of subsea fleet utilisation, which was around 41% on a global basis through the first quarter, naturally with significant variations per region and sub-segment. Offshore Service Vessels (OSV: PSV and AHTS) The market for OSVs remains highly challenging, characterized by significant vessel overcapacity, low utilization and dayrates around the level of operating expenses for the vessels. Broadly speaking, this applies to all regions and all vessel categories with minor nuances. Global fleet utilization (also taking into account stacked vessels) for large OSVs is currently around 40%, while active utilization levels in some regions naturally remain somewhat higher. Furthermore, according to our data, some 1,800 vessels globally are currently in cold layup. In these severe market conditions, most or all vessel operators are struggling significantly, and we have continued to witness high corporate activity in terms of refinancing, restructuring and consolidation. Increased consolidation and significant vessel attrition bodes well for the longer term rebalancing of the market, but on back of the substantial overcapacity in the sector, we anticipate a recovery to more sustainable dayrate levels to still be several years ahead. Partially as a result of the challenging market conditions, we have noticed some increased interest from financial players to pursue second hand transactions, and number of vessel transactions was marginally higher in 2016 compared to 2015; 71 versus 65. As of end-March, we had seen 16 vessel transactions, implying a full year level in line with 2015, unless activity should pick up somewhat further over the remaining part of the year


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As expected, the first 5 months of 2017 have seen a weak, yet not disastrous period for the tanker segment. The crude tanker sector has suffered from the combination of reduced production and exports from OPEC producers and rapid growth of the fleet. However, the market has found support from increased flows of crude oil on long-haul voyages from West of Suez, including the U.S., to Asia. In the products tanker sector, strong growth in the fleet has also proved to be a headwind as expected, compounded by the persistence of high inventory levels and only modest growth in global refinery throughputs. Although the OPEC and non-OPEC output cuts have now been extended by a further 9 months, through to the end of the first quarter of 2018, we still expect the fundamentals to start improving in 2018. Fleet growth will start to slow down, particularly in the products tanker sector, and the required inventory adjustment will be assisted by the extension of the production cuts, allowing renewed strength in vessel demand growth to take hold once again. The agreement to extend OPEC and non-OPEC oil production cuts for a further 9 months, will constrain growth in demand for crude tankers. However, above average global oil demand growth and rapid refinery capacity growth in Asia continues. In the absence of extra supply from the Middle East, Asia’s increasing requirement is being sourced from growing supply in countries West of Suez. This trade is longer-haul in nature, generating additional tonne-miles and providing an offset to the vessel demand lost from the Middle East. Chinese imports in particular have continued to reach new record high levels, and new refining capacity being added in 2017 is expected to lead to further increases.

The Tanker Market

The extension of the production cuts is also expected to draw crude oil from both land based and floating storage. While shipments from land based storage should continue to be supportive of tanker demand, further reductions in floating storage will likely release some tonnage back to the trading fleet and contribute to the supply side pressure on spot market earnings, creating a short-term headwind until the additional supply of tonnage is absorbed in the market. At the start of June the number of vessels believed to be employed in floating storage had already declined by 29% from the peak levels seen last year.


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Assuming that the extension of OPEC and non-OPEC production cuts has the desired effect of re-balancing the oil market by the end of Q1 2018, we would expect to see renewed growth in OPEC crude oil production and exports thereafter in order to cater for growing demand and increasing refinery capacity in Asia. An increase in crude oil trade in 2018 is also likely to be met with lower fleet growth as the pace of deliveries slows down, in spite of recently announced VLCC newbuilding contracts. The removal of older tonnage also seems likely to accelerate, including the removal of some of the increasing number of vessels that will turn 20 years of age. In 2019 and 2020 a substantial amount of crude tanker tonnage is expected to reach the 20 year mark. Increasing regulatory requirements and costs may drive more of this tonnage from the market and therefore help to restrain fleet growth throughout these years, even if low newbuilding prices continue to encourage owners to order additional tonnage. Earnings for clean products tankers remained generally subdued throughout the first 5 months of 2017, continuing the trend seen in the 2nd half of 2016. The products tanker fleet grew by a further 2.0% in the first 5 months of 2017 vis-à-vis the size of the fleet at the turn of the year. This compounded the effect of the 6.0% growth seen in 2016 and 5.4% fleet growth seen in 2015. Total products tanker fleet growth is expected to reach 3.8% this year, which is marginally below the long-run level of products trade growth of 4% per annum. However, the high level of global products inventories makes matching that historical level of trade growth in 2017 more challenging. Some notable long-haul trade routes, for instance Middle East – Europe trades for LR product tankers, have seen reduced volumes so far this year.

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IEA data indicates that global refinery runs have thus far failed to rise significantly above the peaks reached in the summer of 2015, however this situation may be about to change with latest predictions for the next few months showing an anticipated upturn in July and August. Tightening of the global oil market over the next 9 months is also expected to include some running down of products inventories, which may in turn lead to higher volumes of arbitrage shipments being restored. On the supply side, products tanker fleet growth is set to fall dramatically in 2018. Both deliveries and fleet growth may fall back to the lowest levels that we have seen since 2002, which combined with an upturn in trade and tonne-mile growth are expected to herald an upturn in the market cycle in this part of the market. Overall tanker fleet utilisation remains at a relatively high level in comparison to previous market downturns and the anticipated reduction in fleet growth in 2018 means that we still anticipate that this downturn will be relatively short in duration. As outlined in the last quarterly report we do not believe that 2017 marks the start of a sustained downcycle, and set against a background of moderate overcapacity, we look for a renewed cyclical upturn starting to take hold from 2018. As ever, macroeconomic and geopolitical uncertainties may alter the course of the market cycles, however the intrinsic risk of over ordering of tonnage seems to be more limited at present by the combination of restricted access to finance and reductions in yard capacity, in particular capacity to build products tankers at established yards.

MR-Product Tanker 1-year TC Rates, Quarterly (in USD per day)


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The upward trend in box rates witnessed in the first quarter this year, has to a large extent continued over the last few months. However, in some trades, rates have weakened, while some routes have noticed higher freight levels. From Asia to Europe, a firming trend has been noticed most recently, while on Trans Pacific routes lower box rates have been registered. We have also witnessed higher rates on the Asia to S. America lane, and in some intra Asian lanes earnings have improved most recently. The container charter market remains more or less steady. 12 months time charter rate for a 2750 TEU is now estimated to be $10,000 per day, while for a 1700 TEU, one year charter is estimated to be $7,000 per day. For a 9000 TEU vessel, a 3 year time charter is now estimated to be around $26,000 per day, up from $23,000 per day at the start of this year. For the classic Panamax segment, one year time charter is now estimated at $8,000 per day. At the beginning of this year, these sizes were fixed for around $4,000 per day for shorter periods. Container movements and tonnage demand Preliminary data suggests that global container volumes increased about 5 percent during the first quarter this year measured against the same period last year. Assessing trends by trades, the Far East – Europe route grew by 3.5 percent. On the westbound Transpacific trade, box volumes increased close to 6 percent. On the Atlantic westbound trade rose 3 percent, while the eastbound trade remained basically unchanged from last year.

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The Container Ship Market – Slowly improving

Intra-Asia trade escalated around 5 percent, while imports of laden boxes inbound to the Middle East were slightly less than 3 percent higher. Traffic into the Indian Sub Continent rose 6 percent. Volumes to S. America rose 1.7 %, while trade to Africa dropped 2 percent. Low commodity prices are still negatively affecting these regions’ economic activity and consequently, also demand for consumer goods. Fleet growth About 0.4 mill TEU of new container ship capacity have entered operations this year. The majority of deliveries have been in large sizes. Removals totalled 0.26 mill TEU capacity. The major part of this tonnage was within the 4000 – 6000 TEU range. The average age of ships sold for breaking was 19 years, which is slightly higher than the average in 2016. From the start of this year, the net fleet has elevated only by 0.17 mill TEU, equivalent to 1 percent. If we compare the average size of the sailing fleet during the first 5 months of this year with the same period last year, tonnage availability is 0.9 percent larger. Idle container ships, at the time of writing, are reported to be 177, equivalent to 0.5 mill TEU capacity. This represents 2.5 percent of the existing fleet. Market prospects Historically, global container traffic has been increasing at a rate that is around double of the world GDP growth. In 2014, the ratio was 1.4, but in 2015 the ratio fell to 0.9 and in 2016 recovered to 1.1.


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In 2017 and 2018, we assume the container trade factor to world GDP to increase in the region of 1.3 - 1.5, equivalent to 4.5 - 5 percent growth p.a. in container volumes. In this scenario, we anticipate a gradual recovery in the world economy, which in addition to higher trade growth normally also generates some rebuilding of inventories. On a regional basis, the most important trade lane in the container market, measured in TEU-miles, is Asia to Europe. GDP growth in Europe is forecasted to recover slightly, subsequently container imports to Europe should increase too. US imports should see continued growth, although the growth rate might slow somewhat compared with the most recent years. Trade growth within Asia is likely to recover gradually. Chinese import growth is expected to remain subdued due to forecasted moderate economic growth. However, within other Asian countries, stronger economic activity in 2017and 2018, should support containerized imports. Indian economic performance is forecasted to remain steady. Latin America and Africa are expected to see a gradual economic recovery, which should bode well for increased containerized imports in the years to come. Fleet trend New ships with a capacity of around 1.6 mill TEU are scheduled to commence operations during this year. Taken into account that only 0.4 mill TEU capacity are delivered year-to-date, actual deliveries will most probably be substantially lower than the order book indicate. In 2018, a capacity of 1.1 mill TEU is due for delivery. However, relatively weak market conditions and financial difficulties for the industry will most likely generate significant slippage also in 2018. A very large part of the new ships entering service over the next years are within the largest size categories. This will continue to generate a cascading effect onto other trades.

Scrapping is assumed to decrease slightly compared with last year. We assume 0.6 mill TEU capacity to be removed. In 2018 and 2019, we estimate 0.5 mill TEU p.a. to be sold for recycling. New IMO rules are likely to contribute to higher scrapping as retrofits with ballast water systems and scrubber will be relatively costly. At the horizon to 2020, modern fuel efficient ships will have a great competitive advantage with the enforcement of the new low-sulphur fuel oil rules. On this basis, we assume the net fleet expansion to be between 2 and 3 percent p.a. over the coming years. Conclusion A fleet growth of 2 – 3 percent combined with a 4 – 5 percent p.a. increase in tonnage demand should result in a gradual recovery in market fundamentals in the years to come. The main upside potential in this sector is faster than expected economic recovery, especially in the emerging markets and in Europe. Surge in recovery, will significantly boost growth in tonnage demand. A downside risk will be a more protective US trade policy which could affect the world trade and thereby also have a negative impact on tonnage demand. In order to improve profitability, in addition to reducing operating costs, container carriers may undergo an adjustment in the size of the operating fleet. This can be done through higher scrapping, more idling and withdrawals of capacity in low volume seasons.


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Clarksons Containership Secondhand Price Index

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Since the sharp recovery in freight rates following the Chinese New Year, market conditions for Dry Bulk ships have gradually weakened over the last few months. Spot earnings for standard Capesizes peaked at.$20,000 p/d in mid March, but are now fetching around $11,000 p/d. Panamaxes earned close to $13,000 in March, while the current spot market is about $7,000. Supramax and Handysize tonnage have also seen significant reductions in spot earnings during the same period. Period rates have also decreased, while ship values have remained more or less steady so far. Strong trade growth In total, we estimate global dry bulk seaborne trade to have increased slightly above 4 percent during the first 4 months of this year, compared with the same period last year. Real tonnage demand is estimated to have increased faster due to longer distances, higher congestion etc. In this period, Chinese dry bulk imports rose 13 percent. Among the respective commodities, we registered 9 percent higher iron ore imports, a 33 percent jump in coal imports and a 15 percent increase for other commodities. The recent slowdown in activity is caused by slightly slower economic activity in China, a slowdown of South American grain exports and inventory depletions resulting from too extensive shipments in the first part of 2017. Among other countries, we noticed a strong upswing in Brazilian fertilizers imports. Coal imports to Vietnam, Philippines, Thailand and Malaysia saw in total an increase, driven by expanding coal fired power plants capacity. Indian coal imports was lower, but we registered higher steel and grain imports. For other countries, no significant changes were registered. In the iron ore trade, we noticed a relatively stronger export from Brazil to Asia compared to Asia’s import from Australia in the first quarter. Over the last few months, however, Brazilian exports have slowed down contributing negatively to the ton-mil growth. In the coal trade, Chinese ban on coal imports from North Korea resulted in higher Chinese imports from Australia and other longer haul exporters. Fleet trend Year-to-date deliveries amount to some 23 mill dwt, while removals totalled 7 mill dwt. Size of the fleet was thereby 3.5 percent larger than in the same period in 2016, calculated an average basis. Market prospects The world economy is predicted to improve gradually over the coming years. Commodity prices have softened somewhat over the last months, but are still above the levels seen last year. Stability and/or a recovery in prices of raw materials will have positive impact on economic activity in emerging market economies which depend heavily on exports of raw materials.

Bulk in Temporary slowdown, but confidence build

However, the most important factor for dry bulk demand will be China’s economic performance and in particular China’s import requirements for iron ore and coal. China’s domestic steel demand is expected to increase relatively slowly over the coming years. In order to maintain the current steel output level, China must maintain current high volumes of steel exports. We believe, Chinese steel exports will be strongly supported by Chinese foreign investments in countries which do not have Chinese iron ore import requirements, will therefore to a large extent be determined by how fast domestic iron ore high cost capacity will be phased out and subsequently replaced by imports. The recent drop in iron ore prices does not bode well for domestic Chinese miners with high cost production. It should therefore be realistic to expect further closures of domestic iron ore mines, and consequently this should continue to lift imports over the next years. Chinese consumption of coal is expected to increase moderately over the next year. The dependence of coal in the energy mix is expected to remain higher than earlier predicted because expansion of hydro power capacity will be modest. Even though other energy sources will grow their capacity significantly, they will probably not expand fast enough to meet the likely increase in energy demand. With expected relatively flat steel production, demand for coking coal is likely to stay more or less flat. Future coal imports will therefore to a large extent be a determined by how much coal Chinese will procure domestically. Chinese miners are now allowed to mine 330 days per year. China’s coal output is up 4 percent in the first 5 months compared with the same period last year. We should however, take into account that China’s coal production capacity was reduced due to permanent closures last year. Even though some new capacity will become operation in the coming years, the overall Chinese coal mining capacity will probably decrease going forward. On this basis, the future coal imports should at least remain stable or potentially increase moderately. Other upside potentials in coal trade is in higher Indian imports. Expanding steel production coupled with increasing number of coal-fired power plants, will generate higher growth in coal demand. Although Indian government has carried out successful reforms to boost domestic coal mining, coal imports will probably recover because coal mining costs will increase as mining areas will have to be enlarged. Elsewhere, there are several new coal-fired power plant projects under construction, namely in Japan, Indonesia, Vietnam; Philippines and Bangladesh which should elevate coal imports.


17

Trade of other dry bulk commodities, especially in the minerals sector, can be best explained in relation to the economic growth. Bauxite exports will continue to grow from expanding production capacities in Australia and West Africa. As for the nickel ore trade, the most recent release of the Indonesian export ban will create some upside potential in trade. However, according to the new rules, only 5 – 6 mill tons will be a potential export volume, which is substantially lower than the pre export volume ban. Grain and soybean exports are expected to grow at a steady rate over the following months. Fertilizer trade is expected to increase, especially to Brazil. In our base case scenario, we predict seaborne dry bulk trade to increase between 4 and 5 percent in 2017 and around 3 – 4 percent in 2018 and 2019. Growth in real tonnage demand is expected to be somewhat higher due to longer sailing distances in some commodities and more imbalanced trade between the Atlantic and Pacific basins reducing the fleet productivity Stronger growth in volumes could potentially create somewhat higher congestion. Ship sailing speed is not expected to increase significantly until freight rates reach much higher levels or should bunker prices drop substantially. Fleet trend The fleet is expected to expand at 3 – 3.5 percent this year, followed by slightly above 2 percent next year. We assume deliveries this year to be in the region of 40 – 45 mill dwt, slowing to around 30 mill dwt in 2018. Removals are expected to reach about 17 mill dwt this year falling to 14 mill dwt in 2018. In 2019, we assume deliveries to be in the region of 25 – 30 mill dwt, where we have added on 15 – 20 mill dwt of new orders in addition to the 9 mill dwt of confirmed orders. Scrapping is set to 13 mill dwt. On this basis, a net fleet growth of slightly above 1 percent should be the result.

17

Conclusion In the short term, dry bulk earnings are expected to drift more or less sideways. Continued inventory depletions and seasonal slowdown in summer will most probably result in slack demand. However, we do expect a recovery in the final part of the year driven by seasonal and inventory build-up before winter etc. Deliveries of new ships are also expected to be much lower during the second half of the year compared with the first half. In 2018 and 2019, with slowing fleet growth and continued healthy increase in tonnage demand, we expect the market fundamentals to strengthen and result in higher freight rates and higher ship values. Upside potentials for a stronger than expected recovery will be faster than expected growth in the world economy and a quicker restructuring of the Chinese coal industry, which may result in higher coal import requirements in the next few years. Another element will be a reduction in yards’ ability to deliver new ships on time scheduled. New regulations for ballast water system and the IMO regulations valid from 2020 are likely to impact shipowners’ scrapping attitude going forward. However, the state of the market when decisions have to be taken will naturally be of great importance. The major downside risk factor will be China’s economic growth. A stronger slowdown in Chinese investments will negatively impact dry bulk demand in terms of slower growth in dry bulk imports.


18

PROJECTS ESTABLISHED 2004 NO. OF VSLS. ESTABLISHED CURRENCY TOTAL PROJECT PRICE

PAID IN CAPITAL

UNCALLED CAPITAL

TOTAL COMMITTED CAPITAL

Aries (Ugelstad) Supply I KS 1 April 2004 NOK 201 046 770 42 300 000 15 000 000 57 300 000 Ross Cape DIS 1 October 2004 USD 17 350 000 3 850 000 1 000 000 4 850 000 International Container Ships KS 2 November 2004 USD 66 260 000 12 260 000 4 150 000 16 410 000 J.B.U OBO I KS 1 December 2004 USD 36 580 000 7 780 000 5 000 000 12 780 000

No. of vessels 5 Total NOK 201 046 770 42 300 000 15 000 000 57 300 000 No. of projects 4 Total USD 120 190 000 23 890 000 10 150 000 34 040 000

Total EUR 0 0 0


PAID IN CAPITAL

UNCALLED CAPITAL


Eidsiva Trucker KS 1 February 2005 EUR 10 900 000 2 470 000 2 000 000 4 470 000 Mount Faber KS 4 April 2005 USD 80 900 000 13 325 000 13 325 000 Norwegian Shipping DIS PORTFOLIO April 2005 USD 19 200 000 13 700 000 5 500 000 19 200 000 Goliat Roro KS 1 May 2005 EUR 9 000 000 1 960 000 1 500 000 3 460 000 Global Cable KS 2 June 2005 USD 12 320 000 2 870 000 3 000 000 5 870 000 Bergshav Chemical KS 2 July 2005 EUR 20 470 000 4 470 000 2 200 000 6 670 000 Volstad Supply I KS 1 August 2005 NOK 262 620 000 75 050 000 20 000 000 95 050 000 Scandinavian Bulkers KS 5 September 2005 EUR 28 926 000 6 776 000 6 000 000 12 776 000 Volstad Supply II KS 1 November 2005 NOK 262 620 000 75 050 000 20 000 000 95 050 000 Agder Ocean Reefer KS 3 November 2005 USD 27 750 000 6 150 000 6 150 000 Celine I OBO DIS 1 November 2005 USD 12 470 000 1 970 000 3 000 000 4 970 000 Cement Ship II DIS 1 November 2005 USD 19 800 000 5 575 000 4 000 000 9 575 000 Multipurpose Bulkers DIS 4 December 2005 EUR 27 145 000 4 695 000 4 500 000 9 195 000 SBS Tempest KS 1 December 2005 NOK 134 300 000 29 300 000 10 000 000 39 300 000 SBS Torrent KS 1 December 2005 NOK 141 175 000 31 975 000 10 000 000 41 975 000 Green Pacific DIS 3 December 2005 USD 30 590 000 6 090 000 8 000 000 14 090 000


Total EUR 96 441 000 20 371 000 16 200 000 36 571 000


PAID IN CAPITAL

UNCALLED CAPITAL


Norwegian Shipping II DIS PORTFOLIO January 2006 USD 8 000 000 5 200 000 2 800 000 8 000 000 SBS Typhoon KS 1 January 2006 NOK 167 050 000 36 650 000 25 000 000 61 650 000 Japan Offshore DIS 3 April 2006 USD 37 150 000 8 150 000 3 000 000 11 150 000 Aries (Ugelstad) Supply II KS 1 April 2006 NOK 155 000 000 33 000 000 21 000 000 54 000 000 European Venture DIS 2 April 2006 USD 46 325 000 9 965 000 5 000 000 14 965 000 NFC Offshore DIS 4 April 2006 USD 74 500 000 24 480 000 8 000 000 32 480 000 Oceanlink Offshore DIS 1 May 2006 USD 13 250 000 2 750 000 2 500 000 5 250 000 Panda Chemical Oil DIS 1 June 2006 USD 19 545 000 4 345 000 1 500 000 5 845 000 Western Chemical KS 3 July 2006 EUR 32 775 000 7 095 000 5 750 000 12 845 000 Singapore Offshore DIS 5 August 2006 USD 129 100 000 8 500 000 8 000 000 16 500 000 Oceanlink Offshore II DIS 1 August 2006 USD 12 000 000 2 250 000 2 250 000 4 500 000 Japan Offshore II DIS 3 September 2006 USD 39 075 000 8 775 000 7 825 000 16 600 000 NFC Offshore III DIS 2 October 2006 USD 46 046 000 14 186 000 8 666 000 22 852 000 Japan Offshore III DIS 2 October 2006 USD 47 340 000 10 540 000 9 430 000 19 970 000 Oceanlink Offshore III DIS 2 October 2006 USD 28 500 000 5 200 000 9 600 000 14 800 000 Agder Ocean Reefer II DIS 2 November 2006 USD 19 500 000 4 500 000 4 500 000 Northern Offshore DIS 2 November 2006 USD 39 000 000 8 400 000 6 740 000 15 140 000 Norwegian Product DIS 2 November 2006 USD 32 865 000 7 265 000 6 500 000 13 765 000 Global Cable II DIS 2 December 2006 USD 45 400 000 9 400 000 6 000 000 15 400 000


Total EUR 32 775 000 7 095 000 5 750 000 12 845 000

Projects established per year


19


PAID IN CAPITAL

UNCALLED CAPITAL


Ross Chemical DIS 5 February 2007 USD 119 100 000 25 100 000 12000000 37 100 000

Atlantic Guardian DIS 1 February 2007 USD 42 880 000 8 100 000 8 000 000 16 100 000

NFC Panamax DIS 1 March 2007 USD 24 650 000 4 650 000 4 650 000

Orchard Offshore DIS 4 March 2007 USD 43 800 000 7 800 000 2 125 000 9 925 000

Raffles Offshore DIS 1 March 2007 USD 45 945 000 12 445 000 4 500 000 16 945 000

Norwegian Offshore DIS 4 April 2007 USD 65 470 000 21 900 000 6 000 000 27 900 000

Med Ethylene DIS 2 May 2007 USD 27 875 000 6 275 000 4 500 000 10 775 000

Ullswater Subsea DIS 1 May 2007 USD 48 820 000 12 820 000 5 000 000 17 820 000

European Venture II DIS 1 July 2007 USD 11 370 000 3 370 000 6 000 000 9 370 000

Tioman Offshore DIS 1 July 2007 USD 51 150 000 11 150 000 11 150 000

Sentosa Offshore DIS 4 July 2007 USD 46 350 000 8 300 000 8 300 000

Southern Chemical DIS 3 July 2007 EUR 88 200 000 10 350 000 10 000 000 20 350 000

Bovey Offshore Ltd 4 August 2007 USD 43 600 000 10 500 000 10 500 000

Asian Bulkers DIS 3 October 2007 USD 142 875 000 49 075 000 49 075 000

Short Sea Shipping DIS 4 November 2007 EUR 24 800 000 4 550 000 4 500 000 9 050 000

Ross Chemical IV DIS 2 November 2007 USD 53 000 000 18 000 000 18 000 000

Dongguan Chemical Tankers DIS 1 November 2007 USD 32 750 000 7 150 000 7 000 000 14 150 000

Pantheon Chemical DIS 1 November 2007 EUR 31 000 000 5 160 000 5 500 000 10 660 000 No. of vessels 43 Total NOK

No. of projects 18 Total USD 799 635 000 206 635 000 55 125 000 261 760 000 Total EUR 144 000 000 20 060 000 20 000 000 40 060 000


PAID IN CAPITAL

UNCALLED CAPITAL


Marineline Chemical DIS 3 February 2008 USD 79 850 000 12 680 000 12 680 000

Edda Accommodation DIS 1 February 2008 EUR 126 500 000 44 000 000 12 000 000 56 000 000

NFC AHTS Limited 2 March 2008 USD 70 520 000 24 600 000 24 600 000

Bukit Timah Offshore DIS 3 May 2008 USD 125 269 250 29 269 250 29 269 250

Mountbatten Offshore DIS 2 May 2008 USD 109 134 000 25 134 000 25 134 000

Bovey Offshore Ltd. 4 May 2008 USD 42 650 000 14 475 000 14 475 000

Semakau Producer DIS 1 July 2008 USD 20 400 000 20 400 000 20 400 000

European Venture III DIS 1 July 2008 USD 17 720 000 5 720 000 5 000 000 10 720 000

Golden Kamsar DIS 1 August 2008 USD 67 294 000 17 294 000 12 500 000 29 794 000

Jimbaran DIS 1 September 2008 USD 54 200 000 9 035 000 9 035 000

Seminyak DIS 2 September 2008 USD 108 963 000 18 618 000 14 000 000 32 618 000

JBUS Offshore DIS 2 September 2008 USD 60 000 000 27 000 000 27 000 000

Oceanlink Reefer III DIS 1 September 2008 USD 20 200 000 5 200 000 5 000 000 10 200 000

Agder Ocean Reefer KS 7 October 2008 USD 53 500 000 10 000 000 7 000 000 17 000 000 No. of vessels 31 Total NOK

No. of projects 14 Total USD 829 700 250 219 425 250 43 500 000 262 925 250 Total EUR 126 500 000 44 000 000 12 000 000 56 000 000


PAID IN CAPITAL

UNCALLED CAPITAL


Leighton / ICON 3 July 2009 USD 135 000 000 10 000 000 10 000 000

ICON Victorious 1 August 2009 USD 42 500 000 37 750 000 37 750 000

Diving Bell 1 November 2009 USD 10 000 000 8 000 000 8 000 000 No. of vessels 5 Total NOK

No. of projects 3 Total USD 187 500 000 55 750 000 55 750 000 Total EUR


20

PROJECTS ESTABLISHED 2010 NO. OF VSLS. ESTABLISHED CURRENCY TOTAL PROJECT PRICE PAID IN CAPITAL UNCALLED

CAPITAL TOTAL COMMITTED

CAPITAL

Octavian Bulker DIS 1 July 2010 USD 37 400 000 16 000 000 16 000 000 Shanghai Bulker DIS 1 August 2010 USD 9 000 000 1 670 000 1 670 000 Saragol Tankers 1 DIS 1 September 2010 USD 48 237 500 17 737 500 17 737 500 Saragol Tankers 2 DIS 1 September 2010 USD 54 312 500 18 812 500 2 000 000 20 812 500

No. of vessels 4 Total NOK No. of projects 4 Total USD 148 950 000 54 220 000 2 000 000 56 220 000

Total EUR -



CAPITAL

Northern Supply DIS 2 May 2011 USD 88 000 000 20 800 000 19 280 000 40 080 000 Redfish Offshore 2 November 2011 USD 45 000 000 9 000 000 9 000 000


Total EUR



CAPITAL

Singapore Supply DIS 1 March 2012 USD 42 700 000 10 240 000 8 580 000 18 820 000 Industrial Shipping DIS 7 March 2012 EUR 25 950 000 5 750 000 5 750 000 Vestland Marine PSV DIS 1 April 2012 USD 1 650 000 1 650 000 1 650 000 MS Nordstjernen DIS 1 November 2012 NOK 6 000 000 6 000 000 6 000 000

No. of vessels 10 Total NOK 6 000 000 6 000 000 6 000 000 No. of projects 4 Total USD 44 350 000 11 890 000 8 580 000 20 470 000

Total EUR 25 950 000 5 750 000 5 750 000



CAPITAL

Feeder Container Vessel DIS 1 May 2013 USD 4 300 000 4 300 000 4 300 000 Sudong Offshore DIS 1 October 2013 USD 26 000 000 8 200 000 8 200 000 Panda Chemical II DIS 1 November 2013 USD 4 315 000 1 815 000 2 000 000 3 815 000


Total EUR



CAPITAL

Vestland Marine Seismic DIS 1 February 2014 USD 1 550 000 1 550 000 1 550 000 High Yield Shipping DIS 1 April 2014 USD 6 000 000 6 000 000 6 000 000 CIT-Grieg Lygra 1 June 2014 USD 49 000 000 49 000 000 49 000 000 CIT-Grieg Minerva 1 June 2014 USD 17 100 000 17 100 000 17 100 000 DSV Alliance DIS 1 June 2014 USD 21 500 000 10 112 500 10 112 500 Aberdeen Offshore DIS 1 November 2014 USD 71 464 000 32 464 000 32 464 000 Lesley Product DIS 1 November 2014 USD 2 355 000 2 355 000 2 355 000

No. of vessels 7 Total NOK No. of projects 7 Total USD 168 969 000 118 581 500 118 581 500

Total EUR



CAPITAL

Bergshav Aframax AS 2 January 2015 USD 10 000 000 7 500 000 2 500 000 10 000 000 CIT-Thor Magni 1 February 2015 USD 21 500 000 21 500 000 21 500 000 Homborsund Container DIS 1 April 2015 USD 4 750 000 4 750 000 4 750 000 Henrietta Product DIS 1 April 2015 USD 10 400 000 8 400 000 8 400 000 CIT-Thor Modi 1 May 2015 USD 21 500 000 21 500 000 21 500 000 CIT Thor Frigg 1 May 2015 USD 21 500 000 21 500 000 21 500 000 Feeder Container II DIS 2 September 2015 USD 15 525 000 15 525 000 15 525 000 CIT-Thor Freyja 1 September 2015 USD 21 500 000 21 500 000 21 500 000


Total EUR


21




CAPITAL PSV Opportunity I DIS 3 July 2016 USD 12 000 000 12 000 000 12 000 000 Nordic Handysize DIS 1 August 2016 USD 7 975 000 7 975 000 7 975 000 PSV Opportunity II DIS 2 September 2016 USD 13 500 000 13 500 000 13 500 000 PSV Opportunity III DIS 2 December 2016 USD 14 900 000 14 900 000 14 900 000 Nordic Maxbox 2 December 2016 USD 16 550 000 16 550 000 16 550 000

No. of vessels 10 Total NOK No. of projects 5 Total USD 64 972 000 64 925 000 64 925 000

Total EUR



CAPITAL Standard PSV 3 January 2017 USD 40 000 000 40 000 000 40 000 000 Nordic Handysize II DIS 1 January 2017 USD 9 500 000 9 500 000 9 500 000 Park Street Shipping Ltd 1 February 2017 USD 9 572 000 6 572 000 6 572 000 Atlantic Kamsarmax DIS 1 April 2017 USD 7 045 000 4 390 000 2 655 000 7 045 000

No. of vessels 6 Total NOK No. of projects 4 Total USD 66 117 000 60 462 000 2 655 000 63 117 000\

Total EUR

Projects Concluded (list not exhaustive)

# Project Name Vessels Established Currency Total Project Cost IRR Sold

1 Diving Bell 1 July 2009 USD 10 000 000 N/A N/A 2 ICON Victorious 1 July 2009 USD 42 500 000 N/A N/A 3 Leighton / ICON 3 July 2009 USD 135 000 000 N/A N/A 4 Redfish Offshore 2 November 2011 USD 45 000 000 N/A N/A 5 Ross Chemical DIS 5 February 2007 USD 119 100 000 N/A N/A 6 Short Sea Shipping DIS 4 November 2007 EUR 24 800 000 N/A N/A 7 International Container Ships KS 2 November 2004 USD 66 260 000 95 % * 2005 8 Aries (Ugelstad) Supply I KS 1 April 2004 NOK 201 046 770 66 % 2007 9 Aries (Ugelstad) Supply II KS 1 April 2006 NOK 155 000 000 64 % 2007

10 Celine I OBO DIS 1 November 2005 USD 12 470 000 57 % 2007 11 Goliat Roro KS 1 May 2005 EUR 9 000 000 -25 % * 2007 12 Green Pacific DIS 3 December 2005 USD 30 590 000 N/A 2007 13 J.B.U OBO I KS 1 December 2004 USD 36 580 000 37 % 2007 14 Japan Offshore DIS 3 April 2006 USD 37 150 000 70 % * 2007 15 Japan Offshore II DIS 3 September 2006 USD 39 075 000 733 % * 2007 16 Japan Offshore III DIS 2 October 2006 USD 47 340 000 49 % * 2007 17 NFC Offshore DIS 4 April 2006 USD 74 500 000 477 % 2007 18 NFC Offshore III DIS 2 October 2006 USD 46 046 000 26 % * 2007 19 Northern Offshore DIS 2 November 2006 USD 39 000 000 153 % 2007 20 Ross Cape DIS 1 October 2004 USD 17 350 000 41 % 2007 21 Global Cable KS 2 June 2005 USD 12 320 000 28 % 2009 22 Semakau Producer DIS 1 July 2008 USD 20 400 000 19 % 2009 23 Eidsiva Trucker KS 1 February 2005 EUR 10 900 000 -100 % * 2010 24 NFC AHTS Limited 2 March 2008 USD 70 520 000 -5 % * 2010 25 Scandinavian Bulkers KS 5 September 2005 EUR 28 926 000 0 % 2010 26 Bergshav Chemical KS 2 July 2005 EUR 20 470 000 -48 % * 2011 27 European Venture II DIS 1 July 2007 USD 11 370 000 20 % 2011 28 JBUS Offshore DIS 2 September 2008 USD 60 000 000 3 % 2011 29 Mountbatten Offshore DIS 2 May 2008 USD 109 134 000 -8 % * 2011 30 Norwegian Offshore DIS 4 April 2007 USD 65 470 000 0 % 2011 31 Oceanlink Offshore DIS 1 May 2006 USD 13 250 000 16 % 2011 32 Oceanlink Offshore II DIS 1 August 2006 USD 12 000 000 35 % 2011 33 Pantheon Chemical DIS 1 November 2007 EUR 31 000 000 N/A 2011 34 Ross Chemical IV DIS 2 November 2007 USD 53 000 000 N/A 2011 35 SBS Tempest KS 1 December 2005 NOK 134 300 000 30 % 2011 36 Shanghai Bulker DIS 1 August 2010 USD 9 000 000 55 % 2011 37 Tioman Offshore DIS 1 July 2007 USD 51 150 000 10 % 2011 38 Volstad Supply I KS 1 August 2005 NOK 262 620 000 27 % 2011 39 Volstad Supply II KS 1 November 2005 NOK 262 620 000 38 % 2011 40 Western Chemical KS 3 July 2006 EUR 32 775 000 -60 % * 2011

22


Projects Concluded Continued (list not exhaustive)

# Projects Name Vessels Established Currency Total Project Cost IRR Sold 41 Edda Accommodation DIS 1 December 2008 EUR 126 500 000 N/A 2012 42 Multipurpose Bulkers DIS 4 December 2005 EUR 27 145 000 N/A 2012 43 Norwegian Shipping DIS 1 April 2005 USD 19 200 000 15 % 2012 44 Oceanlink Reefer III DIS 1 September 2008 USD 20 200 000 N/A 2012 45 Agder Ocean Reefer II DIS 2 November 2006 USD 19 500 000 N/A 2013 46 Agder Ocean Reefer KS 3 November 2005 USD 27 750 000 N/A 2013 47 Cement Ship II DIS 1 November 2005 USD 19 800 000 19 % 2013 48 Jimbaran DIS 1 September 2008 USD 54 200 000 -100 % * 2013 49 Norwegian Shipping II DIS 1 January 2006 USD 8 000 000 8 % 2013 50 Oceanlink Offshore III DIS 2 October 2006 USD 28 500 000 N/A 2013 51 Raffles Offshore DIS 1 March 2007 USD 45 945 000 16 % 2013 52 Vestland Marine PSV DIS 1 April 2012 USD 1 650 000 30 % 2013 53 Agder Ocean Reefer KS 7 October 2008 USD 53 500 000 -67 % * 2014 54 Atlantic Guardian DIS 1 February 2007 USD 42 880 000 N/A 2014 55 Bovey Offshore Ltd 4 May 2008 USD 42 650 000 17 % 2014 56 Bovey Offshore Ltd 4 August 2007 USD 43 600 000 17 % 2014 57 European Venture III DIS 1 July 2008 USD 17 720 000 24 % 2014 58 Global Cable II DIS 2 December 2006 USD 45 400 000 21 % 2014 59 Marineline Chemical DIS 3 February 2008 USD 79 850 000 -100 % * 2014 60 Med Ethylene DIS 2 May 2007 USD 27 875 000 4 % 2014 61 Mount Faber KS 4 April 2005 USD 80 900 000 32 % 2014 62 Norwegian Product DIS 2 November 2006 USD 32 865 000 3 % 2014 63 Panda Chemical Oil DIS 1 June 2006 USD 19 545 000 -53 % * 2014 64 SBS Torrent KS 1 December 2005 NOK 141 175 000 23 % 2014 65 SBS Typhoon KS 1 January 2006 NOK 167 050 000 21 % 2014 66 RTS Panamax DIS 1 April 2007 USD 24 000 000 N/A 2014 67 Feeder Container Vessel DIS 1 May 2013 USD 4 300 000 23 % 2015 68 Northern Supply DIS 2 May 2011 USD 88 000 000 N/A 2015 69 Octavian Bulker DIS 1 July 2009 USD 37 400 000 -29 % 2015 70 Singapore Supply DIS 1 March 2012 USD 42 700 000 N/A 2015 71 Ullswater Subsea DIS 1 May 2007 USD 48 820 000 15% 2015 72 DSV Alliance DIS 1 June 2014 USD 21 500 000 -100 % * 2016 73 Orchard Offshore DIS 4 March 2007 USD 43 800 000 18 % 2016 74 Singapore Offshore DIS 5 August 2006 USD 129 100 000 18 % 2016 75 Vestland Marine Seismic DIS 1 February 2014 USD 1 550 000 7 % 2016 76 Sentosa Offshore DIS 4 July 2007 USD 46 350 000 13% 2017 77 Bukit Timah Offshore DIS 3 May 2008 USD 125 269 250 -20% 2017 78 Asian Bulkers DIS 3 October 2007 USD 142 875 000 -100% * 2017 78 Vessels financed and sold: 140 USD/EUR 1:1 (USD/NOK 8.20): ~$4 500 000 000

*Cash-on-cash return

23

Existing Projects & Segment


# Offshore/Supply Vessels Currency Total project price

1 European Venture DIS 2 USD 46 325 000

2 Sudong Offshore DIS 1 USD 26 000 000

3 Aberdeen Offshore DIS 1 USD 71 464 000

4 PSV Opportunity III DIS 7 USD 40 400 000

5 Standard PSV 3 USD 40 000 000

Total 14

Tankers

6 Panda Chemical II DIS 1 USD 4 315 000

7 Southern Chemical DIS 2 EUR 88 200 000

8 Dongguan Chemical Tankers DIS 1 USD 32 750 000

9 Bergshav Aframax AS 1 USD 17 500 000

10 Saragol Tankers 1 DIS 1 USD 56 000 000

11 Saragol Tankers 2 DIS 1 USD 49 000 000

12 Lesley Product DIS 1 USD 2 355 000

13 Henrietta Product DIS 1 USD 10 400 000

14 Seminyak DIS 2 USD 108 963 000

Total 11

Bulk carriers

15 Golden Kamsar DIS 1 USD 67 294 000

16 Octavian Bulker DIS 1 USD 37 000 000

17 Industrial Shipping DIS 5 EUR 34 000 000

18 Nordic Handysize DIS 1 USD 7 970 000

19 Nordic Handysize II DIS 1 USD 8 550 000

20 Park Street Shipping Ltd 1 USD 8 300 000

21 Atlantic Kamsarmax DIS 1 USD 7 045 000

Total 11

Containers

22 Feeder Container II DIS 2 USD 15 500 000

23 High Yield Shipping DIS 1 USD 6 000 000

24 Homborsund Container DIS 1 USD 4 750 000

25 Nordic Maxbox 2 USD P&C

Total 6

Other

26 MS Nordstjernen DIS 1 USD 1 000 000

27 Platou Shipinvest I DIS USD

Total 1

~Total $/euro 1:1 800 000 000

Projects 26

Vessels 38

24

24

Secondhand Shipping Opportunities (As of 19.06.2017)


Last (1%) 1 %# Shipping Projects Segment Established

Transacti DCF* Vol. Bid (1%) Vol. Ask (1%)

1 Aberdeen Offshore DIS Offshore Nov-14 USD N/A2 Bergshav Aframax AS Tank Feb-14 USD 28 000 3 Dongguan Chemical Tankers DIS Chemical Dec-07 USD 36 000 40 000 2,5 % 30 000$ 4 European Venture DIS Offshore Apr-08 USD 115 000 N/A5 Feeder Container II DIS Container 100% Equity Sep-15 USD 80 000 6 Golden Kamsar DIS Bulk Aug-08 USD 140 000 142 000 3 % 140 000$ 7 Henrietta Product DIS Chemical 100% Equity Jun-15 USD 85 000 65 000 6 % 85 000$ 8 High Yield Shipping DIS Container 100% Equity Jan-14 USD 58 500 53 000 9 Homborsund Container DIS Container 100% Equity Jun-15 USD 51 500 N/A 2 % 45 000$

10 Industrial Shipping DIS Bulk May-12 EUR 43 000 N/A11 Lesley Product DIS Chemical 100% Equity Oct-14 USD 24 500 18 500 4 % 23 000$ 12 MS Nordstjernen DIS Cruise 100% Equity Nov-12 NOK 70 000 13 Nordic Handysize DIS Bulk 100 % Equity Sep-16 USD (80% Basis) 80 000 5 % 68 904$ 14 Nordic Handysize II DIS Bulk 100 % Equity Jan-17 USD 110 000 15 Panda Chemical II DIS Chemical Nov-13 USD 27 000 25 000 8 % 24 000$ 16 PSV Opportunity I DIS Offshore 100% Equity Aug-16 USD 130 000 120 000 SUSPENDED** SUSPENDED**17 PSV Opportunity II DIS Offshore 100% Equity Oct-16 USD 135 000 SUSPENDED** SUSPENDED**21 PSV Opportunity III DIS Offshore 100 % Equity Dec-16 USD 149 000 SUSPENDED** SUSPENDED**22 Southern Chemical DIS Chemical Jul-07 EUR 20 000 60 000 23 Sudong Offshore DIS Offshore Oct-13 USD 91 625 N/A

*Discounted Cash Flow (Estimation incl. hire payments, asset value and project debt)Δ Last Transaction (Dividends might have been paid out)

All figures are indicative, for further information please contact Project Sales **Amalgamation of the companys in process

BUY SELL

25

Company fleet list


Clarksons Platou Project Finance Fleet List

Project Vessel Type Vessel Name DWT/TEU/BHP/M2 Built Yard Charter Type

Aberdeen Offshore DIS PSV FS Cygnus 750m2 2014 Simek Yard, Norway TC Atlantic Kamsarmax DIS Kamsarmax Bulk Carrier TBN 82000 2018 Hantong, China TC Bergshav Aframax AS Aframax Tanker MT Stealth Berana 115000 2010 Samsung Heavy Industries, South Korea TC

Blue Mountain Tankers DIS IMO II/III Product Tanker Oceanic Indigo 11000 2011 Penglai Bohai Shipyard Co. Ltd., China BB

Blue Mountain Tankers DIS IMO II/III Product Tanker Oceanic Crimson 13000 2008 Jinse Co. Ltd., Korea BB

Blue Mountain Tankers DIS IMO II/III Product Tanker Oceanic Cerise 13000 2008 Jinse Co. Ltd., Korea BB

Blue Mountain Tankers DIS IMO II/III Product Tanker Oceanic Cyan 13000 2008 Jinse Co. Ltd., Korea BB

Dongguan Chemical Tankers DIS IMO II Chemical Tanker Toreach Pioneer 8200 2008 Zhejiang Haifeng Shipbuilding Co. Ltd., China BB

European Venture DIS PSV GSP Queen 2 x 3978 BHP 2006 Jaya Yard, Singapore BB

European Venture DIS PSV GSP King 2 x 5440 BHP 2005 Jaya Yard, Singapore BB

Feeder Container II DIS Container Feeder Vessel MV Polo 1701 TEU 2002 Stocznia Szczecinska, Poland TC

Feeder Container II DIS Container Feeder Vessel MV Charlie 1701 TEU 2002 Stocznia Szczecinska, Poland TC

Golden Kamsar DIS Kamsarmax Bulk Carrier Golden Eclipse 79600 2010 Jinhaiwan Shipyard, China BB

Henrietta Product DIS Product Tanker Henrietta PG 9847 2001 Frisian Shyd, Netherlands BB

High Yield Shipping DIS Container Feeder Vessel MSC Positano 2300 TEU 2003 Daewoo, South Korea BB

Homborsund Container DIS Containership Dolphin Strait 1100 TEU 2003 CSC Jinling, China TC

Industrial Shipping DIS MPP Single-Decker MV Forza 4117 2000 Severnav S.A, Romania BB

Industrial Shipping DIS MPP Single-Decker MV Volante 4117 2000 Severnav S.A, Romania BB

Industrial Shipping DIS MPP Single-Decker MV Sonoro 4160 2000 Severnav S.A, Romania BB

Industrial Shipping DIS MPP Single-Decker MV Distinto 4160 2000 Severnav S.A, Romania BB

Industrial Shipping DIS MPP Single-Decker MV Lontano 4160 2000 Severnav S.A, Romania BB

Lesley Product DIS Product Tanker Lesley PG 6249 1998 Appledore Shipbuilders, UK BB

MS Nordstjernen DIS Veteran Passenger Ship MS Nordstjernen 570 1956 Blohm & Voss, Germany BB

Nordic Handysize DIS Handysize Bulk Carrier Nordic Malmoe 35000 2012 Jianghu Nantong TC

Nordic Handysize II DIS Handysize Bulk Carrier Nordic Skagen 36000 2010 TK Shipbuilding, Korea TC

Nordic Maxbox Baby-Panamax Container Bomar Bravo 3500 TEU 2013 Wenchong TC

Nordic Maxbox Baby-Panamax Container Bomar Charlie 3500 TEU 2013 Wenchong TC

Panda Chemical II DIS Product Tanker Panda PG 6725 2004 Sedef Shipyard/ Istanbul BB

Park Street Shipping Handysize Bulk Carrier Nordic London 36000 2010 TK Shipbuilding, Korea TC

PSV Opportunity III DIS PSV FS Arendal 700m2 2006 Kleven Verft, Norway TC

PSV Opportunity III DIS PSV FS Bergen 700m2 2006 Kleven Verft, Norway Lay-Up

PSV Opportunity III DIS PSV FS Kristiansand 700m2 2005 Kleven Verft, Norway TC

PSV Opportunity III DIS PSV FS Abergeldie 680m2 2008 Vard Aukra, Norway Lay-Up

PSV Opportunity III DIS PSV FS Aberdour 680m2 2009 Vard Aukra, Norway TC

PSV Opportunity III DIS PSV FS Braemar 710m2 2007 Aker Brevik, Norway Lay-Up

PSV Opportunity III DIS PSV FS Balmoral 710m2 2008 Aker Brevik, Norway TC

Saragol Tankers 1 DIS Product Tanker LR MV Luengo 73626 2007 New Century Shipbuilding Co. BB

Saragol Tankers 2 DIS Product & Crude Oil Tanker MT Mucua 114000 2008 New Times Shipbuilding Co. Ltd. China BB

Southern Chemical DIS Chemical Tanker Alicudi M 40083 2004 Korea BB

Southern Chemical DIS Chemical Tanker Lipari M 3400 2002 Italy BB

Sudong Offshore DIS AHTS Lewek Swan 12240 BHP 2005 Pan United, Singapore BB

CIT-Grieg Dry bulk vessel Star Lygra 50741 2013 Hyundai Mipo BB

CIT-Thor Magni Seismic Support Vessel Thor Magni 1100 2014 Besiktas, Turkey BB

CIT-Thor Modi Seismic Support Vessel Thor Modi 1100 2015 Besiktas, Turkey BB

CIT-Thor Frigg Seismic Support Vessel Thor Frigg 1100 2015 Besiktas, Turkey BB

CIT-Thor Freyja Seismic Support Vessel Thor Frigg 1100 2015 Besiktas, Turkey BB

26

27

This Market Report has been prepared by Clarksons Platou Project Finance AS (”CPPF”).The information contained herein has been obtained from sources believed to be reliable and in good faith. Although CPPF has endeavoured to present a consistent and correct picture of the projects, CPPF can not guarantee or be held financially or legally responsible for the accuracy, completeness or correctness of the information contained in this report. Please note that the estimates shown are based on estimates made by CPPF. The estimates are based on fair assumptions supported by objective data. The estimates are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Included in this report are various “forward-looking-statement”, including statements regarding CPPF or others intent, opinions, belief or current expectations of the projects with respect to (A) The target market, (B) evaluation of the companies' markets, competition and competitive position, (C) trends and market movements which may be expressed or implied by financial or other information or statements herein. Any reference to past performance or forward-looking-statements should not be used as a reliable indicator of future performance or future yield/return. This Market Report and its contents is the property of CPPS and CPPF and can not be distributed to any other party without the prior written consent of CPPS or CPPF.

THE PROJECTS

28

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Chris W. Svensson, Corporate Manager: Tine Bøe Eriksen

THE VESSEL(S)

COMMERCIAL DETAILS

INFO MEMORANDUM BASE CASE

CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: October 2014 Estimated share value per 1 % 70,000

Paid in capital: USD 17,000,000 Last reported sale pr 1 % N/A

Uncalled capital : USD 0 Estimated IRR Buyer : 24.30%

Accumulated dividends: USD N/A Estimated IRR Seller : -29.89%

Estimated Expiry: Q4 2024 Latent tax liability vessel pr. 1% 1,800

Latent tax liability debt pr. 1% 1,100

Aberdeen Offshore DIS

Vessel(s) name: FS CYGNUS

Type: PSV UT755 LC

DWT: 3,150 Yard: SIMEK, Flekkefjord, Norway

Built: November 2014

Class: DNV GL

Flag: British

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Project price: USD 34,800,000 Paid in capital: USD 17,000,000 Uncalled capital: USD 0 Bareboat charterer: Fletcher Shipping Ltd. Commencement of charter: 6 February 2017 Expiry of charter: 9 January 2018 Daily bareboat rate: USD 5,250/d

Estimated Residual: USD 26,000,000 Estimated IRR: 14%

2016 2017E 2018E 2019E Operating revenue 2 880 000 3 120 000 2 600 000 Operating expenses -2 600 00 -2 310 000 -2 330 000 Net operating cashflow 280 000 810 000 270 000 Purchase/Sale of vessel 0 0 0 Interest earned 0 0 0 Interest expenses -801 000 -600 000 -500 000 Paid in capital 0 0 0 Drawdown/ Repayment long term debt -394 000 0 0 Net financial items -1 195 000 -600 000 -500 000 Net projected cash flow -915 000 210 000 -230 000 Estimated dividend 0 0 0

Cash USD N/A Implicit vessel value USD Accounts Receivable USD Total assets USD Outstanding debt USD Short term payables USD Total outstanding debt USD Estimated project value USD

The company aquired the newbuilding, FS Cygnus, on 14 November 2014. The vessel is fixed on a T/C to Enquest with expiry 9 January 2018.

Mortgage loan: 18 911 140

Balloon: 11 031 498

Term: 5 years

Quarterly instalments: 393 982

Interest: LIBOR + Margin


29

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: April 2017 Estimated share value per 1 % USD 43,900


Uncalled capital: USD 2,655,000 Estimated IRR Buyer : 30-50%

Accumulated dividends: USD N/A Estimated IRR Seller : N/A

Estimated Expiry: Within 2018 Latent tax liability vessel pr. 1% N/A

Latent tax liability debt pr. 1% N/A

Atlantic Kamsarmax DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Atlantica Shipping AS Project price: USD 7,045,000 Paid in capital: USD 4,390,000 Uncalled capital: USD 2,655,000 Bareboat charterer: N/A Future Charterer: Oldendorff Carriers Expiry of charter: N/A Daily bareboat rate: USD N/A

Estimated Residual: USD 27,500,000 Estimated IRR: 30-50%

2016 2017E 2018E 2019E 2020E Operating revenue 0 0 Operating expenses -756,000 -218,000 Net operating cashflow -756,000 -218,000 Purchase/Sale of vessel -3,622,500 -2,415,000 Interest earned 0 0 Interest expenses 0 0 Paid in capital 4,390,000 2,655,000 Drawdown/ Repayment long term debt 0 0 Net financial items 767,500 240,000 Net projected cash flow 11,500 22,000 Estimated dividend 0 0

Cash USD 36,000 Implicit vessel value USD 4,353,700 Accounts Receivable USD 0 Total assets USD 4,390,000 Outstanding debt USD 0 Short term payables USD 0 Total outstanding debt USD 0 Estimated project value USD 4,390,000

The vessel was ordered by Oldendorff Carriers, who also carries out the supervision on behalf of the project. The vessel is purchased on MoA terms from Oldendorff Carriers, effectively removing the construction risk. This project was jointly concluded with Fearnley Project Finance AS.

Mortgage loan: 100% Equity

Balloon:

Term:

Quarterly instalments:

Interest:

Vessel(s) name: TBN

Type: SDARI Kamsarmax

DWT: 82,000 Yard: Hantong, China

Built: January 2019

Class: TBA

Flag: TBA


30

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: February 2015 Estimated share value per 1 % USD 28,000



Accumulated dividends: USD 5,000,000 Estimated IRR Seller : 14.03%

Estimated Expiry: Q2 2018 Latent tax liability vessel pr. 1% N/A


Bergshav Aframax AS

Vessel(s) name: STEALTH BERANA

Type: Aframax Tanker

DWT: 115,897 Yard: Samsung HI, South Korea

Built: 2010

Class: DNV GL

Flag: Malta

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Bergshav Management AS Project price: USD 6,500,000 Paid in capital: USD 6,500,000 Uncalled capital: USD 0 T/C charterer: Phillips 66 Commencement of charter: October 2015 Daily BB rate:: USD 12,900 Daily T/C rate: USD 25,150

Estimated Residual: Bareboat Estimated IRR: 73%

2016 2017E 2018E 2019E 2020E Operating revenue 9,524,000 7,941,000 2,287,000 Operating expenses -7,532,000 -7,562,000 -1,749,000 Net operating cashflow 1,992,000 379,000 538,000 Purchase/Sale of vessel 0 0 0 Interest earned 0 0 0 Interest expenses 0 0 0 Paid in capital 0 0 0 Drawdown/ Repayment long term debt 106,000 0 1,821,000 Net financial items 106,000 0 1,821,000 Net projected cash flow 2,098,000 379,000 2,359,000 Estimated dividend 1,200,000 1,200,000 2,640,000

Bergshav Aframax AS has chartered in one Aframax Tanker on 32 months bareboat charter. The vessel is fixed on TC to Philips 66 for the remaining bareboat period. The vessel will be redelivered to owners at the end of the time charter.


Balloon:

Term:


Interest:

Cash USD 298,000

Implicit vessel value USD 2,502,000

Total assets USD 2,800,000

Outstanding debt USD -

Short term payables USD -

Total outstanding debt USD -

Estimated project value USD 2,800,000


31

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Chris W. Svensson, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: May 2008 Estimated share value per 1 % N/A


Uncalled capital : USD 0 Estimated IRR Buyer : N/A

Accumulated dividends: USD 21,250,000 Estimated IRR Seller : -9.23%

Expired: Q4 2016 Latent tax liability vessel pr. 1% N/A


Bukit Timah Offshore DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Scantank AS Project price: USD 125,269,250 Paid in capital: USD 29,269,250 Uncalled capital: USD 0 Bareboat charterer: Southsea Mar. guaranteed by Swiber Commencement of charter: August 2009 – September 2010 Expiry of charter: August 2019 – September 2020 Daily BB rate: USD 3x 15,850


2016 2017E 2018E 2019E 2020E Operating revenue N/A Operating expenses Net operating cashflow Purchase/Sale of vessel Interest earned Interest expenses Paid in capital Drawdown/ Repayment long term debt Net financial items Net projected cash flow Estimated dividend

The charterer’s parent company went into judicial management in July 2016 and stopped paying BB hire. The company terminated the BBCPs and took redelivery of the vessels in September 2016. The lenders arrested the vessels in Singapore in December 2016. The project filed for bankruptcy 23 December 2016.

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Mortgage Interest:

Interest Seller's Credit

Vessel(s) name: Swiber Anne-Christine

Swiber Mary-Ann

Swiber Else-Marie

Type: AHTS AHTS AHTS

BHP: 10,800 10,800 10,800 Yard: China China China

Built: 2009 2010 2009

Class: ABS ABS ABS

Flag: Marshall Isl. Marshall Isl. Marshall Isl.

Cash USD N/A

Implicit vessel value USD

Total assets USD

Outstanding debt USD

Short term payables USD

Total outstanding debt USD

Estimated project value USD


32


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: May 2014 Estimated share value per 1 % N/A

Paid in capital: USD 49 000 000 Last reported sale pr 1 % N/A



Estimated Expiry: N/A Latent tax liability vessel pr. 1% N/A


CIT-Grieg

Vessel(s) name: Star Lygra Star Minerva

Type: Open-Hatch Bulk Carrier

Open-Hatch Bulk Carrier

DWT: 50,700 49,955 Yard: Hyundai Mipo, Korea Oshima SB

Built: 2013 2008

Class: ABS DNV GL

Flag: Cyprus Marshall Isl.

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Project price: USD Paid in capital: USD Uncalled capital: USD Bareboat charterer: Grieg Shipping II AS Commencement of charter: Expiry of charter: Daily BB rate: USD

Estimated Residual: N/A Estimated IRR: N/A

2016E 2017E 2018E 2019E 2020E Operating revenue N/A Operating expenses Net operating cashflow Purchase/Sale of vessel Interest earned Interest expenses Paid in capital Drawdown/ Repayment long term debt Net financial items Net projected cash flow Estimated dividend

Project financed in cooperation with CIT.

Mortgage loan: N/A

Balloon:

Term:


Interest:

Cash USD N/A


Total assets USD






33


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: August 2014 Estimated share value per 1 % N/A

Paid in capital: USD 86 000 000 Last reported sale pr 1 % N/A





CIT-Thor

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Project price: USD Paid in capital: USD Uncalled capital: USD Bareboat charterer: P/F Thor Time Charterer: PGS Geophysical AS Expiry of charter: Daily BB rate: USD



Project financed in cooperation with CIT.

Mortgage loan: N/A

Balloon:

Term:


Interest:

Vessel(s) name: Thor Magni Thor Modi Thor Freyja Thor Frigg

Type: Seismic Sup. Seismic Sup. Seismic Sup. Seismic Sup.

DWT: 1,750 1,750 1,750 1,750 Yard: Besiktas Besiktas Besiktas Besiktas

Built: 2014 2015 2015 2015

Class: DNV GL DNV GL DNV GL DNV GL

Flag: Bahamas Bahamas Bahamas Bahamas

Cash USD N/A


Total assets USD






34

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Axel M. Aas, Corporate Manager: Tine Bøe Eriksen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: December 2007 Estimated share value per 1 % USD 40,000

Paid in capital: USD 7,150,000 Last reported sale pr 1 % USD 36,500

Uncalled capital : USD 3,500,000 Estimated IRR Buyer : 14.80%


Estimated Expiry: Q4 2021 Latent tax liability vessel pr. 1% USD 8,100

Latent tax liability debt pr. 1% USD 0

Dongguan Chemical Tankers DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Atlantica Shipping AS Project price: USD 15,324,000 Paid in capital: USD 7,150,000 Uncalled capital: USD 3,500,000 Bareboat charterer: Toreach guaranteed by Dongguan Time Charterer: 15 October 2008 Expiry of charter: 15 October 2021 Daily BB rate: USD 5,250/d & 4,200/d

Estimated Residual: 18,200,000 Estimated IRR: 17%

2016 2017E 2018E 2019E 2019E Operating revenue 1,695,000 1,663,000 1,533,000 1,533,000 1,537,000 Operating expenses -105,000 -103,000 -104,000 -106,000 -108,000 Net operating cashflow 1,590,000 1,560,000 1,429,000 1,427,000 1,429,000 Purchase/Sale of vessel 0 0 0 0 0 Interest earned 0 0 0 0 0 Interest expenses -34,000 0 0 0 0 Paid in capital 0 0 0 0 0 Drawdown/ Repayment long term debt -1,935,000 0 0 0 0 Net financial items -1,969,000 0 0 0 0 Net projected cash flow -379,000 1,560,000 1,429,000 1,427,000 1,429,000 Estimated dividend 0 1,600,000 1,425,000 1,425,000 1,450,000

Originally 8 years BB period. BB period has been extended for 5 years at a daily rate of USD 4,200. After extension in 2016 the project is considered as a financial lease. The charterer has an obligation to buy the vessel at USD 1 million less outstanding seller’s credit at the end of the charter. 100% equity as the mortgage was repaid in full in 2016.

Mortgage loan: Repaid in full in 2016

Seller's Credit: USD 800,000

Balloon: N/A

Term: N/A

Quarterly instalments: N/A

Mortgage 20.11.08-04.05.2012 0%

Mortgage 04.05.08-04.11.2015 Repaid in full in 2016

Interest: Seller's Credit USD 800,000

Vessel(s) name: MT Toreach Pioneer

Type: Chemical Tanker IMO II

DWT: 8,200

Yard: Zheijang Haifeng Shipbuilding, China

Built: 2008

Class: CCS

Flag: Marshall Islands

Cash USD 408,000



Outstanding debt USD 0

Short term payables USD 0

Total outstanding debt USD 0



35

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: April 2006 Estimated share value per 1 % N/A




Estimated Expiry: Q4 2017 Latent tax liability vessel pr. 1% 100

Latent tax liability debt pr. 1% 400

European Venture DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: North Sea Shipping AS Project price: USD 46,325,000 Paid in capital: USD 9,965,000 Uncalled capital: USD 5,000,000 Bareboat charterer: Grup Servicii Petroliere S. A. Charter Commencement December 2017 GSP King BB Rate USD 3,250/d GSP Queen BB Rate USD 2,750/d


2016 2017 2018E 2019E 2020E Operating revenue 1,334,000 3,697,000 N/A N/A N/A Operating expenses -95,000 -219,000 Net operating cashflow 1,239,000 3,478,000 Purchase/Sale of vessel 0 7,000,000 Interest earned 0 0 Interest expenses -298,000 -295,000 Paid in capital 0 0 Drawdown/ Repayment long term debt -1,350,000 -6,440,000 Net financial items -1,648,000 265,000 Net projected cash flow -409,000 3.743,000 Estimated dividend 0 3,805,000

0.5 years remaining of current bareboat charter. The project was restructured q4 2015.

Mortgage loan: USD 36,360,000

Balloon: USD 13,480,000

Seller's credit USD 0

Term: 8 Years

Semi-Annual instalments: USD 1,350,000

Interest: 100% Floating

Interest Seller's Credit N/A

Vessel(s) name: GSP Queen GSP King

Type: AHTS, FIFI1 & DP2 AHTS, FIFI1 & DP2

BHP: 2x 3978 2x 5440 Yard: Jaya Yard, Singapore Jaya Yard, Singapore

Built: 2006 2005

Class: ABS ABS

Flag: Gibraltar Gibraltar

Cash USD 82,500



Outstanding debt USD 6,440,000

Short term payables USD 20,000

Total outstanding debt USD 6,460,000

Estimated project value USD 00


36

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Trond Hamre, Corporate Manager: Erik Kristian Andresen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: September 2015 Estimated share value per 1 % USD 80,000



Accumulated dividends: USD 1,850,000 Estimated IRR Seller : -25.85%

Estimated Expiry: Q3 2020 Latent tax benefit vessel pr. 1% 7,700


Feeder Container II DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Atlantica Shipping AS Project price: USD 15,525,000 Paid in capital: USD 15,525,000 Uncalled capital: USD 0 Bareboat charterer: N/A Time Charterer: N/A Expiry of charter: Running TC/Spot Daily TC rate: USD Polo @ 6,000, Charlie @ 5,600


2016 2017E 2018E 2019E 2020E Operating revenue 1,689,000 3,985,000 4,855,000 0 0 Operating expenses -92,000 -5,202,000 -3,902,000 0 0 Net operating cashflow 1,597,000 -1,217,000 953,000 0 0 Purchase/Sale of vessel 0 0 0 0 0 Interest earned 0 0 0 0 0 Interest expenses 0 0 0 0 0 Paid in capital 0 600,000 0 0 0 Drawdown/ Repayment long term debt 0 0 0 0 0 Net financial items 0 0 0 0 0 Net projected cash flow 1,597,000 -617,000 953,000 0 0 Estimated dividend 1,850,000 0 0 0 0

The vessels have been redelivered from the initial bareboat charterer, and they are currently chartered out on medium term time charter contracts.

Mortgage loan: 100% Equity Balloon: Seller's credit Term: Semi-Annual instalments: Interest: Interest Seller's Credit

Vessel(s) name: MV Polo MV Charlie

Type: Container Feeder Vessel

Container Feeder Vessel

TEU: 1,700 1,700 Yard: Stocznia Szczecinska Stocznia Szczecinska

Built: 2002 2002

Class: Class NK Class NK

Flag: Singapore Singapore

Cash USD 261,000








37

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING



Uncalled capital left: USD 2,000,000 Estimated IRR Buyer : 18.81%




Golden Kamsar DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Lorentzens Skibs Management AS Project price: USD 57,500,000 Paid in capital: USD 15,194,000 Uncalled capital: USD 3,000,000 Bareboat charterer: Golden Ocean Group Ltd. Time Charterer: Cosco BB Charter: 10 years (3 years remaining) Daily BB rate Yr 5-10: USD 16,284/d


2016 2017E 2018E 2019E 2020E Operating revenue 5,960,000 5,943,000 5,943,000 5,943,000 1,774,000 Operating expenses -80,000 -100,000 -100,000 -100,000 -100,000 Net operating cashflow 5,883,000 5,843,000 5,843,000 5,843,000 1,674,000 Purchase/Sale of vessel 0 0 0 0 12,000,000 Interest earned 1,000 0 0 0 0 Interest expenses -404,000 -268,000 -169,000 -169,000 -47,000 Paid in capital 0 0 0 0 0 Drawdown/ Repayment long term debt -2,031,000 -2,031,000 -2,031,000 -2,031,000 -2,194,000 Net financial items -2,435,000 -2,299,000 -2,200,000 -2,200,000 -2,241,000 Net projected cash flow 3,448,000 3,456,000 3,545,000 3,643,000 11,433,000 Estimated dividend -3,500,000 -3,545,000 -3,643,000 -3,643,000 -11,933,000

The vessel is fixed on bareboat charter to Golden Ocean and performing a long term time charter to Cosco. The debt was refinanced in 2014 for the remaining bareboat period.

Mortgage loan: USD 16,250,000 Balloon: USD 5,585,938 Seller's credit N/A Term: Profile of 8 years from 2014 Semi-Annual instalments: USD 507,813 Interest: LIBOR + 3.50% Interest Seller's Credit N/A

Vessel(s) name: Golden Eclipse

Type: Kamsarmax Drybulk Carrier

DWT: 79,600

Yard: Jinhaiwan Shipyard, China

Built: 2010

Class: ABS

Flag: Hong Kong

Cash USD 523,0000








38


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: June 2015 Estimated share value per 1 % USD 65,000






Henrietta Product DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Seabulk AS Project price: USD 8,400,000 Paid in capital: USD 8,400,000 Uncalled capital: USD 0 Bareboat charterer: Pritchard Gordon Tankers Ltd Time Charterer: N/A BB Charter: 6 years Daily BB rate: USD 5,200/d

Obligation Residual: USD 3,000,000 Estimated IRR: 11.5%

2016 2017E 2018E 2019E 2020E Operating revenue 1,903,000 1,898,000 1,898,000 1,898,000 1,903,000 Operating expenses -72,000 -74,000 -77,000 -76,000 -72,000 Net operating cashflow 1,831,000 1,824,000 1,821,000 1,822,000 1,831,000 Purchase/Sale of vessel 0 0 0 0 0 Interest earned 0 0 0 0 0 Interest expenses 0 0 0 0 0 Paid in capital 0 0 0 0 0 Drawdown/ Repayment long term debt 0 0 0 0 0 Net financial items 0 0 0 0 0 Net projected cash flow 1,831,000 1,824,000 1,821,000 1,822,000 1,831,000 Estimated dividend 1,855,000 1,810,000 1,820,000 1,810,000 1,815,000

The charterer is performing well and paying hire on time. The vessel is running in the Caribbean product trade.

Mortgage loan: 100% Equity Balloon: Seller's credit Term: Semi-Annual instalments: Interest: Interest Seller's Credit

Vessel(s) name: Henrietta PG

Type: Product Tanker

DWT: 9,999 Yard: Frysian Shipyard, Welgelegen

Built: 2001

Class: Lloyds Register

Flag: Isle of Man

Cash USD 55,000








39

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Axel M. Aas, Corporate Manager: Tine Bøe Eriksen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING







High Yield Shipping DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Seabulk AS Project price: USD 6,000,000 Paid in capital: USD 6,000,000 Uncalled capital: USD 0 Bareboat charterer: Med. Shipping Company (MSC) BB Expiry: 16.04.2019 BB Charter: 5 years Daily BB rate: USD 2,000/d

Purchase Obligation: USD 5,550,000 Estimated Yield: 9.5%

2016 2017E 2018E 2019E 2020E Operating revenue 750,000 720,000 720,000 202,000 Operating expenses -67,000 -64,000 -65,000 -33,000 Net operating cashflow 683,000 656,000 655,000 169,000 Purchase/Sale of vessel 0 0 0 5,494,000 Interest earned 0 0 0 0 Interest expenses 0 0 0 0 Paid in capital 0 0 0 0 Drawdown/ Repayment long term debt 0 0 0 0 Net financial items 0 0 0 5,494,000 Net projected cash flow 683,000 656,000 655,000 5,663,000 Estimated dividend 685,000 655,000 570,000 5,980,000

The vessel is on bareboat to the 2nd largest container liner operator in the world. Financial lease with a fixed dividend coupon at 9.5%. Charterer has a purchase obligation at the end of the charter period at USD 5,550,000.

Mortgage loan: 100% Equity Balloon: Seller's credit Term: Semi-Annual instalments: Interest:

Vessel(s) name: MSC Positano


TEU: 2,456

Yard: Daewoo (DSME), South Korea

Built: 1997

Class: GL

Flag: Malta

Cash USD 274,000





Total outstanding debt USD 10,000



40

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: June 2015 Estimated share value per 1 % USD 30,000



Accumulated dividends: USD 0 Estimated IRR Seller : -21.58%



Homborsund Container DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Agder Ocean / Carsten Rehder Project price: USD 4,900,000 Paid in capital: USD 4,900,000 Uncalled capital: USD 0 Bareboat charterer: N/A Time Charterer: TBA Time Charter Period: TBA Daily T/C rate: USD 6,000 (-4.75%)


2016 2017E 2018E 2019E 2020E Operating revenue 1 403 000 1904 000 2 084 000 Operating expenses -2 669 000 -2 482 000 -2 846 000 Net operating cashflow -1 266 000 -578 000 -762 000 Purchase/Sale of vessel 0 0 4 600 000 Interest earned 0 0 0 Interest expenses 0 0 -232 000 Paid in capital 0 0 0 Drawdown/ Repayment long term debt 1 162 000 0 -1 162 000 Net financial items 1 162 000 0 -1 394 000 Net projected cash flow -104 000 -578 000 -2 156 000 Estimated dividend 0 0 -2 058 000

The vessel was redelivered 3 August 2016 and was fixed to MCC Transport Singapore Pte Ltd, a company within the Maersk Group, from 20 November 2016 for a maximum period of 12 months.The company has drawn up 2 loans with the Partners in order to finance necessary repair works.

Mortgage loan: N/A Balloon: Partner Loan: USD 1,162,500 Term: Semi-Annual instalments: Interest: 7.5% and 10.0%

Vessel(s) name: MS Dolphin Strait


TEU: 1,118 Yard: CSC Jingling Shipyard, China

Built: 2003

Class: DNV GL

Flag: Antigua & Barbuda

Cash USD 0








41


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: May 2012 Estimated share value per 1 % EUR 25,000

Paid in capital: EUR 10,894,485 Last reported sale pr 1 % EUR 42,000

Uncalled capital : EUR 0 Estimated IRR Buyer : 14.53%

Accumulated dividends: EUR 355,515 Estimated IRR Seller : -29.17%

Estimated Expiry: Q3 2023 Latent tax liability vessel pr. 1% 975

Latent tax liability pr. 1% 485

Industrial Shipping DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Norwegian Marine Services Project price: EUR 25,950,000 Paid in capital: EUR 10,894,485 Uncalled capital: EUR 0 Bareboat charterer: Transatlantic Short Sea Bulk AB Time Charterer: N/A BB Charter: 5 years Daily BB rate: EUR 699/d

Estimated Residual: EUR 5,000,000 Estimated IRR: 23%

2016 2017E 2018E 2019E 2020E Operating revenue 1,938,000 1,305,000 1,305,000 433,000 Operating expenses -487,000 -96,000 -100,000 -65,000 Net operating cashflow 1,451,000 1,209,000 1,205,000 368,000 Purchase/Sale of vessel 1,092,500 0 0 6,000,000 Interest earned 0 0 0 0 Interest expenses -432,000 -318,000 -258,000 -155,000 Paid in capital 0 0 0 0 Drawdown/ Repayment long term debt -1,913,400 -1.065.000 -1,135,500 -4,389,500 Net financial items -1,252,900 -1.383,000 -1,393,500 1,455,500 Net projected cash flow 198,100 -174,000 -188,500 1,823,500 Estimated dividend 0 0 0 2,118,400

The project has been restructured several times. The vessels are currently fixed on 5 years BB charters to Transatlantic Short Sea Bulk AB with profit split.

Mortgage loan: EUR 11,225,000 Balloon: EUR 5,618,480 Seller's credit N/A Term: 5 Years Quarterly instalments: EUR 280,326 Interest: 5%

Vessel(s) name:

Transforza & Volante

Transonoro +2 sisters

Transbrilliante SOLD

Transrisoluto SOLD

Type: MPP MPP MPP MPP

DWT: 4,117 4,110/4,135 5,557 4,145 Yard: Severnav Severnav Ferus Smith Bodes Volhard

Built: 2000 2000 1997 1997

Class: DNV GL DNV GL DNV GL DNV GL

Flag: Gibraltar Gibraltar Gibraltar Gibraltar

Cash EUR 682,745

Implicit vessel value EUR 7,889,222

Total assets EUR 8,571,967

Outstanding debt EUR 6,071,967

Short term payables EUR 0

Total outstanding debt EUR 6,071,967

Estimated project value EUR 2,500,000


42


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: December 2014 Estimated share value per 1 % USD 18,500






Lesley Product DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Seabulk AS Project price: USD 2,355,000 Paid in capital: USD 2,355,000 Uncalled capital: USD 0 Bareboat charterer: Pritchard Gordon Tankers Ltd Time Charterer: N/A BB Charter: 5 years Daily BB rate: USD 1,700/d


2016E 2017E 2018E 2019E 2020E Operating revenue 622,200 620,500 620,500 567,800 Operating expenses -90,200 -94,000 -97,000 -101,000 Net operating cashflow 532,000 526,500 523,500 466,800 Purchase/Sale of vessel 0 0 0 1,100,000 Interest earned 23 100 100 100 Interest expenses 0 0 0 0 Paid in capital 0 0 0 0 Drawdown/ Repayment long term debt 0 0 0 0 Net financial items 23 100 100 1,100,100 Net projected cash flow 532,023 526,600 523,600 1,566,900 Estimated dividend 550,000 550,000 510,000 1,612,100

The charterer is performing well and paying hire on time. The vessel is running in the Caribbean product trade.


Balloon:

Term:

Semi-Annual instalments:

Interest:

Vessel(s) name: Lesley PG


DWT: 6,249 Yard: Appledore Shipbuilders, UK

Built: 1998


Flag: Isle of Man

Cash USD 71,000








43

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: Dec 15 (Refinanced) Estimated share value per 1 % NOK 70,000

Paid in capital: NOK 9,900,000 (Incl. Q1 '16 Loan of 4m) Last reported sale pr 1 % N/A

Uncalled capital : NOK 0 Estimated IRR Buyer : 12,75%

Accumulated dividends: NOK 5,500,000 (Incl. Pre-refinancing dividends) Estimated IRR Seller : 8,67%



MS Nordstjernen DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: NOK 8,350,000 Paid in capital: NOK 8,350,000 Uncalled capital: NOK 0 Bareboat charterer: Indre Nordhordaland Dampbåtlag AS Time Charterer: Hurtigruten BB Charter: 5 years (Purchase oblig., NOK 5m) Daily BB rate: NOK 4,600/d

Estimated Residual: NOK 5,000,000 Estimated IRR: 10%

2016 2017E 2018E 2019E 2020E Operating revenue 3,067,000 1,934,500 1,934,500 1,939,800 1,446,900 Operating expenses -1,147,600 -201,500 -226,500 -233,500 -240,500 Net operating cashflow 1,919,400 1,733,000 1,708,000 1,706,300 1,206,400 Purchase/Sale of vessel 0 0 0 0 0 Interest earned 0 0 0 0 0 Interest expenses 0 0 0 0 0 Paid in capital 4,350,000 0 0 0 0 Drawdown/ Repayment long term debt -4,000,000 0 0 0 0 Net financial items 350,000 0 0 0 0 Net projected cash flow 2,269,400 1,733,000 1,708,000 1,706,300 1,206,400 Estimated dividend 2,000,000 1,800,000 1,700,000 1,700,000 1,400,000

The project was restructured as a result of a new 5 year T/C contract with Hurtigruten where an additional NOK 4.35m where sourced as a loan to INDL.

Mortgage loan: 100% Equity Balloon: Seller's credit Term: Semi-Annual instalments: Interest:

Vessel(s) name: MS Nordstjernen

Type: Veteran Passenger Ship

PAX: 114 beds in 54 cabins

Yard: Voss & Blohm, Germany

Built: 1956

Class: DNV GL

Flag: Norway

Cash NOK 183,000

Implicit vessel value NOK 6,817,000

Total assets NOK 7,000,000

Outstanding debt NOK 0

Short term payables NOK 0

Total outstanding debt NOK 0

Estimated project value NOK 7,000,000


44

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Truls Wiese Kolstad, Corporate Manager: Eva Lise Bjerke

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE (100% Basis) 30.06.2017

COMMENTS

FINANCING

Established: September 2016 Estimated share value per 1 % USD 80,000



Accumulated dividends: USD 0 Estimated IRR Seller : 127.41%

Estimated Expiry: 2019 Latent tax liability vessel pr. 1% N/A


Nordic Handysize DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Njord Shipping Project price: USD 7,975,000 Paid in capital: USD 7,975,000 Uncalled capital: USD 0 Technical Manager: Nordic Hamburg Time Charterer: Sealift NV Antwerpen BB Charter: N/A Daily TC rate: USD 6,800


2016 2017E 2018E 2019E 2019E Operating revenue 654 000 2 155 000 2 876 000 2 151 000 Operating expenses -1 019 000 -2 789 000 -2 097 000 -1 900 000 Net operating cashflow -365 000 -634 000 779 000 251 000 Purchase/Sale of vessel -6 800 000 0 0 11 000 000 Interest earned 0 0 0 0 Interest expenses 0 0 0 0 Paid in capital 7 975 000 0 0 0 Drawdown/ Repayment long term debt 0 0 0 0 Net financial items 7 975 000 0 0 0 Net projected cash flow 810 000 -634 000 779 000 11 251 000 Estimated dividend 0 0 -705 000 -11 500 000

The company holds 80% of the German partnership MS "Nordic Malmoe" 2 Schiffahrtsgesellschaft mbH & Co. KG which is the Owner of the vessel. The vessel was dry-docked in January 2017 at Beiktas, and is reported to be in good condition. Figures above are based on 80.0 % ownership, with the remaning 20% in the KG.

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:

Vessel(s) name: Nordic Malmoe

Type: Handysize Bulk Carrier

DWT: 35,000 Yard: Nantong Jinghua, China

Built: 2012

Class: ABS

Flag: Isle of Man

Cash USD 100,000



Outstanding debt USD 0,00





45

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Truls Wiese Kolstad, Corporate Manager: Tine Bøe Eriksen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE (100% Basis) 30.06.2017

COMMENTS

FINANCING

Established: January 2017 Estimated share value per 1 % 110,000


Uncalled capital : USD 0 Estimated IRR Buyer : 9,93%

Accumulated dividends: USD 0 Estimated IRR Seller : 64,99%

Estimated Expiry: 2018 Latent tax liability vessel pr. 1% N/A


Nordic Handysize II DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Njord Shipping AS Project price: USD 9,500,000 Paid in capital: USD 9,500,000 Uncalled capital: USD 0 Tech&Commercial Manager: Nordic Hamburg Time Charterer: Clipper BB Charter: N/A Daily rate: USD 6,500/d


2016 2017E 2018E 2019E 2020E Operating revenue 2,039,000 2,486,000 2,486,000 Operating expenses -2,220,000 -1,915,000 -1,953,000 Net operating cashflow -181,000 571,000 533,000 Purchase/Sale of vessel -8,550,000 0 0 Interest earned 0 0 0 Interest expenses 0 0 0 Paid in capital 9,500,000 0 0 Drawdown/ Repayment long term debt 0 0 0 Net financial items 950,000 0 0 Net projected cash flow 769,000 571,000 533,000 Estimated dividend 0 725,000 525,000

The vessel is majority owned by a UK fund together with Nordic Hamburg and Njord

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:

Vessel(s) name: Nordic Skagen

Type: Handysize Bulk Carrier

DWT: 35,000

Yard: TK Shipbuilding, South Korea

Built: 2010

Class: DNV GL

Flag: The Republic of Liberia

Cash USD 594,500








46

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Truls Wiese Kolstad, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: December 2016 Estimated share value per 1 % N/A

Paid in capital: USD P&C Last reported sale pr 1 % N/A





Nordic Maxbox

Project Management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: USD P&C Paid in capital: USD P&C Uncalled capital: USD 0 Tech&Commercial Manager: Nordic Hamburg / Borealis Maritime Time Charterer: N/A BB Charter: N/A Daily BB rate: USD N/A


2016 2017E 2018E 2019E 2020E Operating revenue N/A N/A N/A N/A N/A Operating expenses Net operating cashflow Purchase/Sale of vessel Interest earned Interest expenses Paid in capital Drawdown/ Repayment long term debt Net financial items Net projected cash flow Estimated dividend

The vessels are trading in South America

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:

Cash USD N/A


Total assets USD






Vessel(s) name: Nordic Beijing Nordic Hong Kong

Type: Containership Containership

BHP: 3,400 TEU 3,400 TEU Yard: Wenchong, China Wenchong, China

Built: 2013 2013

Class: ABS ABS

Flag: Liberia Liberia

47

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Trond Hamre, Corporate Manager: Eva Lise Bjerke

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: November 2013 Estimated share value per 1 % USD 25,000



Accumulated dividends: USD 140,000 Estimated IRR Seller : 13.19%



Panda Chemical II DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Havinvest AS Project price: USD 4,315,000 Paid in capital: USD 1,815,000 Uncalled capital: USD 2,000,000 Bareboat charterer: Pritchard Gordon Tankers Ltd Time Charterer: N/A BB Charter: 2+2 years Daily BB rate: USD 1,750/d


2016 2017E 2018E 2019E 2020E Operating revenue 633 000 639 000 53 000 Operating expenses -90 000 -108 000 -55 000 Net operating cashflow 543 000 531 000 -2 000 Purchase/Sale of vessel 0 0 4 250 000 Interest earned 0 0 0 Interest expenses -118 000 -101 000 -22 500 Paid in capital 0 0 0 Drawdown/ Repayment long term debt -250 000 -250 000 -1 500 000 Net financial items -368 000 -351 000 -1 522 500 Net projected cash flow 175 000 180 000 2 725 500 Estimated dividend -140 000 0 -3 099 000

The charterer is performing well and paying hire on time. The vessel is engaged in bunkering activities in the Caribbean.


Balloon: USD 2,000,000

Seller's credit N/A

Term: 2 Years

Semi-Annual instalments: USD 62,500

Interest: LIBOR + 5.75%

Vessel(s) name: Panda PG


DWT: 6,725 Yard: Sedelf Shipyard, Istanbul

Built: 2004

Class: BV

Flag: Isle of Man

Cash USD 250,000








48

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Truls Wiese Kolstad, Corporate Manager: Benjamin Ryeng-Hansen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: January 2017 Estimated share value per 1 % N/A



Accumulated dividends: USD 0 Estimated IRR Seller : N/A



Park Street Shipping Ltd

Corporate management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: USD 9,400,000 Paid in capital: USD 6,572,000 Uncalled capital: USD 0 Tech&Commercial Manager: Nordic Hamburg Time Charterer: Clipper Bulk BB Charter: N/A Rate: USD N/A


2016E 2017E 2018E 2019E 2020E Operating revenue N/A N/A N/A N/A N/A Operating expenses Net operating cashflow Purchase/Sale of vessel Interest earned Interest expenses Paid in capital Drawdown/ Repayment long term debt Net financial items Net projected cash flow Estimated dividend

Park Street Shipping Ltd. is a joint venture between Nordic Hamburg and a UK Investment Fund. The project owns and operates a 2010-built Handysize bulk carrier on timecharter to Clipper Bulk.

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:

Vessel(s) name: Nordic London

Type: Handysize Bulker

DWT: 35,000 Yard: TK Shipbuilding Korea

Built: 2010

Class: ABS

Flag: Cyprus

Cash USD N/A


Total assets USD






49


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: July 2016 – June 2017 Estimated share value per 1 % 417,000




Estimated Expiry: N/A Latent tax liability vessel pr. 1% 23,700


PSV Opportunity III DIS (after merger of three companies as of June 2017)

Corporate management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: USD 40,400,000 Paid in capital: USD 40,400,000 Uncalled capital: USD 0 Tech&Commercial Manager: Fletcher Supply Ships Ltd Time Charterer: Short-term contracts BB Charter: N/A Rate: USD N/A

Estimated Residual: USD 20,400,000 Estimated IRR: 61.5%

2016 2017E 2018E 2019E 2020E Operating revenue 325 000 7 000 000 11 000 000 Operating expenses -4 914 000 -12 000 000 -13 000 000 Net operating cashflow -4 589 000 -5 000 000 -2 000 000 Purchase/Sale of vessel -18 300 000 -11 700 000 0 Interest earned 0 0 0 Interest expenses 0 0 0 Paid in capital 25 500 000 14 900 000 0 Drawdown/ Repayment long term debt 0 0 0 Net financial items 25 500 000 14 900 000 0 Net projected cash flow 2 611 000 -1 800 000 -2 000 000 Estimated dividend 0 0 0

PSV Opportunity I, II and III DIS are being merged effective from about 30 June 2017. The vessels are marketed for operation mainly in the North Sea. 4 of the vessels have been operating on short-term time charter parties per May 2017 at rate levels in the region of break-even and above. One vessel is in warm lay-up in Trinidad.

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:


Cash USD 2,500,000








Vessel(s) name: FS Kristiansand FS Bergen FS Arendal FS Aberdour FS Abergeldie FS Balmoral FS Braemar

Type: Medium PSV Medium PSV Medium PSV Medium PSV Medium PSV Medium PSV Medium PSV

Deck m2: 700 700 700 680 680 710 710 Yard: Kleven, Norway Kleven, Norway Kleven, Norway Aker Aukra Aker Aukra Aker Brevik Aker Brevik

Built: 2005 2006 2006 2008 2009 2007 2008

Class: DNV GL DNV GL DNV GL DNV GL DNV GL DNV GL DNV GL

Flag: UK UK UK UK UK UK UK

50


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: January 2010 Estimated share value per 1 % N/A






Standard PSV

Estimated Residual: 60,000,000 Estimated IRR: N/A


Fully owned by S.D. Standard Drilling

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:

Cash USD N/A


Total assets USD






Vessel(s) name: Standard Viking Standard Supplier Standard Princess

Type: Large PSV Large PSV Large PSV

Deck m2: 1,060 1,060 1,060 Yard: Aker, Norway Aker, Norway Aker, Norway

Built: 2007 2007 2008

Class: DNV GL DNV GL DNV GL

Flag: UK UK UK

Corporate management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: USD 40,000,000 Paid in capital: USD 40,000,000 Uncalled capital: USD 0 Tech&Commercial Manager: Fletcher Supply Ships Ltd Time Charterer: N/A BB Charter: N/A Daily BB rate Yr 6-10: USD N/A

51


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: July 2010 Estimated share value per 1 % N/A



Accumulated dividends: USD 9,246,300 Estimated IRR Seller : N/A



Saragol Tankers 1 DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: USD 47,000,000 Paid in capital: USD 8,491,500 Uncalled capital: USD 0 Bareboat charterer: Sonangol Shipping Angola LTDA Time Charterer: N/A BB Charter: 5+5 years Daily BB rate Yr 6-10: USD 14,750 (-2,5%)



The vessel was originally fixed on a bareboat charter for 5 years until 19 July 2015. The contract has been extended for another 5 years. The mortgage loan was settled in 2015 by way of a shareholder´s loan.


Balloon: USD 0

Seller's credit N/A

Term: 5+5 Years


Interest: N/A


Vessel(s) name: MV Luego

Type: LR2 Product Tanker

DWT: 73,626

Yard: New Century Shipbuilding China

Built: 2007

Class: ABS

Flag: The Republic of Liberia

Cash USD N/A


Total assets USD






52


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: November 2010 Estimated share value per 1 % N/A






Saragol Tankers 2 DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: N/A Project price: USD 54,312,500 Paid in capital: USD 11,118,500 Uncalled capital: USD 0 Bareboat charterer: Sonangol Shipping Angola LTDA Time Charterer: N/A BB Charter: 5+5 years Daily BB rate Yr 6-10: USD 18,000 (-2.5%)



The vessel was originally fixed on a bareboat charter for 5 years until 15 December 2015. The contract has been extended for another 5 years. The mortgage loan was settled in 2015 by way of a shareholder´s loan.


Balloon: USD 0

Seller's credit N/A

Term: 5+5 Years


Interest: N/A

Vessel(s) name: MT Mucua

Type: Aframax Tanker

DWT: 114,000 Yard: New Times Shipbuilding China

Built: 2008

Class: ABS

Flag: Cyprus

Cash USD N/A


Total assets USD






53


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2016

COMMENTS

FINANCING

Established: September 2008 Estimated share value per 1 % N/A






Seminyak DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Klaveness Marine Holding AS Project price: USD 105,750,000 Paid in capital: USD 32,618,000 Uncalled capital: USD 0 Bareboat charterer: NAVIG8 POOL Time Charterer: N/A BB Charter: N/A Daily BB rate: USD N/A



Vessels are sold

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:


Cash USD N/A

Implicit vessel value USD N/A

Total assets USD N/A

Outstanding debt USD N/A

Short term payables USD N/A

Total outstanding debt USD N/A

Estimated project value USD N/A

Vessel(s) name: MT Sira MT Simoa

Type: Chemical Tanker Chemical Tanker

DWT: 19,998 40,354 Yard: Shin Kurushima, JP Hyundai Mipo, Korea

Built: 2008 2004

Class: NKK DNV GL

Flag: Marshall Islands Marshall Islands


54


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: July 2007 Estimated share value per 1 % N/A






Sentosa Offshore DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Scantank AS Project price: USD 46,350,000 Paid in capital: USD 8,300,000 Uncalled capital: USD 0 Bareboat charterer: Swiber Offshore (Parent guarantee) Time Charterer: N/A BB Charter: 8 years Daily BB rate: USD 3,150/d & 4,950/d


2016 2017E 2018E 2019E 2020E Operating revenue 2,756,000 1,202,000 Operating expenses -204,000 -166,000 Net operating cashflow 2,551,000 1,035,000 Purchase/Sale of vessel 10,000,000 6,500,000 Interest earned - - Interest expenses -472,000 -270,000 Paid in capital - - Drawdown/ Repayment long term debt -8,375,000 -4,181,000 Net financial items 1,153,000 2,048,000 Net projected cash flow 3,705,000 3,084,000 Estimated dividend 4,400,000 3,441,000

The charterer’s parent company went into judicial management in July 2016 and stopped paying BB hire. The project filed for bankruptcy in September 2016. The project still returned 13% for investors per annum.

Mortgage loan: N/A

Balloon:

Seller's credit

Term:


Interest:


Cash USD N/A







Vessel(s) name:

Swiber Galiant

Swiber Valiant

Swiber Sandefjord

Swiber Oslo

Type: AHT AHT AHTS AHTS

BHP: 5,000 5,000 5,000 5,000 Yard: Malaysia Malaysia Malaysia Malaysia

Built: 2007 2007 2009 2009

Class: DNV GL DNV GL BV BV

Flag: Singapore Singapore Singapore Singapore


55


THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: July 2007 Estimated share value per 1 % EUR 60,000

Paid in capital: EUR 14,810,000 Last reported sale pr 1 % EUR 52,914

Uncalled capital : EUR 4,000,000 Estimated IRR Buyer: 23.32%

Accumulated dividends: EUR 1,540,000 Estimated IRR Seller: -9.98%

Estimated Expiry: Q4 2019 Latent tax liability vessel pr. 1% EUR 20,000


Southern Chemical DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Bergshav Management AS Project price: EUR 88,200,000 Paid in capital: EUR 10,350,000 Uncalled capital: EUR 10,000,000 Bareboat charterer: Augusta Due SRL Time Charterer: N/A BB Charter: 10+2 years Daily BB rate: EUR 8,370/d & 3,750/d.

Estimated Residual: EUR 54,750,000 Estimated IRR: 14.5%

2016 2017E 2018E 2019E 2020E Operating revenue 4,435,000 4,424,000 4,424,000 3,418,000 Operating expenses -220,000 -217,000 -219,000 -320,000 Net operating cashflow 4,215,000 4,207,000 4,205,000 3,098,000 Purchase/Sale of vessel 0 0 0 12,000,000 Interest earned 0 0 0 0 Interest expenses -1,320,000 -940,000 -87,000 -23,000 Paid in capital 0 0 0 0 Drawdown/ Repayment long term debt -2,490,000 -3,990,000 -2,490,000 -5,910,000 Net financial items -3,810,000 -4,930,000 -2,577,000 -5,933,000 Net projected cash flow 405,000 -723,000 1,628,000 9,165,000 Estimated dividend 0 0 0 12,100,000

The company and the bareboat charterer have agreed to extend the bareboat charter for a further two years from October 2017 to October 2019. The bareboat rates are reduced effective from 2015. The mortgage loan and the sellers credit are extended accordingly.

Mortgage loan: EUR 69,200,000

Balloon: EUR 1,500,000

Seller's credit EUR 8,650,000

Term: 10+2 Years

Quarterly instalments: EUR Alicudi: 415,000 & Lipari: 207,500

Interest: 5.5125%

Cash EUR 2,300,000

Implicit vessel value EUR 15,145,000

Total assets EUR 16,945,000

Outstanding debt EUR 9,645,000

Short term payables EUR 1,800,000

Total outstanding debt EUR 11,445,000

Estimated project value EUR 6,000,000

Vessel(s) name: Alicudi M Lipari M Gelso M

(Total Loss)

Type: Chemical Tanker Chemical Tanker Chemical Tanker

DWT: 40,083 3,400 18,000 Yard: Shina, Korea Cant Nav, Italy Turkey

Built: 2004 2002 2008

Class: Italiano Navale Italiano Navale Italiano Navale

Flag: Italy Italy Italy


56

KEY FIGURES (Date of analysis 30.06.2017) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

THE VESSEL(S)

COMMERCIAL DETAILS


CASHFLOW FORECASTS

BALANCE 30.06.2017

COMMENTS

FINANCING

Established: October 2013 Estimated share value per 1 % N/A






Sudong Offshore DIS

Corporate management: Clarksons Platou Project Finance AS Disponent owner: Scantank AS Project price: USD 26,000,000 Paid in capital: USD 8,200,000 Uncalled capital: USD 0 Bareboat charterer: Ezra (Guaranteed by Emas Offshore) Time Charterer: N/A BB Charter: 10 + 2 years Daily BB rate: USD 9,200/d



The hire has not been paid since June 2016. There is considerable uncertainty connected to EMAS Offshore Pte. Ltd. ability to make up for their commitments. Ezra Holdings Limited, the guarantor for the charterer, filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code, as per 18th of March 2017.


Balloon: USD 0

Seller's credit USD 2,500,000

Term: 9 Years


Interest: Fixed


Cash USD N/A







Vessel(s) name: MV Lewek Swan

Type: AHTS

DWT: 12,240 Yard: Pan-Limited Shipyard

Built: 2005


Flag: Panama


57

Platou Shipinvest I DIS


PLATOU SHIPINVEST I DIS

Asset manager: Trond Hamre Established: October 2007

PROJECT PORTFOLIO

VESSELS AND CHARTERS

Project No of vessels Segment Built Charterer Type charter End of charter

European Venture DIS 2 AHTS-Offshore 2005/06 Group Servicii Petroliere Bareboat 2017 Industrial Shipping DIS 5 MPP-Dry bulk 2000 TransAtlantic Short Sea Bulk AB Bareboat 2019 Total 7

PROJECT SHARES AND DIVERSIFICATION

Project Currency Share in project Invested per 1 % Invested Share in portfolio Sold Agder Ocean Reefer KS USD 20,0% 81 685 1 633 690 3,2% Apr. 12 Agder Ocean Reefer II DIS USD 41,0% 69 195 2 837 000 5,6% Dec. 10 Bergshav Chemical KS EUR 7,0% 89 105 623 735 1,6% Jan. 12 Bukit Timah Offshore DIS USD 15,0% 292 700 4 390 500 8,7% Jun. 14 Celine I OBO DIS USD 6,0% 15 000 90 000 0,2% Feb. 08 Cement Ship II DIS USD 7,0% 66 000 462 000 0,9% Jan. 13 Chem Cosmos DIS USD 20,0% 116 339 2 326 789 4,6% Mar. 10 Chem Lily DIS USD 35,5% 133 816 4 750 475 9,4% Oct. 09 Dongguan Chemical Tankers DIS USD 5,0% 71 500 357 500 0,7% Nov. 16 European Venture DIS USD 8,0% 120 000 960 000 1,9% European Venture II DIS USD 2,0% 40 150 80 300 0,2% Jun. 10 European Venture III DIS USD 18,0% 57 200 1 029 600 2,0% Oct. 14 Global Cable KS USD 5,5% 35 000 192 500 0,4% Jul. 10 Global Cable II DIS USD 14,0% 103 786 1 453 000 2,9% Feb. 14 Golden Kamsar DIS USD 20,0% 231 000 4 620 000 9,2% Jun. 16 Industrial Shipping DIS EUR 10,0% 57 500 575 000 1,1% Marineline Chemical DIS USD 10,0% 187 100 1 871 000 3,7% Jul 14 Med Ethylene DIS USD 1,0% 67 000 67 000 0,1% Dec. 14 Multipurpose Bulkers DIS EUR 11,0% 68 227 750 500 1,9% May. 12 NFC Panamax DIS USD 10,5% 51 000 535 500 1,1% May. 08 Norwegian Product DIS USD 15,5% 108 500 1 681 750 3,3% Dec 14 Oceanlink Offshore I DIS USD 2,5% 26 500 66 250 0,1% Sep. 10 Oceanlink Offshore II DIS USD 4,5% 24 400 109 800 0,2% Sep. 10 Oceanlink Offshore III DIS USD 10,0% 48 450 484 500 1,0% Oct. 13 Oceanlink Reefer III DIS USD 6,0% 52 000 312 000 0,6% Dec 12 Orchard Offshore DIS USD 7,0% 90 000 630 000 1,2% Feb. 16 Panda Chemical Oil DIS USD 32,5% 63 500 2 063 750 4,1% Jan. 14 Panda Chemical II DIS USD 25,0% 18 150 453 750 0,9% Jan. 16 Pantheon Chemical DIS EUR 20,0% 36 775 735 500 1,9% Mar. 10 Raffles Offshore DIS USD 15,0% 140 000 2 100 000 4,2% Jun. 13 Ross Chemical II DIS USD 4,0 % 298000 1 192 000 2,4% Dec. 09 Ross Chemical IV DIS USD 20,0% 130 000 2 600 000 5,2% Dec. 10 SBS Tempest KS NOK 10,0% 370 000 3 700 000 1,2% Jun. 11 SBS Torrent KS NOK 8,5% 386 000 3 281 000 1,1% Oct 14 SBS Typhoon KS NOK 20,0% 425 000 8 500 000 2,8% May 14 Scandinavian Bulkers KS EUR 6,0% 63 250 379 500 1,0% Jan. 10 Short Sea Bulkers DIS EUR 20,0% 55 500 1 110 000 2,9% May. 12 Southern Chemical DIS EUR 12,5% 166 660 2 083 250 5,4% Dec. 16 Western Chemical DIS EUR 3,0% 106 000 318 000 0,8% Dec. 11 Total (USD equivalent) 50 478 951 100 %

58


Offshore 24 %

Tankers 29 % Container

16 %

Other 2 %

Bulk 29 %

Fleet per segment

Bareboat 68 %

Timecharter 16 %

Spot 16 %

Total Projects By Employment

Overview

$0

$200 000 000

$400 000 000

$600 000 000

$800 000 000

$1 000 000 000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD17

Capital by year 2004-2017 in USD

Project Price Paid in Uncalled

59

Head Office & Contacts

Axel Moltzau Aas Joint Managing Partner Dir tel.: +47 23 11 28 06 Mobile: +47 97 98 21 35 Email: [email protected]

Chris W. Svensson Joint Managing Partner Dir tel.: +47 23 11 28 07 Mobile: +47 95 18 96 49 Email: [email protected]

Trond Hamre Senior Partner Dir tel.: +47 23 11 28 09 Mobile: +47 92 88 76 50 Email: [email protected]

Truls Wiese Kolstad Project Broker Dir tel.: +47 23 11 28 15 Mobile: +47 93 04 84 33 Email: [email protected]

Lars Gjerde Head of Sales Dir tel.: +47 23 11 28 08 Mobile: +47 92 06 12 85 Email: [email protected]

Stian Skaug-Paulsen Senior Broker Dir tel.: +47 23 11 28 18 Mobile: +47 93 05 59 27 Email: [email protected]

Andreas W. Bang Broker Dir tel.: +47 23 11 28 17 Mobile: +47 40 45 50 41 Email: [email protected]

Lars Gjørvad Head of Compliance Dir tel.: +47 23 11 28 24 Mobile: +47 40 92 11 51 Email: [email protected]

Håkon Frederic Røsaker Project Broker Dir tel.: +47 23 11 28 05 Mobile: +47 93 02 96 24 Email: [email protected]

Benjamin Ryeng-Hansen Managing Director Dir tel.: +47 23 11 26 68 Mobile: +47 97 71 87 04 Email: [email protected]

Heidi Meyer Westby Office Manager Dir tel.: +47 23 11 28 12 Mobile: +47 93 40 20 02 Email: [email protected]

Eva Lise Bjerke Corporate Manager Dir tel.: +47 23 11 26 05 Mobile: +47 90 96 37 57 Email: [email protected]

Erik Kristian Andresen Corporate Manager Dir tel.: +47 23 11 28 54 Mobile: +47 92 42 06 18 Email: [email protected]

Elisabeth Relbo Secretary Dir tel.: +47 23 11 28 14 Mobile: +47 99 42 17 06 Email: [email protected]

Project Finance

Project Sales


Tine Bøe Eriksen Corporate Manager Dir tel.: +47 23 11 28 23 Mobile: +47 91 62 34 19 Email: [email protected]

Munkedamsveien 62 C

0270 Oslo, Norway

www.clarksons.com

Phone: +47 23 11 20 00 Fax: +47 23 11 23 27 Email: [email protected]


Steffen Lilleng Broker Dir tel.: +47 23 11 29 21 Mobile: +47 97 13 22 95 Email: [email protected]

1

MARKET REPORT Real Estate

2017

MARKET REPORT Real Estate

2017

2 2

03 Prologue 04 Clarksons Platou Real Estate AS 05 Transaction market – What comes after the perfect storm 06 AKERSVEIEN EIENDOMSINVEST AS 07 BREIVOLLBYEN EIENDOMSINVEST AS 08 GAMLE FORUSVEI INVEST AS 09 GRINI NÆRINGSPARK INVEST AS 10 HASLEVANGEN NÆRINGSPARK AS 11 HVAM EIENDOMSINVEST KS 12 NYE STATENS HUS AS 13 OFFENTLIG BYGG BODØ 1 AS 14 OFFENTLIG BYGG BODØ 2 AS 15 SAGA SENTER INVEST AS 16 TUNEJORDET EIENDOMSINVEST AS 17 TVERRVEIEN EIENDOM AS 18 Contacts

Table of contents

3

PROLOGUE

Dear Investors and Business Associates, Clarksons Platou Real Estate AS continued their strong growth from 2015 and concluded transactions for a gross value of approximately NOK 5.5 billion, placing us in the top tiers of the syndicate players in the Norwegian market. 2017 has started off very well and we hope the pace will keep up. In addition to an exceptional year in the transaction market, Clarksons Platou Property Management AS keeps growing and increasing their staff to manage the net inflow of new projects. The total team , including Clarksons Platou Project Sales, is now counting 15 dedicated employees. Going forward, Clarksons Platou Real Estate will focus mainly on both yielding and operational projects. We have already concluded 10 transactions in 2017 and are looking forward to provide our investors and business associates with interesting business opportunities in the years to come. We wish you all a great summer vacation! Kind regards, Clarksons Platou Real Estate Clarksons Platou Property Management Clarksons Platou Project Sales

CLARKSONS PLATOU REAL ESTATE Clarksons Platou Real Estate AS is one of the leading players within Norwegian real estate project finance. The Company is a fully integrated real estate corporate finance house specialized in sourcing, structuring and facilitating commercial real estate. The Company’s geographical focus is on the Norwegian and Swedish real estate market. CLARKSONS PLATOU PROPERTY MANAGEMENT Clarksons Platou Property Management AS is a professional manager and developer of industrial and commercial real estate. The Company offers highly qualified services within all types of management for sophisticated real estate investors, tenants and suppliers. The Company’s main focus is to contribute to value creation for the investors and the property itself by being hands-on throughout the lifespan of the investment. CLARKSONS PLATOU PROJECT SALES In late 2014, Clarksons Platou Project Finance established a new division designated to sourcing equity and increasing liquidity of project shares in the second hand market. The new focus on sales will allow us to further increase our project activity and deal size. The team consists of four brokers and a Compliance Officer. Increasing the liquidity in the second hand market will provide added value to our existing investors and opportunities for new investors to enter existing projects.

# Projects Established Segment Location Area (m2) Project price Equity Gross rent 20171 Akersveien Eiendomsinvest AS 20.11.2015 Office Oslo 16 763 714,0 264,0 36,2

2 Breivollbyen Eiendomsinvest AS 13.01.2016 Trade/Development Oslo 15 866 377,0 133,0 28,2

3 Gamle Forusvei Invest AS 15.12.2013 Office/Industry Stavanger 16 449 335,0 67,5 26,0

4 Grini Næringspark Invest 28.08.2015 Combination Oslo 11 920 141,9 46,0 11,6

5 Haslevangen Næringspark AS 15.12.2014 Office/Logistics Oslo 15 759 194,0 59,0 17,3

6 Hvam Eiendomsinvest AS 08.12.2011 Combination Hvam 11 826 171,5 43,0 15,3

7 Nye Statens Hus AS 31.03.2016 Office Lillehammer 25 051 764,0 280,0 43,0

8 Offentlig Bygg Bodø 1 AS 01.09.2016 Kontor Bodø 7 241 250,8 90,8 17,7

9 Offentlig Bygg Bodø 2 AS 01.09.2016 Kontor Bodø 7 736 250,8 90,8 18,8

10 Saga Senter Næring AS 12.05.2015 Trade Jessheim 8 763 225,0 60,0 16,2

11 Tunejordet Eiendomsinvest AS 02.07.2015 Fitness/Trade Sarpsborg 2 795 68,7 24,5 5,4

12 Tverrveien Eiendom AS 02.06.2008 Industry/Logistics Vestby 11 577 138,5 36,7 8,2

Total 151 746 3 631,1 1 195,2 244,0

Projects Under Management 2017 (all numbers presented in MNOK)

2

4

Clarksons Platou Real Estate AS

Clarksons Platou Real Estate Clarksons Platou Property Management Clarksons Platou Project Sales

Hans Martin Haug Senior Partner

Stian Nicolaus Managing Partner/Lawyer

Pål Sandal Senior Partner

Tom Bøhler Managing Partner

Thomas Ødegård Managing Director

Thomas Mangor-Jensen Corporate Manager

Kristin Vollan Corporate Manager

Lars Gjerde Head of Sales

Stian Skaug-Paulsen Senior Broker

Andreas W. Bang Broker

Steffen Lilleng Broker

Lars Gjørvad Head of Compliance

Carmen Valderrama Accountant

Julie Meldgaard Ranvig Accountant

Nils Årbu Head of Administration

5

TRANSACTION MARKET – WHAT COMES AFTER THE PERFECT STORM?

0

40

80

120

2003 2010 2017ETransaction volume

In 2016, Clarksons Platou Real Estate concluded 18 projects with an total investment value just above NOK 5, 5 billion, making 2016 the best financial year since inception in 2009. Furthermore, our subsidiary, Clarksons Platou Property Management, has also had a record-year, receiving a net inflow of four new projects in 2016. The Company has increased its revenues by almost 50% over the previous year and is now managing a portfolio consisting of 18 projects.

2016 was a great year for the Norwegian commercial real estate market, especially in regards to transactions. Overall, the number of deals increased with approximately 20% counting up to over 250 transactions, which is an all-time high. Despite a decreasing transaction volume (approx. NOK 73 billion) the number of transactions proved that the overall interest was strong. The interest from potential buyers was very present during 2016, but the lack of supply and willing sellers was seemingly the main reason for the end volume not being greater. One noticeable development in 2016 was a slight decrease in the share of foreign buyers as compared to 2015. Possible reasons for the decrease could be the continued rise in the prices in the Norwegian market or the reduction of large-scale transactions. However, the interest from foreign investors remains strong. The biggest net buyer group in 2016 was the syndicators who purchased for approx. NOK 6 billion. Another noticeable development in 2016 was the fact that the syndicators’ net purchases were significantly reduced relative to the norm. The momentum from Q4 in 2016 has continued throughout the first five months in 2017 and the Norwegian real estate market is still going strong. Clarksons Platou Real Estate has concluded 10 (6 buys/4 sales) transactions by the end of May, and we hope to continuously provide our investors and business associates with interesting business opportunities in 2017.

The last time the Norwegian central bank (Norges Bank) changed the key policy rate was approximately 15 months ago (17.03.2016). However, the bank margins started increasing in the end of 2015 and continued rising until around October, 2016. Since then, the development has been rather flat and per now (22.06.2017) the 10Y swap is 1,85%. During 2016, commercial banks such as BN Bank and Storebrand Bank rapidly liquidated their corporate lending practices which tightened the banking marked and put an upward pressure on the margins (and LTVs of 60-65%). Furthermore, we also experienced an increase in the loan margins by 30-50 bps in several of our projects under management. On the other side, the reduced competition among banks helped grow bond financing. Major projects with government-backed tenants on long contracts; especially close to city centers were popular among investors in 2016. We noticed a further decrease of interest towards high-risk conversion projects. Clarksons Platou Real Estate will continue with its core strategy, which is to offer a wide range of investment opportunities for the professional and sophisticated real-estate-investors. In 2016 we concluded projects with housing development potential (Fornebuveien), office buildings in the city center of Oslo (Akersveien 24-26), office buildings just outside Oslo (Evjetun 2) and 1100 acres of plot with great development opportunities (Oslo Airport City). Going forward, Clarksons Platou Real Estate will focus mainly on both yielding and operational projects. Regarding yielding projects, investors focus on annual equity dividend and buildings of high quality, preferably future built. We seek operational projects where an underlying cash flow can be combined with the opportunity to further develop and/or refurbish. We believe the transaction volume will keep its pace in 2017 alongside with a slightly increased rent in Oslo. Based on low global rates and the current investment climate, commercial property will remain attractive amongst foreign investors in the years to come.

NIBOR 3M Key Rate

6

Kurs Prosent

Asset Manager Corporate Manager Broker Report date 19.06.2017Tom Bøhler Thomas Ødegård Stian Nicolaus Status date 30.06.2017+47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 954 86 066 / 23 11 28 [email protected] [email protected] [email protected]

Company and Property Information Desktop forecastName Akersveien Eiendomsinvest AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Gross rent 36 214 279 37 113 386 38 034 971 38 979 595Founded 20.11.2015 Ownership cost -1 728 627 -2 204 832 -2 223 621 -2 726 059Property location Akersveien 26, Oslo Net rent before administration cost 34 485 652 34 908 553 35 811 350 36 253 536Lot 6 634 Administration cost -421 048 -431 574 -442 364 -453 423Building area 16 763 Net rent after administration cost 34 064 604 34 476 979 35 368 986 35 800 113Year of construction 2014 Net interest cost -17 480 000 -17 480 000 -17 480 000 -17 480 000Segment Office Tax estimate 0 0 0 0Tax balance building & lot (30.06.17) 325 743 491 Installments 0 0 0 0Estimated net cash and receivables (30.06.17) 10 158 033 Estimated cash flow 16 584 604 16 996 979 17 888 986 18 320 113Tax value (ligningsverdi) per share (31.12.16) 73,17 Estimated cash flow in % of paid-in-equity 6,3 % 6,4 % 6,8 % 6,9 %

Key Points Estimated value 30.06.2017Initial project yield 4,73 % Yield sensitivity 4,25 % 4,50 % 4,75 %Running project yield 4,77 % Estimated real estate value 811 427 102 766 347 818 726 013 722Date of initial payment 05.11.2015 Tax disadvantage 10,0 % -37 188 579 -32 680 651 -28 647 241Numbers of shares 1 000 000 Estimated value deficit (10%) 21 059 862 21 059 862 21 059 862Real estate purchase price (project price) 714 009 442 Net debt (inc cash and receivables) -460 621 300 -460 621 300 -460 621 300Paid in equity 264 000 000 NAV** 334 677 084 294 105 728 257 805 042Initial price per share 264Accumulated paid out equity 29 000 000Accumulated paid out per share 29,0 NAV per share (ex dividend) 335 294 258Accumulated paid out of invested equity (%) 11,0 % Real estate value per square meter 48 406 45 717 43 310Estimated average annual payout (2016-2021) 6,9 % Implied leverage 58 % 61 % 64 %Uncalled capital 0Gross rent per square meter including parking 2 160 Estimated profit on initial investment (ex dividend) 26,8 % 11,4 % -2,3 %

Estimated profit on initial investment (inc dividend) 37,8 % 22,4 % 8,6 %Estimated IRR if realized 30.06.17 22,5 % 13,7 % 5,4 %Estimated IRR 2017-2021 with exit-yield 4,25-4,75% 18,3 % 16,1 % 13,9 %

Tenants Financing 30.06.17Name Rent 2017 Duration (years) Nordic Trustee ASA Balance Maturity dateStatistisk Sentralbyrå 35 964 279 11,6 10Y bullet bond 460 000 000 20.11.2025Park Nordic AS 250 000 0,0Average duration as of 30.06.17 11,6

Comments Payout profile

Interest rate3,80 %

Akersveien Eiendomsinvest AS

The investors received a payout of MNOK 8,6 June 2017, which constitutes 3,3% of the invested equity. Clarksons Platou Project Sales can inform that the NAV per share was priced at NOK 297,5 (incl. dividend) in the last transacation in the second hand market.

29,0

8,6 17,1 17,4 18,1 18,8

11,0 % 14,2 %

20,7 %

27,3 %

34,2 %

41,3 %

11,0 %

3,3 % 6,5 % 6,6 % 6,9 % 7,1 %

6,9 % 8,0 %

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2016 2017E 2018E 2019E 2020E 2021E0

5

10

15

20

25

30

35

MN

OK

Payout estimates (in MNOK) Paid out (in MNOK)Cumulative paid out of invested equity (%) Annual payout of invested equity (%)Average annual payout total period (%) Envisaged average annual payout in IM (%)

**Estimated NAV assumes that existing bond financing is continued in a potential sale or that less than 50% of the stocks are sold in the second hand market.

7

Asset Manager Corporate Manager Broker Report date 19.06.2017Tom Bøhler Thomas Ødegård Hans Martin Haug Status date 30.06.2017+47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 900 66 966 / 23 11 28 [email protected] [email protected] [email protected]

Company and Property Information Desktop forecastName Breivollbyen Eiendomsinvest AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Gross rent 28 389 016 29 091 034 25 622 526 26 263 089Founded 13.01.2016 Ownership cost -1 484 170 -1 662 375 -1 525 369 -1 721 764Property location Breivollveien 27,29.31 & Smalvollveien 62 & 64 Net rent before administration cost 26 904 846 27 428 660 24 097 157 24 541 325Plot 31 802 Administration cost -572 500 -586 813 -601 483 -616 520Building area 15 866 Net rent after administration cost 26 332 346 26 841 847 23 495 674 23 924 805Year of construction 1986-2005 Net interest -7 509 698 -7 431 198 -7 267 614 -7 100 319Tax value building & lot (30.06.17) 158 071 242 Tax estimate -1 346 976 -4 601 971 -4 840 115 -4 173 492Estimated net cash and receivables (30.06.17) 21 383 319 Installments -7 320 000 -7 320 000 -7 320 000 -7 320 000Tax value per share as of 31.12.2016 82,8450 Estimated cash flow 10 155 672 7 488 678 4 067 946 5 330 995

Estimated cash flow in % of paid-in-equity 7,6 % 5,6 % 3,1 % 4,0 %

Segment Distribution Tenants

Rent 2017Infratek AS 17 268 468Starco Norge AS 7 572 496Others 1 833 264Plantasjen Norge AS 1 714 788Total 28 389 016

Key Points Estimated value 30.06.17Initial project yield 6,61 % Yield sensitivity 5,75 % 6,00 % 6,25 %Running project yield 6,98 % Estimated real estate value 462 726 282 443 446 020 425 708 179Date of initial payment 07.01.2016 Estimated development value 0 0 0Number of shares 1 330 000 Tax disadvantage 10 % -22 992 338 -21 064 312 -19 290 528Real estate purchase price (project price) 377 000 000 Net debt (inc cash and receivables) -222 268 046 -222 268 046 -222 268 046Paid in equity 133 000 000 NAV 217 465 898 200 113 662 184 149 605Initial price per share 100Accumulated paid out equity - Estimated value swap 578 000 578 000 578 000Accumulated paid out per share - NAV (inc swap) 218 043 898 200 691 662 184 727 605Accumulated paid out of invested equity (%) N/A NAV (inc swap) per share 163,9428 150,8960 138,8929Estimated average annual payout (2017-2020) N/A NAV (ex swap) per share 163,5082 150,4614 138,4583Gross rent per squaremeter including parking 1 789 Real estate value per square meter 29 165 27 949 26 831Uncalled capital 0 Implied leverage 50 % 53 % 55 %

Estimated profit on initial investment inc swap (ex div) 63,9 % 50,9 % 38,9 %Estimated profit on initial investment inc swap (inc div) 63,9 % 50,9 % 38,9 %Estimated IRR if realized 30.06.17 39,7 % 32,1 % 24,9 %Estimated IRR 2017-2020 with exit-yield 6,25-6,75% 18,9 % 16,8 % 14,9 %

Average Prices Expiry Profile Leasing Contracts & Average Duration

Financing 30.06.17SEB Balance Date Rate5Y Floating 124 745 000 01.04.2017 1,08 %5Y Fixed 117 425 000 13.01.2021 1,15 %Total outstanding debt 242 170 000Fixed margin 1,90 %Weighted average interest rate inc margin 2,97 %

Breivollbyen Eiendomsinvest AS

Starco Norge AS

26,7 %

Infratek AS 61 %

Plantasjen Norge AS

6,0 % Others 6,5 %

1 839

1 117

1 779

1 534

0200400600800

1 0001 2001 4001 6001 8002 000

Office Logistics Trade Average

Aver

age

pric

e pe

r m2

Office 52 %

Logistics 42 %

Trade 6 %

in m2

Office 55 % Logistics

27 %

Trade 6 %

Parking 11 %

Gas station

1 %

in NOK

16,80

0,86

9,29 7,87

1,14

3,3

0

0,5

1

1,5

2

2,5

3

3,5

4

0

2

4

6

8

10

12

14

16

18

2018 2019 2024 2026 Running lease Average duration

Annu

al g

ross

rent

in M

NO

K

Expiry year contracts

8


Company and Property Information Desktop forecastName Gamle Forusvei Invest AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Gross rent 26 199 240 26 985 217 27 794 774 28 628 617Founded 19.12.2013 Ownership cost / investment cost -795 133 -805 927 -816 991 -828 331Property location Gamle Forusvei 17-21 Net rent before administration cost 25 404 107 26 179 290 26 977 783 27 800 286Plot 5 000 Administration cost -542 128 -555 681 -569 573 -583 813Building area 16 449 Net rent after administration cost 24 861 979 25 623 609 26 408 210 27 216 474Year of construction 1985-2010 Net interest -12 325 622 -12 134 081 -10 315 442 -10 214 513Segment Office/industry/logistics Tax estimate -1 289 252 -1 753 288 -2 078 753 -2 809 294Estimated tax value (30.06.17) 156 470 841 Installments -5 362 164 -5 362 164 -5 362 164 -5 362 164Estimated net cash and receivables (30.06.17) 536 271 Net contribution from Gamle Forusvei 11 AS 0 0 0 0Tax value per share as of 31.12.16 12 232,21 Estimated cash flow 5 884 941 6 374 077 8 651 851 8 830 502


Segment Distribution Average Prices

Tenants Estimated value 30.06.17Name Rent 2017 Contract expires Yield sensitivity 6,75 % 7,00 % 7,25 %Roxar AS 26 199 240 31.12.2025 Estimated real estate value 376 357 141 362 915 814 350 401 476

Tax disadvantage 10 % -16 801 002 -15 456 870 -14 205 436Key Points Net debt (inc cash and receivables) -259 107 129 -259 107 129 -259 107 129Initial real estate yield 7,00 % NAV 100 449 009 88 351 815 77 088 911Running project yield 7,42 %Date of initial payment 10.12.2013 Estimated value swap -3 462 395 -3 462 395 -3 462 395Number of shares 1 000 NAV (inc swap) 96 986 615 84 889 421 73 626 516Real estate purchase price (project price) 335 000 000 NAV (inc swap) per share 96 987 84 889 73 627Paid in equity 67 500 000 NAV (ex swap) per share 100 449 88 352 77 089Initial price per share 67 500 Real estate value per square meter 22 880 22 063 21 302Accumulated paid out equity 32 500 000 Implied leverage 73 % 75 % 78 %Accumulated paid out per share 32 500Accumulated paid out of invested equity (%) 48,1 % Estimated profit on initial investment inc swap (ex div) 43,7 % 25,8 % 9,1 %Estimated average annual payout (2017-2021) 11,4 % Estimated profit on initial investment inc swap (inc div) 91,8 % 73,9 % 57,2 %Estimated average annual payout (2013-2021) 12,7 % Estimated IRR if realized (30.06.17) 24,4 % 20,7 % 16,9 %Uncalled capital 0 Estimated IRR 2017-2021 with exit-yield 6,50-7,00% 48,7 % 46,8 % 44,9 %Gross rent per square meter including outdoor areas 1 593

Financing 30.06.17 Payout profileSandnes Sparebank Balance Date RateFloating 128 638 918 31.12.2016 1,05 %Fixed 129 980 000 20.12.2018 2,45 %Outstanding debt 258 618 918Margin 3,00 %Weighted average interest rate inc margin 4,75 %

Comments

Gamle Forusvei Invest AS

For 2017 it is estimated that the investors will receive a total payout of 8,5% of invested equity.

The project's average annual payout 2017-2021 is estimated to 11,4% in the cash flow budget, and the investors will have received 101,2% of invested equity by the end of 2021.

12,00 12,00

6,50 5,14

6,37

8,65 8,83 8,83

17,8 % 17,8 %

9,6 % 7,6 % 9,4 % 12,8 % 13,1 % 13,1 %

17,8 %

35,6 %

45,2 % 52,8 %

62,3 %

75,1 %

88,2 %

101,2 %

12,7 % 11,4 %

0%

20%

40%

60%

80%

100%

120%

2014 2015 2016 2017E 2018E 2019E 2020E 2021E0

2

4

6

8

10

12

14

MN

OK

Paid out (in MNOK) Payout estimates (in MNOK)Annual payout of invested equity (%) Cumulative paid out of invested equity (%)Average annual payout total period (%) Envisaged average annual payout in IM (%)

Office 74 %

Logistics 21 %

Industry 5 %

in NOK

Office 62 %

Logistics 34 %

Industry 4 %

in m2

1 859

978

2 333

1 575

0

500

1 000

1 500

2 000

2 500

Office Logistics Industry Average

Aver

age

pric

e pe

r m2

9

Asset Manager Corporate Manager Broker Report date 20.06.2017Tom Bøhler Thomas Ødegård Hans Martin Haug Status date 30.06.2017+47906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 900 66 966 / 23 11 28 [email protected] [email protected] [email protected]

Company and Property Information Desktop forecast 1,5 %Name Grini Næringspark Invest AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Normalized gross rent 11 685 223 11 945 554 12 228 056 12 471 350Founded 28.08.2015 Actual gross rent 11 732 255 11 945 554 12 228 056 12 471 350Property location Grini Næringspark 8 Ownership cost -867 869 -888 069 -908 775 -929 998Lot 15 344 Net rent before administration cost 10 864 386 11 057 484 11 319 281 11 541 352Building area 11 920 Administration cost -525 788 -538 933 -552 406 -566 216Year of construction 1975 Net rent after administration cost 10 338 598 10 518 551 10 766 875 10 975 136Estimated tax value (30.06.17) 124 709 529 Net interest -3 346 966 -3 287 895 -3 211 931 -3 114 336Estimated net cash and receivables (30.06.17) 2 090 233 Tax estimate 0 -200 389 -772 956 -919 229Tax value per share as of 31.12.16 462,1744 Installments -2 350 000 -3 000 000 -3 000 000 -3 000 000

Estimated cash flow 4 641 632 4 030 267 3 781 988 3 941 571Estimated cash-flow in % of paid-in-equity 10,1 % 8,8 % 8,2 % 8,6 %


Name Rent 2017Leo's Lekeland Norge AS 3 754 481Others 2 757 126Vianor AS 2 211 747Black Cat Kaffe og Tehus 1 633 594Miki Trading AS 1 328 275Total 11 685 223

Key Points Estimated value 30.06.17Initial project yield 6,63 % Yield sensitivity 6,00 % 6,25 % 6,50 %Running project yield 7,25 % Estimated real estate value 180 289 238 173 077 668 166 420 835Date of total initial payment 14.08.2015 Estimated value development value 0 0 0Number of shares 100 000 Tax disadvantage 10 % -5 125 548 -4 404 391 -3 738 707Real estate purchase price (project price) 141 868 000 Net debt (inc cash and receivables) -91 880 524 -91 880 524 -91 880 524Paid in equity 46 000 000 NAV 83 283 166 76 792 753 70 801 603Initial price per share 460Accumulated paid out equity 9 200 000 Estimated value swap -371 281 -371 281 -371 281Accumulated paid out per share 92 NAV (inc swap) 82 911 885 76 421 472 70 430 322Accumulated paid out of invested equity (%) 20,0 % NAV (inc swap) per share 829 764 704Estimated average annual payout 2015-2021 8,5 % NAV (ex swap) per share 833 768 708Estimated average annual payout 2017-2021 8,8 % Real estate value per square meter 15 125 14 520 13 961Uncalled capital 0 Implied leverage 53 % 55 % 57 %Gross rent per square meter including parking 980

Estimated return on initial investment inc swap (ex div) 80,2 % 66,1 % 53,1 %Estimated return on initial investment inc swap (inc div) 100,2 % 86,1 % 73,1 %Estimated IRR if realized 30.06.17 47,4 % 41,6 % 36,1 %Estimated IRR 2017-2021 with exit-yield 6,75-7,25% 31,5 % 30,1 % 28,6 %


Financing 30.06.17 Payout profileSparebanken Øst Balance Date Rate5Y Floating 61 570 757 31.03.2017 1,17 %5Y Fixed 32 400 000 28.08.2020 1,55 %Outstanding debt 93 970 757Margin 2,25 %Weighted average interest rate inc margin 3,55 %

Comments

Grini Næringspark Invest AS

The investors received a payout of MNOK 2,0 in June 2017, which constitutes 4,4% of invested equity. During 2017 it is estimated that the investors will receive another MNOK 2,4 in the end of Q4.

1 013

798

1 075

926 949

0

200

400

600

800

1 000

1 200

Office Logistics Activitycentre

Industry Average

Aver

age

pric

e pe

r m2

Leo's Lekeland Norge AS

32,1 %

Black Cat Kaffe og

Tehus 14,0 % Miki Trading AS

11,4 %

Vianor AS 18,9 %

Others 24 %

Office 23 %

Logistics 30 %

Activity centre 28 %

Industry 17 %

Vacant 192 2 %

in m2

Office 25 %

Logistics 26 %

Activity centre 32 %

Industry 17 %

in NOK

7,20 4,40 4,02 3,78 3,94 4,18

15,7 %

9,6 % 8,7 % 8,2 % 8,6 % 9,1 % 15,7 %

25,2 %

33,9 %

42,2 %

50,7 %

59,8 %

8,5 % 8,6 %

0%

10%

20%

30%

40%

50%

60%

70%

2016 2017E 2018E 2019E 2020E 2021E0

1

2

3

4

5

6

7

8

MN

OK


0,24

1,39

0,27

1,37

5,91

2,14

0,36

6,3

0

1

2

3

4

5

6

7

0

1

2

3

4

5

6

7

2017 2018 2019 2020 2025 2026 Runninglease

Averageduration

Annu

al g

ross

rent

in M

NO

K


10

Asset Manager Corporate Manager Broker Report date 20.06.2017Tom Bøhler Thomas Ødegård Stian Nicolaus Status date 30.06.2017+47906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 954 86 066 / 23 11 28 [email protected] [email protected] [email protected]

Company and Property Information Desktop forecast 1,5 %Name Haslevangen Næringspark AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Potential gross rent 19 891 496 20 388 783 20 898 503 21 420 966Founded 15.12.2014 Acutal gross rent 17 992 441 18 407 266 18 867 447 19 339 134Property location Eikenga 9,11,13,15,17, Oslo Ownership cost / investment cost -2 997 313 -2 844 709 -3 457 665 -3 657 160Lot 15 100 Net rent before administration cost 14 995 128 15 562 557 15 409 782 15 681 974Building area 15 759 Administration cost -652 740 -593 039 -607 865 -623 062Year of construction 1960-2006 Net rent after administration cost 14 342 388 14 969 517 14 801 917 15 058 912Estimated tax value (30.06.17) 90 025 467 Net interest -4 626 990 -4 530 330 -4 433 670 -4 374 904Estimated net cash and receivables (30.06.17) 1 132 489 Tax estimate 0 0 0 0Tax value per share as of 31.12.16 637,309 Installments -2 700 000 -2 700 000 -2 700 000 -2 700 000

Estimated cash flow 7 015 398 7 739 187 7 668 247 7 984 008Estimated cash flow in % of paid-in-equity 11,9 % 13,1 % 13,0 % 13,5 %


Name Rent 2017Sodexo AS 4 982 750NAF AS 4 719 766Others 4 067 263Thales Norway AS 1 927 266Ivar Lærum AS 1 240 331Rørentreprenørenes Felleskontor 1 103 898

Key Points Estimated value 30.06.17Initial project yield 7,31 % Yield sensitivity 6,25 % 6,50 % 6,75 %Running project yield 7,52 % Estimated real estate value 243 903 371 234 522 472 225 836 455Date of total initial payment 04.12.2014 Estimated value vacant area 21 828 681 20 841 232 19 926 927Number of shares 100 000 Tax disadvantage 10 % -15 035 840 -13 999 005 -13 038 973Real estate purchase price (project price) 194 000 000 Net debt (inc cash and receivables) -128 755 939 -128 755 939 -128 755 939Paid in equity 59 000 000 NAV 121 940 273 112 608 760 103 968 470Initial price per share 590Accumulated paid out equity 18 500 000 Estimated value swap -133 500 -133 500 -133 500Accumulated paid out per share NAV (inc swap) 121 806 773 112 475 260 103 834 970Accumulated paid out of invested equity (%) NAV (inc swap) per share 1 218 1 125 1 038Estimated average annual payout 2014-2021 14,1 % NAV (ex swap) per share 1 219 1 126 1 040Estimated average annual payout 2017-2021 13,4 % Real estate value per square meter 16 862 16 204 15 595Potential running project yield 8,35 % Implied leverage 51 % 53 % 55 %Uncalled capital 0Gross rent per square meter including parking 1 145 Estimated return on initial investment inc swap (ex div) 106,5 % 90,6 % 76,0 %

Estimated return on initial investment inc swap (inc div) 137,8 % 122,0 % 107,3 %Estimated IRR if realized 30.06.17 44,3 % 40,3 % 36,5 %Estimated IRR 2017-2021 with exit-yield 6,50-7,00% 38,9 % 37,4 % 36,0 %

Average Prices of Leased Premises Expiry Profile Leasing Contracts & Average Duration

Financing 30.06.17 Payout profileSparebank 1 Balance Date Rate5Y Floating 64 800 000 01.01.2020 1,12 %5Y Fixed 64 125 000 15.01.2020 1,32 %Outstanding debt 128 925 000Margin 2,35 %Weighted average interest rate inc margin 3,57 %

Haslevangen Næringspark AS

1 407

917 1 004

789

1 157

0

200

400

600

800

1 000

1 200

1 400

1 600

Office Logistics Industry Fitness Average

Aver

age

pric

e pe

r m2

NAF AS 26 %

Sodexo AS 28 % Rørentrepren

ørenes Felleskontor

6 %

Thales Norway AS

11 %

Ivar Lærum AS

7 %

Others 22 %

Office 42 %

Logistics 30 %

Industry 11 %

Fitness 5 % Vacant

1800 12 %

in m2

Office 48 %

Logistics 22 %

Industry 9 %

Fitness 3 %

Parking 18 %

in NOK

10,00 4,00 8,19 7,74 7,67 7,98 7,83

13,9 % 13,9 % 13,1 % 13,0 % 13,5 % 13,3 % 16,9 %

23,7 %

37,6 %

50,7 %

63,7 %

77,3 %

90,5 %

14,1 % 13,0 %

0%10%20%30%40%50%60%70%80%90%100%

2015 2016 2017E 2018E 2019E 2020E 2021E0

2

4

6

8

10

12

MN

OK


0,11

5,46

0,54

2,00

4,73

0,43

4,21

0,57

5,4

0

1

2

3

4

5

6

0

1

2

3

4

5

6

2017 2018 2019 2021 2022 2024 2027 Runninglease

Averageduration

Annu

al g

ross

rent

in M

NO

K


11


Company and Property Information Desktop forecastName Hvam Eiendomsinvest KS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Potential gross rent fully leased 15 218 809 15 599 279 15 989 261 16 388 993Founded 22.12.2011 Actual gross rent 13 685 809 14 453 315 14 814 647 15 185 014Property location Jogstadveien 25 Ownership cost/investment cost -3 465 382 -3 427 894 -2 160 997 -2 159 822Lot Leasehold Net rent before administration cost 10 220 427 11 025 420 12 653 651 13 025 191Building area 11 826 Administration cost -520 918 -533 941 -547 289 -560 972Year of construction 2011 Net rent after administration cost 9 699 509 10 491 479 12 106 361 12 464 220Estimated tax value (30.06.17) 115 215 998 Net interest -5 885 566 -5 716 434 -4 408 281 -4 280 344Estimated net cash and receivables (30.06.17) -318 362 Installments -3 500 000 -3 500 000 -3 500 000 -3 500 000

Estimated cash-flow 313 944 1 275 045 4 198 080 4 683 876Estimated cash flow in % of paid-in-equity 0,7 % 3,0 % 9,8 % 10,9 %*Due to the fact that the project's participants may be in different tax positions, tax estimates are excluded from the forecast


Name Rent 2017GK Norge AS 3 364 182Ahlsell Norge AS 2 256 427Eikmaskin AS 2 224 863Snap Drive AS 2 138 719Nr1 Trykk AS 2 125 501Lubeco AS 1 576 117

Key Points Estimated value 30.06.17Initial real estate yield 8,0 % Yield sensitivity 6,75 % 7,00 % 7,25 %Running project yield 6,8 % Estimated real estate value 180 664 124 174 211 834 168 204 529Date of initial payment 20.12.2011 Compensation step-in-rent -411 275 -411 275 -411 275Number of shares (%) 100 Estimated value vacant areas 17 456 481 16 754 821 16 101 552Real estate purchase price (project price) 171 537 000 Tax disadvantage 10 % -8 290 461 -7 458 686 -6 792 628Paid in equity 43 000 000 Net debt (incl. cash and receivables) -117 947 361 -117 947 361 -117 947 361Initial price per 1% 430 000 NAV 71 471 509 65 149 333 59 154 816Accumulated paid out equity 10 450 000Accumulated paid out per 1% 104 500 Estimated value swap 31.12.16 -2 558 514 -2 558 514 -2 558 514Accumulated paid out of invested equity (%) 24,3 % NAV (inc swap) 68 912 994 62 590 819 56 596 302Estimated average annual payout (2017-2021) 6,1 % NAV (inc swap) per 1% 689 130 625 908 565 963Estimated average annual payout (2012-2021) 6,1 % NAV (ex swap) per 1% 714 715 651 493 591 548Uncalled capital 0 Real estate value per square meter 16 753 16 148 15 585Potential running project yield if fully leased 6,4 % Implied leverage 63 % 65 % 68 %

Estimated profit on initial investment inc swap (ex div) 60,3 % 45,6 % 31,6 %Estimated profit on initial investment inc swap (inc div) 84,6 % 69,9 % 55,9 %Estimated IRR if realized (30.06.17) 12,9 % 11,1 % 9,3 %

Average Prices Expiry Profile Leasing Contracts and Average Duration

Financing 30.06.17 Payout ProfileStorebrand Bank ASA Balance Date RateFloating 60 125 000 22.12.2018 1,18 %7Y fixed 57 375 000 27.12.2018 3,37 %Outstanding debt 117 500 000Margin 2,80 %Weighted average interest rate inc margin 5,07 %

Hvam Eiendomsinvest KS

Office 42 %

Logistics 51 %

Industry 7 %

in NOK

Office 36 %

Logistics 45 %

Industry 6 % Vacant

13 %

in m2

Ahlsell Norge AS

16 %

Nr1 Trykk AS 16 %

Eikmaskin AS 16 %

GK Norge AS 25 %

Lubeco AS 12 %

Snap Drive AS

16 %

1 365 1 212

1 566

1 299

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800


Aver

age

pric

e pe

r m2

2,13

5,94 5,62

4,2

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

0

1

2

3

4

5

6

7

2019 2021 2022 Average duration

Annu

al g

ross

rent

in M

NO

K


6,45 4,00

3,30

4,68

5,18

15,0 % 9,3 %

7,7 % 10,9 % 12,0 %

15,0 %

24,3 %

32,0 %

42,9 %

54,9 %

10,4 %

0%

10%

20%

30%

40%

50%

60%

2013 2015 2019E 2020E 2021E0

1

2

3

4

5

6

7

MN

OK


12


Company and Property Information Desktop forecastName Nye Statens Hus AS 2017E 2018E 2019E 2020EAddress co/ Clarksons Platou Property Management AS Annualized gross rent 45 167 764 46 296 958 47 454 382 48 640 742Founded 29.04.2016 Actual gross rent 42 964 835 46 296 958 47 454 382 48 640 742Property location Industrigata 1, Lillehammer Ownership / establishment cost -2 928 728 -2 986 490 -3 011 414 -3 036 961Lot 9 000 Net rent before administration cost 40 036 107 43 310 468 44 442 968 45 603 780Building area inclusive indoor parking 25 051 Administration cost -516 550 -529 464 -542 700 -556 268Year of construction 2015 Net rent after administration cost 39 519 557 42 781 004 43 900 268 45 047 513Segment Office Net interest cost -21 000 000 -21 000 000 -21 000 000 -21 000 000Tax balance building & lot (30.06.17) 479 173 544 Tax estimate 0 0 0 0Estimated net cash and receivables (30.06.17) 1 978 278 Installments 0 0 0 0Tax value per share as of (31.12.16) 92,22 Estimated cash flow 18 519 557 21 781 004 22 900 268 24 047 513


Key Points Estimated value 30.06.17Initial project yield 5,45 % Yield sensitivity 4,75 % 5,00 % 5,25 %Running project yield 5,46 % Estimated real estate value 889 242 864 844 780 720 804 553 067Date of initial payment 10.03.2016 Tax disadvantage 10,0 % -25 602 721 -21 156 507 -17 133 741Numbers of shares 1 000 000 Net debt (inc cash and receivables) -501 638 389 -501 638 389 -501 638 389Real estate purchase price (project price) 764 143 099 NAV* 362 001 754 321 985 825 285 780 937Paid in equity 280 000 000Initial price per share 280Accumulated paid out equity 45 000 000 NAV per share 362 322 286Accumulated paid out per share 45 Real estate value per square meter 35 497 33 722 32 117Accumulated paid out of invested equity (%) 16,1 % Implied leverage 58 % 61 % 64 %Estimated average annual payout (2017-2021) 9,3 %Uncalled capital 0 Estimated profit on initial investment (ex dividend) 29,3 % 15,0 % 2,1 %Gross rent per square meter including parking 1 803 Estimated profit on initial investment (inc dividend) 45,4 % 31,1 % 18,1 %

Estimated IRR if realized 30.06.17 34,4 % 23,9 % 14,2 %

Tenants Financing 30.06.17Name Rent 2017 Rent per sqm Duration Nordic Trustee ASA Balance Maturity dateStatens Vegvesen 26 330 857 2 226 18,4 15Y bullet bond 500 000 000 29.04.2031Statens Vegvesen - Bygg C 6 356 278 2 169 18,4Fylkesmannen 10 196 258 2 139 18,3Fylkesnemda 2 284 371 2 139 18,3Weighted avg / duration 45 167 764 2 194 18,4


Interest rate4,20 %

Nye Statens Hus AS

It is estimated that the investors will receive a payout of MNOK 36,5 in Q4 2017, which consitutes 13,0% of invested equity.

Clarksons Platou Project Sales can inform that the NAV per share was priced to NOK 324 in the last transaction performed in the secondary market.

30,00 36,50 22,15 22,90 24,05 25,22

23,8 %

31,7 %

39,8 %

48,4 %

57,4 %

10,7 % 13,0 %

7,9 % 8,2 % 8,6 % 9,0 % 9,6 % 10,0 %

0%

10%

20%

30%

40%

50%

60%

70%

2016 2017E 2018E 2019E 2020E 2021E0

5

10

15

20

25

30

35

40

MN

OK

Payout estimates (in MNOK) Paid out (in MNOK)Cumulative paid out of invested equity (%) Annual payout of invested equity (%)Average annual payout total period (%) Envisaged average annual payout in IM (%)

*Estimated NAV assumes that existing bond financing is continued in a potential sale or that less than 50% of the stocks are sold in the secondary market.

13

Asset Manager Corporate Manager Broker Report date 19.06.2017Tom Bøhler Thomas Ødegård Pål Sandal Status date 30.06.2017+47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 938 80 083 / 23 11 28 [email protected] [email protected] [email protected]

Company and Property Information Desktop forecastName Offentlig Bygg Bodø 1 AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Gross rent 17 693 545 18 048 047 18 409 655 18 778 511Founded 01.09.2016 Ownership cost -3 000 843 -3 062 189 -3 125 069 -3 189 521Property location Sjøgata 45/47, Bodø Net rent before administration cost 14 692 702 14 985 858 15 284 586 15 588 990Lot 1 207 Administration cost -657 813 -674 258 -691 115 -708 393Building area inclusive indoor parking 7 241 Net rent after administration cost 14 034 889 14 311 600 14 593 471 14 880 598Year of construction 2011 Net interest cost -6 160 000 -6 160 000 -6 160 000 -6 160 000Segment Office Tax estimate 0 0 0 0Tax balance building & lot (30.06.17) 131 609 945 Installments 0 0 0 0Estimated net cash and receivables (30.06.17) 9 288 690 Estimated cash flow 7 874 889 8 151 600 8 433 471 8 720 598Tax value per share as of 31.12.16 0,5510 Estimated cash flow in % of paid-in-equity 8,7 % 9,0 % 9,3 % 9,6 %

Key Points Estimated value 30.06.17Initial project yield 5,56 % Yield sensitivity 5,25 % 5,50 % 5,75 %Running project yield 5,65 % Estimated real estate value 279 860 990 267 140 036 255 525 252Date of initial payment 15.08.2016 Value deficit (10%) 5 991 888 5 991 888 5 991 888Numbers of shares 90 750 000 Tax disadvantage 10,0 % -12 854 376 -11 582 281 -10 420 802Real estate purchase price (project price) 250 055 995 Net debt (inc cash and receivables) -155 878 866 -155 878 866 -155 878 866Paid in equity 90 750 000 NAV* 117 119 636 105 670 778 95 217 472Initial price per share 1,0000Accumulated paid out equity - Accumulated paid out per share - NAV per share 1,2906 1,1644 1,0492Accumulated paid out of invested equity (%) - Real estate value per square meter 38 649 36 893 35 289Estimated average annual payout (2017-2021) 9,6 % Implied leverage 57 % 60 % 62 %Uncalled capital 0Gross rent per square meter including parking 3 013 Estimated profit on initial investment (ex dividend) 29,1 % 16,4 % 4,9 %

Estimated profit on initial investment (inc dividend) 29,1 % 16,4 % 4,9 %Estimated IRR if realized 30.06.17 33,9 % 19,0 % 5,7 %Estimated IRR 2017-2021 with exit-yield 5,25-5,75% 16,8 % 15,0 % 13,2 %

Tenants Financing 30.06.17Name Rent 2017 Rent per sqm Duration Nordic Trustee ASA Balance Maturity date Interest rateLuftsfartstilsynet 17 567 341 2 891 14,0 10Y bullet bond 160 000 000 01.09.2026 3,85 %Breeze AS 126 204 Parking 14,2Total / duration 17 693 545 14,0


Offentlig Bygg Bodø 1 AS

It is estimated that the investors will receive a payout of approx. MNOK 9 in Q4 2017, which consitutes 9,9% of invested equity. The minimum cash balance is set to MNOK 1 in the cash flow budget.

The average annual payout capacity 2017-2021 is estimated to 9,4% in the cash flow budget.

Clarksons Platou Project Sales can inform that price per share was NOK 1,11 in the last transaction (Dec 2016) performed in the secondary market.

9,08 8,15 8,43 8,72 9,01

19,0 %

28,3 %

37,9 %

47,8 %

10,0 %

9,0 % 9,3 % 9,6 % 9,9 % 9,6 % 10,2 %

0%

10%

20%

30%

40%

50%

60%

2017E 2018E 2019E 2020E 2021E0,01,02,03,04,05,06,07,08,09,0

10,0

MN

OK

Payout estimates (in MNOK) Cumulative paid out of invested equity (%)Annual payout of invested equity (%) Average annual payout total period (%)Envisaged average annual payout in IM (%)

*Estimated NAV assumes that existing bond financing is continued in a potential sale or that less than 50% of the stocks are sold in the secondary market.

14


Company and Property Information Desktop forecastName Offentlig Bygg Bodø 2 AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Gross rent 18 315 026 17 410 509 17 845 771 18 291 916Founded 01.09.2016 Ownership cost -1 410 750 -1 429 969 -1 449 668 -1 469 860Property location Sjøgata 41/43, Bodø Net rent before administration cost 16 904 276 15 980 540 16 396 103 16 822 056Lot 2 276 Administration cost -499 690 -512 182 -524 987 -538 111Building area inclusive indoor parking 7 736 Net rent after administration cost 16 404 586 15 468 358 15 871 116 16 283 944Year of construction 2009 Net interest cost -5 408 275 -5 088 500 -5 112 850 -5 044 500Segment Office Tax estimate 0 0 0 -71 860Tax balance building & lot (30.06.17) 140 653 687 Installments -10 000 000 -2 000 000 -4 000 000 -4 000 000Estimated net cash and receivables (30.06.17) 1 618 734 Estimated cash flow 996 311 8 379 858 6 758 266 7 167 585Tax value per share as of 31.12.16 0,7782 Estimated cash flow in % of paid-in-equity 1,1 % 9,2 % 7,4 % 7,9 %

Expiry Profile Leasing Contracts & Average Duration Tenants

Name Rent 2017NAV Nordland 11 984 196Bodø kommune 4 643 592Sjøgata 45/47 AS 1 772 219Designa Bodø AS 277 303Christian Jakhelln AS 80 771Total 18 758 081

Key Points Estimated value 30.06.17Initial project yield 6,60 % Yield sensitivity 6,25 % 6,50 % 6,75 %Running project yield 6,77 % Estimated real estate value 277 557 296 266 882 015 256 997 496Date of initial payment 15.08.2016 Value deficit (10%) 1 934 224 1 934 224 1 934 224Numbers of shares 90 750 000 Tax disadvantage 10,0 % -11 955 942 -10 888 414 -9 899 962Real estate purchase price (project price) 249 014 898 Net debt (inc cash and receivables) -159 282 645 -159 282 645 -159 282 645Paid in equity 90 750 000 NAV 108 252 933 98 645 181 89 749 114Initial price per share 1,0000Accumulated paid out equity 10 400 000 NAV per share 1,1929 1,0870 0,9890Accumulated paid out per share - Real estate value per square meter 35 879 34 499 33 221Accumulated paid out of invested equity (%) 0,11 Implied leverage 60 % 62 % 64 %Estimated average annual payout (2017-2021) 12,3 %Uncalled capital 0 Estimated profit on initial investment (ex dividend) 19,3 % 8,7 % -1,1 %Gross rent per square meter including parking 2 647 Estimated profit on initial investment (inc dividend) 30,7 % 20,2 % 10,4 %

Estimated IRR if realized 30.06.17 36,1 % 23,5 % 12,0 %Financing 30.06.17 Estimated IRR 2017-2021 with exit-yield 6,25-6,75% 12,1 % 10,6 % 9,2 %DnB Bank ASA Balance Maturity date Interest rate5Y floating 160 000 000 01.09.2021 1,14 %Margin 2,25 %Interest rate incl. margin 3,39 %


Offentlig Bygg Bodø 2 AS

The average annual payout capacity 2017-2021 is estimated to 10,9% in the cash flow budget.

Clarksons Platou Project Sales can inform that price per share was NOK 1,11 in the last transaction (Dec 2016) performed in the secondary market.

25,00 9,28 8,46 7,17 5,92

37,8 %

47,1 %

55,0 %

61,5 %

27,5 %

10,2 %

9,3 % 7,9 % 6,5 %

12,3 %

0%

10%

20%

30%

40%

50%

60%

70%

2017E 2018E 2019E 2020E 2021E0

5

10

15

20

25

30

MN

OK

Payout estimates (in MNOK) Cumulative paid out of invested equity (%)Annual payout of invested equity (%) Average annual payout total period (%)Envisaged average annual payout in IM (%)

NAV Nordland

64 %

Sjøgata 45/47 AS 9 %

Bodø kommune

25 %

Others 2 %

1,18 0,28

15,43

0,08 0,42 1,37

6,5

0

1

2

3

4

5

6

7

02468

1012141618

2018 2020 2024 2026 2030 Runninglease

Averageduration

Annu

al g

ross

rent

in M

NO

K


15


Company and Property Information Desktop forecast 1,5 %Name Saga Senter Invest AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Normalized gross rent 16 331 320 16 739 603 17 158 093 17 587 045Founded 12.05.2015 Actual gross rent 15 826 597 16 434 095 17 158 093 17 587 045Property location Dampsaga Alle 2,4,6,20, Jessheim Ownership cost -836 985 -867 654 -903 750 -926 344Lot 9 163 Net rent before administration cost 14 989 612 15 566 440 16 254 343 16 660 701Building area 8 763 Administration cost -459 328 -450 547 -460 812 -471 334Year of construction 2013 Net rent after administration cost 14 530 283 15 115 893 15 793 530 16 189 367Estimated tax value (30.06.17) 137 305 258 Net interest -5 956 455 -5 628 686 -5 563 607 -5 479 134Estimated net cash and receivables (30.06.17) 3 095 444 Tax estimate -1 039 212 -1 047 459 -1 329 718 -1 565 472Tax value per share as of 31.12.16 348,3703 Installments -3 357 144 -3 357 144 -3 357 144 -3 357 144

Estimated cash flow 4 177 472 5 082 603 5 543 061 5 787 617Estimated cash flow in % of paid-in-equity 7,0 % 8,5 % 9,2 % 9,6 %


Rent 2017Pes Jessheim AS (Spenst) 6 422 887Villmarksbutikken AS 5 344 611Rema Franchise Norge AS 2 135 436Jessheim Byutvikling AS 1 233 657Jessheim Dyreklinikk AS 690 006

1,5 %

Key Points Estimated value 30.06.17Initial project yield 6,38 % Yield sensitivity 5,75 % 6,00 % 6,25 %Running project yield 6,68 % Estimated real estate value 269 466 688 258 238 909 247 909 353Date of total initial payment 04.05.2015 Compensation step-in rent -1 019 994 -1 019 994 -1 019 994Number of shares 100 000 Tax disadvantage 10 % -11 660 574 -10 537 797 -9 504 841Real estate purchase price (project price) 225 000 000 Net debt (incl. cash and receivables) -156 722 931 -156 722 931 -156 722 931Paid in equity 60 000 000 NAV 100 063 188 89 958 187 80 661 586Initial price per share 600Accumulated paid out equity 11 753 000 Estimated value swap -506 300 -506 300 -506 300Accumulated paid out per share 118 NAV (inc swap) 99 556 888 89 451 887 80 155 286Accumulated paid out of invested equity (%) 19,6 % NAV (inc swap) per share 996 895 802Estimated average annual payout (2015-2021) 9,2 % NAV (ex swap) per share 1 001 900 807Estimated average annual payout (2017-2021) 9,1 % Real estate value per square meter 30 751 29 469 28 290Uncalled capital 0 Implied leverage 61 % 64 % 66 %

Estimated return on initial investment inc swap (ex div) 65,9 % 49,1 % 33,6 %Estimated return on initial investment inc swap (inc div) 85,5 % 68,7 % 53,2 %Estimated IRR if realized 30.06.17 35,5 % 29,4 % 23,5 %Estimated IRR 2017-2021 with exit-yield 5,75-6,25% 26,8 % 25,5 % 24,1 %

Average Prices Expiry Profile Leasing Contracts and Average Duration

Financing 30.06.17 Payout ProfileSparebank 1 Balance Date Rate7Y Floating 17 624 998 01.04.2017 1,17 %10Y Floating 61 887 500 01.04.2017 1,17 %5Y Fixed 79 612 500 21.08.2020 1,42 %Outstanding debt 159 124 998Margin 2,29 %Weighted average interest rate inc margin 3,59 %

Comments

Saga Senter Invest AS

Office 12 %

Trade 88 %

in NOK

Office 14 %

Trade 86 %

in m2 Jessheim

Byutvikling AS 8 %

Jessheim Dyreklinikk

AS 4 %

Pes Jessheim

AS (Spenst)

41 % Rema

Franchise Norge AS

13 %

Villmarksbutikken AS

34 %

1 546

1 849 1 806

1 350

1 400

1 450

1 500

1 550

1 600

1 650

1 700

1 750

1 800

1 850

1 900

Office Trade Average

Aver

age

pric

e pe

r m2

1,23

6,42

7,48

0,69

13,7

0

2

4

6

8

10

12

14

16

0

1

2

3

4

5

6

7

8

2025 2028 2033 2034 Average duration

Annu

al g

ross

rent

in M

NO

K


4,00 4,90 4,74 5,08 5,54 5,79 6,13

8,2 % 7,9 % 8,5 % 9,2 % 9,6 % 10,2 %

6,7 %

14,8 %

22,7 %

31,2 %

40,4 %

50,1 %

60,3 %

9,2 % 11,0 %

0%

10%

20%

30%

40%

50%

60%

70%

2015 2016 2017E 2018E 2019E 2020E 2021E0

1

2

3

4

5

6

7

MN

OK


In April 2017 the investors received a payout of MNOK 2,858 from the project, which consitutes 4,8% of invested equity. The project's average annual payout 2017-2021 is estimated to 9,1% in the cash flow budget with the assumption of an average growth of 2,5% in the Consumer Price Index.

16


Company and Property Information Desktop forecastName Tunejordet Eiendomsinvest AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Gross rent 5 412 792 5 548 112 5 686 815 5 828 985Founded 02.07.2015 Ownership cost -264 846 -271 467 -278 254 -285 210Property location Vingulmorkveien 27, Sarpsborg Net rent before administration cost 5 147 946 5 276 645 5 408 561 5 543 775Plot 4 250 Administration cost -367 000 -376 175 -385 579 -395 219Building area 2 795 Net rent after administration cost 4 780 946 4 900 470 5 022 982 5 148 556Year of construction 2012 Net interest -1 491 635 -1 493 346 -1 455 142 -1 411 264Estimated tax value (30.06.17) 32 302 435 Tax estimate -380 925 -459 115 -459 115 -511 650Estimated net cash and receivables (30.06.17) 1 127 030 Installments -1 404 000 -1 404 000 -1 404 000 -1 404 000Tax value per share as of 31.12.2016 195,7868 Estimated cash flow 1 504 386 1 544 009 1 704 724 1 821 642



Name Rent 2017Elixia Norge AS 4 721 379Dahle Eiendomsselskap AS 422 766Nemusklinikken AS 268 647Total 5 412 792

Key Points Estimated value 30.06.17Initial project yield 6,65 % Yield sensitivity 6,25 % 6,50 % 6,75 %Running project yield 6,96 % Estimated real estate value 82 367 138 79 199 171 76 265 868Date of initial payment 08.06.2015 Tax disadvantage 10 % -3 998 874 -3 682 077 -3 388 747Number of shares 100 000 Net debt (inc cash and receivables) -43 584 735 -43 584 735 -43 584 735Real estate purchase price (project price) 68 719 725 NAV 34 783 529 31 932 359 29 292 386Paid in equity 24 500 000Initial price per share 245 Estimated value swap -177 921 -177 921 -177 921Accumulated paid out equity 7 070 000 NAV (inc swap) 34 605 608 31 754 438 29 114 465Accumulated paid out per share 70,7 NAV (inc swap) per share 346 318 291Accumulated paid out of invested equity (%) 28,9 % NAV (ex swap) per share 348 319 293Estimated average annual payout (2015-2021) 11,3 % Real estate value per square meter 29 469 28 336 27 287Estimated average annual payout (2017-2021) 7,3 % Implied leverage 56 % 58 % 60 %Uncalled capital 0

Estimated profit on initial investment inc swap (ex div) 41,2 % 29,6 % 18,8 %Estimated profit on initial investment inc swap (inc div) 70,1 % 58,5 % 47,7 %Estimated IRR if realized 30.06.17 33,4 % 28,5 % 23,9 %


Financing 30.06.17 Payout Profile (annualized)Nordea Bank ASA Balance Date Rate5Y Floating 22 171 500 04.04.2016 1,17 %5Y Fixed 22 171 500 02.07.2020 1,42 %Total outstanding debt 44 343 000Margin 2,15 %Weighted average interest rate inc margin 3,45 %

Comments

Tunejordet Eiendomsinvest AS

The investors received a payout of MNOK 1,07 in 2017, which constitutes 4,35% of invested equity. During 2017 it is estimated that the investors will receive another 1,07 in the end of Q4. Based on this estimation the investors will have received approx. 54% of invested equity by the end of 2020. Total payout for 2017 is estimated to approx. 8,7% of invested equity.

Elixia Norge AS

87 %

Nemusklinikken AS 5 %

Dahle Eiendomsselskap

AS 8 %

1 854

2 007

1 733

1 979

1 5501 6001 6501 7001 7501 8001 8501 9001 9502 0002 050

Office Fitness Health Average

Aver

age

pric

e pe

r m2

Office 8 %

Fitness 86 %

Health 6 %

in m2 Office 8 %

Fitness 87 %

Health 5 %

in NOK

0,27

5,14 9,1

012345678910

0

1

2

3

4

5

6

2020 2026 Average duration

Annu

al g

ross

rent

in M

NO

K


3,50 2,50 2,14 1,51 1,70 1,82

28,6 %

10,2 %

8,7 % 6,2 % 7,0 % 7,4 %

14,3 %

24,5 %

33,2 %

39,4 %

46,4 %

53,8 %

11,3 % 8,5 %

0%

10%

20%

30%

40%

50%

60%

2015 2016 2017E 2018E 2019E 2020E0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

MN

OK


17

Asset Manager Corporate Manager Broker Report date 20.06.2017Tom Bøhler Thomas Mangor-Jensen Hans Martin Haug Status date 30.06.2017+47 906 61 187 / 23 11 26 74 +47 971 56 971 / 23 11 26 67 +47 900 66 966 / 23 11 28 [email protected] [email protected] [email protected]

Company and Property Information Desktop forecast 1,5 %Name Tverrveien Eiendom AS 2017E 2018E 2019E 2020EAddress c/o Clarksons Platou Property Management AS Potential rent fully leased 10 003 149 10 253 228 10 509 558 10 772 297Founded 02.06.2008 Actual gross rent 9 341 253 9 667 440 9 909 126 10 156 854Property location Tverrveien 4, Vestby Ownership cost / investment cost -1 899 759 -1 122 894 -1 146 607 -1 170 913Lot 37 948 Net rent before administration cost 7 441 494 8 544 546 8 762 519 8 985 941Building area 11 577 Administration cost -611 037 -626 313 -641 971 -658 020Year of construction 1998 Net rent after administration cost 6 830 457 7 918 233 8 120 548 8 327 921Estimated tax value (30.06.17) 62 378 609 Net interest cost -3 252 720 -4 062 720 -4 042 470 -3 118 500Estimated net cash and receivables (30.06.17) 4 463 174 Tax estimate 0 0 0 -83 780Tax value per share as of 31.12.16 15,54 Installments -9 775 000 0 -9 727 202 -2 000 000

Estimated cash flow -6 197 263 3 855 513 -5 649 124 3 125 641Estimated cash flow in % of paid-in-equity -16,9 % 10,5 % -15,4 % 8,5 %


Name Rent 2017Aquamarine Subsea 4 762 315Prime Cargo AS 2 122 336Leman Norway AS 1 462 248Bright Norway AS 889 750Novas AS 195 000

Key Points Estimated value 30.06.17Initial real estate yield 7,20 % Yield sensitivity 7,00 % 7,50 % 8,00 %Running project yield 4,93 % Estimated real estate value 123 169 859 114 958 535 107 773 626Real estate purchase price (project price) 138 500 000 Estimated value vacant areas 7 511 143 7 010 400 6 572 250Number of shares 3 956 956 Tax disadvantage 10 % -6 830 239 -5 959 033 -5 196 727Paid in equity 36 700 000 Net debt (inc cash and receivables) -64 298 722 -64 298 722 -64 298 722Initial price per share 9,27 NAV 59 552 041 51 711 181 44 850 428Accumulated paid out equity - Accumulated paid out per share - Estimated value swap 0 0 0Accumulated paid out of invested equity (%) N/A NAV (inc swap) 59 552 041 51 711 181 44 850 428Estimated average annual payout (2017-2021) N/A NAV (inc swap) per share 15,05 13,07 11,33Uncalled capital 0 Real estate value per square meter 10 639 9 930 9 309Gross rent per square meter 815 Implied leverage 52 % 55 % 59 %Potential running project yield if fully leased 6,16 %

Estimated return on initial investment inc swap (ex div) 62,3 % 40,9 % 22,2 %Estimated return on initial investment inc swap (inc div) 62,3 % 40,9 % 22,2 %Estimated IRR if realized 30.06.17 5,5 % 3,8 % 2,2 %


Financing 30.06.17Pareto Bank Balance Date RateFloating 60 000 000 31.01.2020 5,40 %Loan to the shareholders 8 227 202 31.12.2019 10,00 %

Sum 68 227 202 5,95 %

Comments

Tverrveien Eiendom AS

2,12 2,35

0,20

4,76

3,1

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

0,0

1,0

2,0

3,0

4,0

5,0

6,0

2017 2019 2020 2022 Average duration

Annu

al g

ross

rent

in M

NO

K


377

756

1 162

860

0

200

400

600

800

1 000

1 200

1 400


Aver

age

pric

e pe

r m2

Office 6 %

Logistics 43 %

Industry 51 %

in NOK

Leman Norway AS

16 %

Prime Cargo AS 23 %

Bright Norway AS

9 %

Novas AS 2%

Aquamarine Subsea AS

50 %

Office 12 %

Logistics 46 %

Industry 35 %

Vacant 7 %

in m2

Since last update both Bright Norway AS and Novas AS have signed leasing contracts in the vacant areas. The running lease sums up to NOK 1 084 750. In addition to the shareholder loan, we have also signed a refinancing contract with Pareto Bank ASA.

18

Head Office & Contacts

Stian Nicolaus Managing Partner/Lawyer Dir tel.: +47 23 11 28 21 Mobile: +47 95 48 21 35 Email: [email protected]

Hans Martin Haug Senior Partner Dir tel.: +47 23 11 28 19 Mobile: +47 90 48 06 66 Email: [email protected]

Pål Sandal Senior Partner Dir tel.: +47 23 11 28 20 Mobile: +47 93 88 00 83 Email: [email protected]

Tom Bøhler Managing Partner Dir tel.: +47 23 11 26 74 Mobile: +47 90 66 11 87 Email: [email protected]

Lars Gjerde Head of Sales Dir tel.: +47 23 11 28 08 Mobile: +47 92 06 12 85 Email: [email protected]

Stian Skaug-Paulsen Senior Broker Dir tel.: +47 23 11 28 18 Mobile: +47 93 05 59 27 Email: [email protected]

Andreas W. Bang Broker Dir tel.: +47 23 11 28 17 Mobile: +47 40 45 50 41 Email: [email protected]

Lars Gjørvad Head of Compliance Dir tel.: +47 23 11 28 24 Mobile: +47 40 92 11 51 Email: [email protected]

Nils Årbu Head of Administration Dir tel.: +47 23 11 23 20 Mobile: +47 91 69 21 29 Email: [email protected]

Thomas Ødegård Managing Director Dir tel.: +47 23 11 26 62 Mobile: +47 91 33 11 82 Email: [email protected]

Thomas Mangor-Jensen Corporate Manager Dir tel.: +47 23 11 26 67 Mobile: +47 97 15 69 71 Email: [email protected]

Kristin Vollan Corporate Manager Dir tel.: +47 23 11 26 59 Mobile: +47 95 74 78 15 Email: [email protected]

Julie Meldgaard Ranvig Accountant Dir tel.: +47 23 11 26 66 Mobile: +47 99 42 17 06 Email: [email protected]

Real Estate

Project Sales

Carmen Valderrama Accountant Dir tel.: +47 23 11 26 66 Mobile: +47 90 41 13 55 Email: [email protected]

Munkedamsveien 62 C

0270 Oslo, Norway

www.clarksons.com



Steffen Lilleng Broker Dir tel.: +47 23 11 29 21 Mobile: +47 97 13 22 95 Email: [email protected]

Documents

MARKET REPORT Shipping & Offshore 2017 - Clarksons Report 2017 CP... · PART I – MARKET & FIGURES 03 Prologue & Employees 07 Project Finance Environment 08 Challenging Offshore