MARKET REPORT

JULY 2014

RS Platou Project Finance

 CONTENTS
Prologue ................................................................. 1
Press Release Cooperation Agreement
CIT Maritime Finance ............................................. 4
Press Release CIT and
Grieg Star $ 49 trancaction .................................... 6
Project finance; where are the shipping banks?...... 9
The shipping market environment ....................... 12
The offshore support vessel (OSV) market........... 17
Projects per year .................................................. 20
Projects per year cont. ......................................... 22
Projects sold ........................................................ 22
Existing projects per segment ............................. 23
Projects estimated returns .................................. 24
ASIAN BULKERS DIS ........................................... 26
ATLANTIC GUARDIAN DIS ................................... 27
BLUE MOUNTAIN TANKERS DIS .......................... 28
BOVEY OFFSHORE LTD......................................... 29
BUKIT TIMAH OFFSHORE DIS ............................. 30
CIT-GRIEG ............................................................ 31
DONGGUAN CHEMICAL TANKERS DIS ............... 32
EUROPEAN VENTURE DIS ................................... 33
EUROPEAN VENTURE III DIS ............................... 34
FEEDER CONTAINER VESSEL DIS ....................... 35
GOLDEN KAMSAR DIS ......................................... 36
HIGH YIELD SHIPPING DIS ................................... 37
INDUSTRIAL SHIPPING DIS ................................. 38
MARINELINE CHEMICAL DIS ............................... 39
MED ETHYLENE DIS ............................................ 40
MS NORDSTJERNEN DIS ..................................... 41
NORTHERN SUPPLY DIS ...................................... 42
NORWEGIAN PRODUCT DIS ................................ 43
OCTAVIAN BULKER DIS ....................................... 44
ORCHARD OFFSHORE DIS .................................. 45
PANDA CHEMICAL II DIS ...................................... 46
RTS PANAMAX DIS .............................................. 47
SARAGOL TANKERS 1 DIS .................................... 48
SARAGOL TANKERS 2 DIS .................................... 49
SBS TORRENT KS................................................. 50
SBS TYPHOON KS ................................................ 51
SEMINYAK DIS ..................................................... 52
SENTOSA OFFSHORE DIS ................................... 53
SINGAPORE OFFSHORE DIS ............................... 54
SINGAPORE SUPPLY DIS...................................... 55
SUDONG OFFSHORE DIS...................................... 56
SOUTHERN CHEMICAL DIS ................................. 57
ULLSWATER SUBSEA DIS ................................... 58
VESTLAND MARINE SEISMIC DIS ........................ 59
PLATOU SHIPINVEST I DIS .................................. 60
Head office ........................................................... 62
Contacts ............................................................... 63
PROLOGUE
Dear Investors and Business Associates,
RS Platou Finans Shipping / RS Platou Project Finance is celebrating
10 years anniversary in 2014.
The startup in 2004 proved to be good timing with growing ship-
ping and offshore activity driven by a strong growth in the Chinese
economy. The Norwegian kommandittselskap (KS) model was a
perfect tool for small and medium sized shipowners with a need to
refinance their fleet to free cash for new investments.
The KS returns outperformed the stock exchange by far and a large
number of new investors signed up when new investment projects
were offered in the market. The annual return on equity during the
period 2004-2008 was 30-40% on average and almost all the projects
were performing well.
During good times, shipowners tend to reinvest their profits into
newbuildings to grow their business. This has a dramatic effect on the
supply/demand balance if the market continues to stay firm over a
long period of time before the cycle turns. When the financial crisis
hit the market in 2008, the orderbook was all time high with a large
number of Newbuildings under construction. The effect of declining
demand and a two years period with a high number of new ships en-
tering the market was severe.
The investment portfolio in 2008 was split 50/50 between offshore
and shipping projects. While the offshore market continued to per-
form well, the shipping market was hit badly. Many shipowners were
not able to keep up with their financial obligations due to lower
freight revenues and ship values dropped to record low levels.
In addition to the shipowners, the shipping banks were forced to scale
down their business. The period from 2009-2013 has been challeng-
ing with more focus put on restructuring charter contract and bank
loans and less focus on new business. This has been a lesson learned
and a reminder that shipping investments will always involve risk fac-
tors that are difficult to predict.
2013 was a year with an underlying hope that most shipping segments
would experience improved earnings and better markets. Many private
equity funds were ready to invest in new ventures and new shipowners
emerged on the stock exchange. In addition, the traditional shipping
stocks recovered some of the market value lost during the previous four
years. However, the fundamentals are still uncertain and the poor char-
ter market in both the tanker; bulker and container sector so far this year
has put more pressure on the shipping stocks with declining values.
The only market over performing has been the LPG sector, driven
by large volumes imported to Asia. Even with a high number of new-
buildings delivered and low scrapping level, the growth in exports
from the Middle East and the US has maintained a high level of earn-
ings to the ship owners.
RS Platou Finans Shipping has noticed a growing demand for directs
investments into shipping projects in 2014. Although we have only
placed two new projects in the market so far this year, we have sold
several 2nd hand shares and new investors have asked to be put on
our investor list.
The continued low interest rate on deposit accounts triggers an inter-
est to invest in projects with steady dividends. Our latest project was
structured as a secured high yield bond with quarterly payments and
zero bank finance. The annual yield is lower than our traditional bare-
boat projects, but so is the risk.
We have been through ten exciting years with the initial five years pro-
ducing extraordinary good return to the investors. The last five years
have been challenging and many shipping projects have lost parts or
most of the equity. However, the diversification into offshore invest-
ments has recovered some of the losses.
The shipping and offshore markets going forward will create many
good investment opportunities and we are much honored to see that
our investors that have supported us from the first day in business are
still investing in the new projects that we place in the market.
RS Platou Project Finance has also during the last year joint forces
with CIT as a deal and service provider. CIT is a large US based leasing
house that offers very competitive funding on long term bareboat-lease
contracts. More information can be found inside this Market Report.
We wish our investors a sunny summer vacation.
Kind regards,
The team at RS Platou Finans Shipping / RS Platou Project Finance
PROLOGUE 1
 RS PLATOU PROJECT FINANCE AS/
RS PLATOU FINANS SHIPPING AS
RS Platou Project Finance has since it was established in 2004 be-
come one of the major finance companies in the world that specialize
on shipping and offshore related financial schemes in the interest of
both ship owners and financial investors.
The main objective is to identify attractive investment opportunities
involving the purchase of vessels or offshore equipment attached with
secure employment, alternatively present asset play cases where the
timing is proven to be optimal.
The strength of RS Platou Project Finance lies not only with the
highly q ualified staff, but also with the vast shipping related resources
available within the RS Platou Group.
RS Platou Project Finance is an independent company within the
Platou Group utilising the full potential of having close contact with
shipbrokers, ship-utilizing, ship managers, bankers, lawyers and con-
sultants worldwide.
Core Activities:
Identify interesting financial shipping opportunities.
Execute and syndicate shipping projects.
Placement of debt.
Corporate Management.
Establish an active second hand market on limited shares.
RS Platou Project Finance has a strong focus on Corporate
Management. In addition to managing projects developed by RS
Platou Finans Shipping, we have also been elected Corporate
Managerfor projects established by others. With specialized shipping
knowledge we handle all kind of project types from asset play, time
charter to bareboat deals. We provide services for the entire life cycle
of a project from establishment to liquidation. This includes, among
others, to follow up the day to day running of the company, to pro-
duce all financial statements and tax statements and secretary services
for the board of directors. Our highly qualified team seek to provide
the best service possible, optimizing information and cash flow to the
investors.
2 RS PLATOU PROJECT FINANCE
R. S. PLATOU FINANS SINGAPORE PTE. LTD.
R. S. Platou Finans Singapore Pte. Ltd. was established in early 2007
to capture the growing demand for new financial instruments in the
Asian shipping and offshore markets. The limited partnerships struc-
tures has increased in popularity all over the world and in order to be
closer to the customers, the R. S. Platou Finans Singapore Pte. Ltd.
office was opened with a view for further expansion.
We believe that being present in Asia and having the ability to meet
clients within short notice gives us a great advantage in concluding
more transactions in structured finance. With the booming Asian
markets and clients demand for expansion, the limited partnerships
has created an additional source for Asian based shipping and off-
shore clients to use both the regional and global equity markets to
expand their operations.
Being a hub for shipping, offshore and maritime activities, the impor-
tance of an Asian presence for us has become apparent over the last
few years. More European banks are also increasing their activities
through having fully licensed offices in Singapore.
We are pleased to be part of the RS Platou Group. The unparalleled
strength of the RS Platou Group in Singapore provides great syner-
gies in both sourcing and servicing clients in Asia.
RS PLATOU REAL ESTATE AS
RS Platou Real Estate AS is one of the leading players within
Norwegian real estate project finance, and is now a fully integrated
real estate corporate finance house. The company is specialized in
sourcing, structuring, asset management and facilitating of com-
mercial property, focusing on the Norwegian and Swedish real estate
market.
RS Platou Real Estate is an independent company within the RS
Platou group, and its entrepreneurs have a long track record, each
with 15-20 years of experience respectively. We believe that a real
estate project finance house shall have the competence and under-
standing to control the whole value-chain, and we have over the last
years focused on securing the operational competence to handle
every-day-life in our projects, and serve the tenants in a best possible
way.
An extensive network in the Nordic real estate market and a team pro-
viding highly specialized real estate knowledge, should pave the way
for many interesting opportunities in the coming year.
The companys core activities are:
origination of interesting financial real estate opportunities
structuring and re-structuring of real estate projects
structuring of development and opportunistic real estate projects
project financing of real estate projects
corporate finance advising within the commercial real estate sector
real estate asset management
real estate property management
RS PLATOU INVESTOR SERVICES AS ARS
RS Platou Investor Services AS ARS is a wholly owned subsidiary of
RS Platou Project Finance, a leading finance company specialising in
Shipping and Offshore projects focusing to private investors. Platou
Investor Services objective is to assist private investors in establish-
ing new companies. The Company is authorised to offer accounting
services in accordance to Norwegian law.
We can offer our customers a wide scope of services, including:
Establishment and incorporation of LTD, NUF, limited-,
general- and internal partnership
Accounting and budgeting
Remittance
Wage payment
Annual accounts with tax documentation
Tax advice
Secretarial assistance
Why choose Platou Investor Services?
We have close connections with numerous well-known and respected
companies and establishments, such as lawyers, banks and chartered
accountants, whose services can be utilised by our investors if so
wished.
Customers of RS Platou Investor Services will, just like customers of
RS Platou Project Finance, be advised of and have access to interest-
ing investment projects proposed by RS Platou Finans Shipping. Our
employees have substantial qualifications regarding e stablishing and
book keeping of companies under the new N orwegian tonnage tax
system.
The cost of our services is very competitive compared to the market
rates in general.
To ensure first-class service the investor establishes a personal busi-
ness relation with the assigned accountant for easy and timely assis-
tance.
RS PLATOU PROJECT FINANCE 3
 Published on CIT Press Releases (ht t p://cit .newshq.businesswire.com) on 10/16/13 8:30 am EDT

CIT Maritime Finance and RS Platou Finans Enter into

Cooperation Agreement
Release Date: t hrough it s online bank BankOnCIT.com, offers a suit e of savings opt ions designed t o help cust omers achieve a range of
Wednesday, Oct ober 16, 2013 8:30 am EDT financial goals. cit .com

Terms:
Business Unit News Marit ime Finance Phot os/Mult imedia Gallery Available: ht t p://www.businesswire.com/mult imedia/home/20131016005302/en/

Dateline City: Language:

NEW YORK English

Contact:
Will Help Expand CIT Maritime Finances Portfolio of Products and
CIT MEDIA RELATIONS:
Services C. Curt is Rit t er, 973-740-5390
Direct or of Corporat e Communicat ions
Curt .Rit t er@cit .com
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit .com, a global leader in t ransport at ion finance, t oday announced or
t hat CIT Marit ime Finance has ent ered int o a Cooperat ion Agreement wit h RS Plat ou Finans AS t hat will help CIT Marit ime Mat t Klein, 973-597-2020
Finance expand int o t he leasing market . Vice President , Media Relat ions
Mat t .Klein@cit .com
Through t his agreement CIT Marit ime Finance will have access t o t he RS Plat ou Group net work of services, which will help us or
t o furt her build a high qualit y port folio of marit ime asset s, said C. Jeffrey Knit t el, President , CIT Transport at ion Finance. CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Svein Engh, Group Head and Managing Direct or of CIT Marit ime Finance, said, We see great growt h pot ent ial in t he shipping
Execut ive Vice President
finance business and are very pleased t o ent er int o t his relat ionship wit h RS Plat ou Finans. Their deep indust ry expert ise will
Ken.Brause@cit .com
be an asset t o CIT Marit ime Finance as we cont inue t o build our port folio.
or
Pet er Anker, CEO of RS Plat ou ASA, said, As a world leading brokerage house in shipping and offshore, t his cooperat ion RS Plat ou Finans:
agreement wit h CIT Marit ime Finance will furt her increase t he range of services t hat we are able t o offer our client s. Christ ian W. Svensson, +47 23112807
Senior Part ner
Chris W. Svensson and Axel M. Aas, Co-founders of RS Plat ou Finans AS, said, In t he present banking world it has become c.svensson@plat ou.com
even more import ant t o find alt ernat ive financing. We are very pleased t o develop t his relat ionship wit h CIT and learn from or
t heir long-t erm experience of leasing asset s t o t he aerospace and rail sect ors. Axel M. Aas, +47 23112806
Senior Part ner
EDIT ORS NOT E: a.aas@plat ou.com

View CITs corporat e overview video (cit .com/corporat evideo) t hat showcases our support of t he small business, middle T icker Slug:
market and t ransport at ion sect ors. Ticker: CIT
Exchange: NYSE
Follow us on Twit t er: @cit group, on LinkedIn: LinkedIn.com/company/cit , on YouTube: YouTube.com/cit groupvideo, and on ISIN:
Facebook: facebook.com/cit group. Individuals int erest ed in receiving corporat e news releases can regist er at US1255811085
cit .com/newsalert s or subscribe t o t he RSS feed at cit .com/rss.

About RS Platou Finans AS Source URL: http://cit.newshq.businesswire.com/press-release/business-unit-news/cit-maritime-finance-and-rs-platou-finans-enter-

cooperation-agreeme
RS Plat ou Finans AS was est ablished 2004 as part of t he RS Plat ou Group. It focuses on lease financing in t he shipping and
offshore indust ry and has st ruct ured more t han 200 sale-leaseback vessels wit h t ransact ions t ot aling approximat ely $4
billion (USD). It current ly manages approximat ely 80 vessels running on various bareboat cont ract s.

About RS Platou

RS Plat ou is a leading int ernat ional ship- and offshore broking company est ablished in 1936. The Company serves t he
shipping and offshore indust ry worldwide by providing services wit hin chart ering, sale and purchase and cont ract ing of ships
and offshore unit s. Furt her, t he Company provides invest ment banking services and project financing wit h a core focus on
t he shipping and offshore indust ries. The core services are complement ed by a large variet y of qualit y research mat erial and
market report s provided by t he economic research group and t he research analyst wit hin t he invest ment bank. The
Companys head office is in Oslo, Norway. RS Plat ou is also present in Singapore, Aberdeen, London, Houst on, Moscow, Accra,
Cape Town, Rio de Janerio, Shanghai, Sout h Korea, Piraeus, Geneva, Dubai, Pert h, Sydney, Melbourne and New York. The Group
has approximat ely 350 employees worldwide.

About CIT Maritime Finance

CIT Marit ime Finance offers senior secured loans, sale-leasebacks and bareboat chart ers t o owners and operat ors of
oceangoing cargo vessels including t ankers, bulkers, cont ainer ships, car carriers, as well as offshore vessels and drilling rigs.
cit .com/marit ime

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company wit h more t han $35 billion in financing and leasing asset s. It
provides financing and leasing capit al and advisory services t o it s client s and t heir cust omers across more t han 30 indust ries.
CIT maint ains leadership posit ions in small business and middle market lending, fact oring, ret ail finance, aerospace,
equipment and rail leasing, and vendor finance. CIT operat es CIT Bank (Member FDIC), it s primary bank subsidiary, which,
1

4 PROJECTS PROJECTS 5
 Published on CIT Press Releases (ht t p://cit .newshq.businesswire.com) on 5/21/14 8:30 am EDT

CIT Completes $49 Million Bareboat Charter Financing

with Grieg Star
Release Date: About CIT
Wednesday, May 21, 2014 8:30 am EDT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company wit h more t han $35 billion in financing and leasing asset s. It
provides financing, leasing and advisory services t o it s client s and t heir cust omers across more t han 30 indust ries. CIT
Terms: maint ains leadership posit ions in middle market lending, fact oring, ret ail and equipment finance, as well as aerospace,
Business Unit News Marit ime Finance Transport at ion Finance Transport at ion Lending equipment and rail leasing. CITs U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variet y of savings
opt ions designed t o help cust omers achieve t heir financial goals. cit .com
Dateline City:
NEW YORK

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit .com, a global leader in t ransport at ion finance, t oday announced Language:
t hat CIT Marit ime Finance, wit h t he assist ance of RS Plat ou Finans, complet ed a $49 million financing t hrough a bareboat English
chart er arrangement wit h Grieg Shipping II AS, a subsidiary of t he Grieg St ar Group AS (Grieg St ar), t he second largest open
hat ch general cargo carrier owner in t he world. The subject vessel was St ar Lygra, a 50,700 deadweight t onnage open hat ch Contact:
general cargo carrier. Financing from CIT was provided by CIT Bank, t he U.S. commercial bank subsidiary of CIT. Terms of t he
t ransact ion were not disclosed. CIT MEDIA RELATIONS:
C. Curt is Rit t er, 973-740-5390
Were pleased t o acquire t his st at e-of-t he-art vessel and bareboat chart er it t o Grieg St ar, one of t he largest and most Senior Vice President of Corporat e Communicat ions
reput able owners of open hat ch general cargo carriers in t he world, said Svein Engh, Managing Direct or and Group Head of Curt .Rit t er@cit .com
CIT Marit ime Finance. This t ransact ion represent s our first financing t hrough a bareboat chart er and reflect s our abilit y t o or
st ruct ure a t ailored financing solut ion t hat affords Grieg St ar purchase opt ions and increased capit al flexibilit y. Mat t Klein, 973-597-2020
Vice President , Media Relat ions
St ar Lygra, delivered December 2013, was built at Hyundai Mipo Dockyards in Sout h Korea and is part of a series of 10 L-class Mat t .Klein@cit .com
vessels. The L-class vessel represent s t he 12t h generat ion in t he Grieg St ar Open Hat ch concept . The open hat ch design is or
a well-proven concept and is t ailor-made for t ransport at ion of forest product s, st eel, cont ainers and ot her oversized CIT INVESTOR RELATIONS:
cargoes. The vessel is equipped wit h four cranes wit h power swivel for st eady cargo handling. The open hat ch allows for Barbara Callahan, 973-740-5058
complet ely unobst ruct ed cargo loading and handling. The ship is 670 feet long and 105 feet wide wit h nine cargo holds. Fully Senior Vice President
loaded, t he ship can reach speeds of 15.5 knot s, or a lit t le more t han 17 miles per hour. Barbara.Callahan@cit .com
Camilla Grieg, CEO of Grieg St ar, said, This cust omized t ransact ion complement s our exist ing port folio of more t han 30
owned ships and will allow us t o service t he increasing t ransport at ion demand around t he world. We have more t han 50 years
T icker Slug:
of experience in t he marit ime sect or and are pleased t o complet e our first t ransact ion wit h Svein and his t eam, whose deep Ticker: CIT
indust ry knowledge served us well. Exchange: NYSE
ISIN:
EDIT ORS NOT E: US1255811085

View CITs corporat e overview video (cit .com/corporat evideo) and CIT Perspect ives (cit .com/perspect ives), which showcase
our insight s and abilit y t o put our knowledge t o work for t he small business, middle market and t ransport at ion sect ors. Source URL: http://cit.newshq.businesswire.com/press-release/business-unit-news/cit-completes-49-million-bareboat-charter-
Follow us on Twit t er, LinkedIn, YouTube and Facebook or regist er t o receive press releases at cit .com/newsalert s. financing-grieg-star

About Grieg Star

Founded in 1961 and headquart ered in Bergen and Oslo, Grieg St ar, is one of t he largest owners of open hat ch general cargo
carriers in t he world. The Groups t rade rout es cover Nort h and Sout h America, Europe and Asia, and one of t he major t rade
rout es is t he Nort h American pulp and paper cargo sailings t o Asia and Europe. The Group owns, manages and operat es 34
open hat ch general cargo carriers (of which 32 are owned) wit h sizes bet ween 30,000 and 50,000 dwt . The Group employed
approximat ely 1,100 persons, of whom 850 are sailing personnel and 250 office personnel. Dat ing back t o 1884, t he Grieg
family cont rols a number of businesses mainly relat ed t o t he marit ime indust ry. griegst ar.com

About RS Platou

RS Plat ou is a leading int ernat ional ship- and offshore broking company est ablished in 1936. The Company serves t he
shipping and offshore indust ry worldwide by providing services wit hin chart ering, sale and purchase and cont ract ing of ships
and offshore unit s. Furt her, t he Company provides invest ment banking services and project financing wit h a core focus on
t he shipping and offshore indust ries. The core services are complement ed by a large variet y of qualit y research mat erial and
market report s provided by t he economic research group and t he research analyst wit hin t he invest ment bank. The
Companys head office is in Oslo, Norway. RS Plat ou is also present in Singapore, Aberdeen, London, Houst on, Moscow, Accra,
Cape Town, Rio de Janerio, Shanghai, Sout h Korea, Piraeus, Geneva, Dubai, Pert h, Sydney, Melbourne and New York. The Group
has approximat ely 350 employees worldwide.

About CIT Maritime Finance

CIT Marit ime offers senior secured loans, sale-leasebacks and bareboat chart ers t o owners and operat ors of oceangoing
cargo vessels including t ankers, bulkers, cont ainer ships, car carriers, as well as offshore vessels and drilling rigs.
cit .com/marit ime

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is t he U.S. commercial bank subsidiary of CIT Group
Inc. (NYSE:CIT). It provides lending and leasing t o t he small business, middle market and t ransport at ion sect ors. CIT Bank
(BankOnCIT.com) offers a variet y of savings opt ions designed t o help cust omers achieve t heir financial goals. As of March 31,
2014, it had over $13 billion of deposit s and more t han $16.5 billion of asset s. cit .com/CITBank
1

6 PROJECTS PROJECTS 7
 RS Platou Project Finance AS
RS PLATOU FINANS SHIPPING
R. S. Platou Finans
Singapore Pte. Ltd

Ship Finance
RS Platou Finans
Shipping

Ship Finance
RS Platou Investor
Services

Investor Services
RS Platou Project
Finance

Corporate Management PROJECT FINANCE; WHERE ARE

THE SHIPPING BANKS?
David P. sterstrm
Managing Partner
Axel M. Aas
Managing Director & Senior Partner
Asbjrn Wulfsberg
Managing Director
Benjamin Ryeng-Hansen
Managing Director
2013 has been an eventful year for the shipping industry, characterized by growing optimism as freight rates in several segments of
the product, chemical, dry bulk and crude oil tanker markets have visited profitable levels.

This year, the spotlight has been on the capital markets, where
risk appetite for shipping among both institutional and retail
investors has come back strong. While shipping stocks have,
Natalie Teh Christian W. Svensson Eva Lise Bjerke on average, performed better than the exchange indices, it has
Accountant Senior Partner Corporate Manager also been a refreshing year in terms of equity raised for shipping
companies through the stock exchanges and the OTC market.
Private equity firms have been increasingly active in teaming up
with shipowners to jointly expand their fleet at todays low new-
building prices. The major players in private equity have been
US-based firms, while the shipowners involved have varied
Trond Hamre Erik Kristian Andresen from Americans and Greeks to Germans.
Senior Partner Corporate Manager
The main challenge in the KS market has been that even though
investors are interested in picking up quality assets at histori-
cally low price levels, banks are still unwilling to lend to new
projects.
In traditional shipping, we have noted that the interest lies in
100 percent equity financed asset play projects, with a time
horizon of two to three years.
RS Platou Finans Shipping believes there will be several inter-
esting investment opportunities in 2014. Even though there are
overcapacity challenges ahead and bunker prices remain high,
there are positive indicators of a near-term recovery for indu
strial shipping.
The popularity of Eco-design has contributed to lower second-
hand prices for non-eco modern industrial shipping assets that
still have most of their economic life ahead of them. This year
we have seen the world economy picking up steam led by in-
creased growth in the US, EU and Asia. As markets recover, we
believe these assets will be employed at profitable levels and
that their second-hand value will increase significantly.

Instead, shipping banks have been actively competing for large The Offshore market is forecasted to remain strong in 2014, due
Morten Astrup Elisabeth Relbo shipowners using a low-margin/more ancillary services stra to a stable high oil price and a projected growth in global E&P
Project Broker Secretary
tegy. At this point in time, most banks are still reluctant to take spending of 6.1 percent.
more risk and are instead focusing on syndication and existing
clients. A substantial number of semis, jack-up rigs, and drillships are
scheduled to be delivered over the next three years, which will
There are still a few active banks that are interested in projects also have a positive impact on OSV demand.
with higher margins, and we are expecting more banks to in-
crease their activity levels as their liquidity improves and the RS Platou Finans Shipping will continue to explore interesting
Truls Wiese Kolstad
Project Broker
shipping markets recover. opportunities in Offshore for our investors.

As freight rates have climbed in the second half of 2013, we have
noticed a growing interest from our investors.
For Offshore projects, we see that there is an interest in long-
term bareboat projects to a strong counterpart, with a solid cash
Heidi Meyer Westby
flow and dividend yield.
Office Manager
THE NORWEGIAN KS MARKET IN 2013
The reported project value among the top four KS houses was
in excess of 700 mill USD in 2013. This is a 15 percent increase
from last years numbers, continuing the positive trend over the
last three years. The level of activity is still limited compared to
the top year of 2007, when total investments reached 5 bill USD.

8 RS PLATOU PROJECT FINANCE RS PLATOU PROJECT FINANCE 9

 Of the completed projects in 2013, about 50 percent were off- some of our projects that were initiated both before and after
shore related, with the remainder of the projects in the contain- the financial crisis. This year, ten of our existing projects have
er, chemical, product and dry bulk segments. been concluded.

Recently, we have seen modern KG financed container ships
being sold by banks at low prices and we are expecting to see
more of this in 2014. Analysts are predicting this segment will
start to recover in 2015, which makes it an interesting oppor-
tunity for asset plays.
RS PLATOU FINANCE SHIPPING PORTFOLIO OF PROJECTS
This year, RS Platou Finans Shipping has successfully placed
three new projects in the container, offshore and chemical
tanker segments with a combined project value totaling 487
mill NOK.
CO-OPERATION AGREEMENT WITH CIT MARITIME
LEASING
In October 2013, RS Platou Project Finance signed a co-opera-
tion agreement with CIT Maritime Finance, to assist the com-
pany in building a ship leasing portfolio, as well as providing
corporate management services for their future fleet. CIT is a
leading US-based leasing bank that specializes in leasing to the
transportation industry. The company has approximately 30
bill USD of assets in the Air and Rail Transportation industries
and is currently in the process of building up a Maritime leasing
portfolio.

In total, RS Platou Project Finance is the corporate manager for
66 vessels in 30 different projects.
The corporate management also includes some projects limited
to pure accounting services. There is a market for professional
independent corporate management services and RS Platou
Project Finance has been appointed by several domestic and
foreign shipowners to perform this service.
The current portfolio consists of 30 offshore supply vessels,
11 chemical tankers, 10 product tankers, six bulk carriers, four
multipurpose vessels, three cable layers, two container ships,
one seismic and one veteran passenger ship.
The majority of our existing projects are performing well, and
we have seen improvements in the estimated residual value of
The deals done with CIT will not be in competition with our
KS activity, as these deals are of much larger scale to solid coun-
terparts, with good credit ratings or long-term contracts to oil
majors and major commodity traders.
There has been a lot of activity in lease financing this year, espe-
cially for modern offshore support vessels, LNG carriers and
container ships. It is apparent that large shipowners are starting
to consider leasing as a competitive source of long-term financ-
ing that provides added benefits over traditional bank financing.
There are a handful of large companies that can compete with
CIT for business, but it is our experience that CIT can out-
compete these companies while delivering a time-effective and
flexible leasing solution.

TOTAL PROJECTS BY EMPLOYMENT TOTAL PROJECTS BY SEGMENTS SUMMARY KS-HOUSES 2005 - 2013
(FEARNLEYS, NRP, PARETO, PLATOU)
Mill $
Spot 4% Mulitpurpose 6% 4,000 Total Project Price
Timecharter 13% Bulk 9% 3,500 Paid in Equity
Uncalled capital
3,000

Bareboat 83% 2,500

Product tankers 15% Offshore 45% 2,000

1,500
Seismic 1% 1,000
Container 2%
500

0
Chemical 17% 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cable Layer 5%

10 RS PLATOU PROJECT FINANCE RS PLATOU PROJECT FINANCE 11


THE SHIPPING MARKET ENVIRONMENT
WORLD SHIPPING 2013:
ON THE PATH TO RECOVERY
Although 2013 was yet another weak year for the world economy and global shipping markets, the year will, in hindsight, be seen in a
positive light. There are two principal reasons for this. First of all it ended on a significantly better note than it began, as fundamentals
visibly improved. Secondly, surprisingly dynamic freight market trends for both dry bulk and tankers strongly suggested that industry
overcapacity was moderate and not structural, as it was in the 1970s and 1980s. We estimate that world fleet capacity utilization
improved by about 1 percentage point during 2013 to 85 percent overall.
A TURNING POINT FOR FUNDAMENTALS
2013 was very much a year of two halves, for the world economy
as well as for the shipping markets. Economic activity slowed fur-
ther, from a none-too-impressive, level in the first half of the year,
while sustained robust fleet expansion continued. The result was
predictably negative for all major shipping segments and led to
tumbling freight rates (to twenty-year lows for some).
In retrospect, a turning point took place midway through the
year. The world economy began to move forward, causing tonn-
age demand to improve. The US led the economic improve-
ment, while stronger Chinese import growth was the main
factor behind improving tonnage demand. At the same time,
gradually fewer newbuilding deliveries, indeed fewer than ex-
pected, caused fleet growth to slow notably and capacity utiliza-
tion to improve.
... FROM A STARTING POINT THAT WAS BETTER THAN
MANY FEARED
We argued last year that cyclicality is not dead, asserting that
even the volatility seen in 2012 argued against the notion of
structural overcapacity. In our view, tonnage demand has been
growing above trend in recent years, as more and more devel-
oping countries have become important contributors. This
has caused more complex trading patterns and, in many cases,
longer port times, reducing fleet productivity. In particular, we
believe that the increase in bunker prices in recent years must
be seen as a structural change, as this has effectively introduced
some very real speed limits, thereby adding to the effective
12 THE SHIPPING MARKET ENVIRONMENT (FROM RS PLATOU ASAS ANNUAL REPORT 2014)
demand. The point is that real tonnage demand has increased
significantly more than one would expect if only looking at pure
trade volume numbers. Consequently, only container ship-
ping has developed a level of overcapacity that could be called
structural. For dry bulk, tankers and most industrial shipping
segments we estimate that overcapacity is between 5 and 10
percent. The exceptions are LNG and LPG, which have no over-
capacity to speak of. Set against that background, a recovery
that restores profitable conditions should be achievable over
the next couple of years.
TONNAGE DEMAND GROWTH AGAIN RELATIVELY
STRONG CONSIDERING WEAK WORLD ECONOMY
Total tonnage demand grew by an estimated 6 percent in 2013
but it is hard to put this performance into perspective. On the
one hand it was a relatively weak year as this was only the sec-
ond time in a decade that growth was this low. On the other
hand it could also be seen as a relatively strong year, as the previ-
ous time world GDP growth dipped below 3 percent, in 2001-
2002, tonnage demand growth was only around 2 percent. This
demonstrates how the shipping intensity of the world econo-
my has increased over the past decade.
All main segments contributed with dry bulk and LPG leading
the way, each with an impressive increase of 9 percent. LNG
was the only exception, showing no growth in tonnage demand.
Keep in mind, however, that this figure came on the heels of
exceptional demand growth in recent years in the wake of the
Fukushima disaster.
FLEET GROWTH SLOWING, AT LAST The secondhand market was relatively quiet during the first six
Very high fleet growth, which has been a major depressant on
freight markets during the past five years, began to slow down
months of 2013, but picked up significantly in the second half as
freight rate recoveries in various sectors illustrated that the gap
in 2013. Newbuilding deliveries are now on a trend of marked relative to newbuilding prices had become too large. The tanker
decline and were about one third lower than in 2012. Total
demolition figures were somewhat lower than in 2012, but
still remained relatively elevated compared to previous years.
Total fleet growth reached 5 percent against 2012, the lowest
segment was the most active, by far, with the number of transac-
tions increasing by nearly 30 percent from 2012. Overall, the to-
tal volume of S&P transactions increased by about 10 percent.
figure since 2004. Growth slowed in all major segments, except TANKERS IN 2013: TERRIBLE START, STRONG FINISH
for containers. The dry bulk fleet continues to have the fastest Of any shipping segment, the crude tanker market most clearly
growth at 8 percent, but it also registered the biggest slowdown showed how the shipping industry turned the corner in 2013.
from last year when the increase was 12 percent. The first half of the year was marked by a decline in the global
oil trade of more than 3 percent, as all main importing countries
SLIGHT INCREASE IN CAPACITY UTILIZATION TO reduced imports due to weak demand and/or too-high inven-
85 PERCENT, AFTER STRONG FINISH tories. Fleet capacity, meanwhile, expanded by 5 percent. The
Average fleet utilization inched up by less than 1 percentage result was a predictable market collapse, with fleet utilization
point to 85 percent. Although this is still a low number com- falling to an estimated 80 percent, the lowest level in 15 years.
pared to the average of 90 percent between 2003 and 2008,
veteran market observers will appreciate that it is a very far cry However, fundamentals began to slowly improve during the
from the 70 percent, or even lower level, which existed in the summer, as rising oil demand spurred seaborne trade while fleet
1970s and 1980s. Utilization rose for all main segments, except capacity flattened out. When stronger seasonal demand kicked
for LNG, but that segment had the highest utilization rate by in during the fourth quarter, VLCC rates rose to nearly $40,000
far to begin with. The largest increase was seen for the LPG seg- per day on average, up from $13,000 in Q3.
ment, which improved by 3 percentage points to 87 percent.
For the full year we estimate that tonnage demand increased by
ASSET VALUES ON THE REBOUND more than 3 percent - all of the increase coming in the second
It was a very active year for asset transactions. Newbuildings half of the year - while fleet capacity rose by 4 percent. Overall
led the way as relatively low prices, new eco-design vessels and fleet utilization fell by less than 1 percentage point to 83 percent.
increased private equity capital availability caused the order
intake to tripple from 2012, although it remained well below DRY BULK IN 2013: STRONG CHINESE IMPORT GROWTH
that of the heydays of 2007. Newbuilding prices increased, LIFTS RATES
gradually at first but with a more pronounced trend in the Dry bulk freight rates improved in 2013 from the miserable
second half. Dry bulk and container vessels led the way, but levels of 2012. We estimate tonnage demand to have increased
tanker prices were also on the rise in the second half of the about 9 percent, driven by a new record in Chinese dry bulk
year. imports and a substantial recovery in global grain trade in the
TONNAGE DEMAND GROWTH WORLD MERCHANT FLEET 20042013
VS WORLD ECONOMIC GROWTH 19922013 ANNUAL CHANGES
Tonnage demand growth world merchant fleet, annual changes in percent Percent
14 9
10
12 8
04
10 03 07 7
11
8
08
'00 6
06
6 13 12 97 05
5
07
4 96 4
93 02
2 98 99 94 3
0
01
2
-2
09
1
-4 0
-1 0 1 2 3 4 5 6 04 05 06 07 08 09 10 11 12 13
World output growth
THE SHIPPING MARKET ENVIRONMENT 13

latter part of the year. The fleet increased slightly less than 8
percent. Fleet utilization thereby rose by around 1 percentage
point calculated on a yearly average basis.
The dry bulk market followed a similar pattern as the tanker
market, with a weak first half of the year and a rebound in the
second half. China reduced iron ore inventories in the first half
and thus needed to import more in the second half. On top of
this, a remarkable recovery in grain shipments from the US and
Black Sea created a significant contribution to tonnage demand
for medium size tonnage.
For the full year, our weighted dry bulk index rose from $9,400
per day in 2012 to $12,800 per day for 2013, a rise of 34 per-
cent. The largest increase came in the Capesize sector, where
average earnings rose from $9,800 per day in 2012 to $16,600
in 2013, a rise of 69 percent. Panamaxes obtained $9,500 per
day against a meager $8,100 the year before, still a 17 percent
rise. For Supramax tonnage, average earnings increased less
than 10 percent or, more precisely, from $9,400 to $10,300
per day. The improvement in the Handy sector was even more
moderate, with a daily rate rise to $8,200 for 2013 set against
$7,600 in 2012.
CONTAINERS IN 2013: DOWNWARD PRESSURE PERSISTS
The container ship market was characterized by continued
downward pressure on box rates for most of the year. Carriers
14 THE SHIPPING MARKET ENVIRONMENT
gests that seaborne trade for LPG increased by 6 percent, driven er energy costs and of continued heavy monetary stimulation,
by a surge in US exports, while ammonia trade fell by almost began to pick up speed as the negative effects of automated tax
3 percent. Delivery of new tonnage picked up significantly in hikes and spending cuts at the start of the year gradually wore
2013 with 1.3 cbm of new carrying capacity causing the fleet to off. The Eurozone economy ended two years of contraction in
expand by 4 percent this year, leading to a 5 percent hike in the the spring, helped by the combination of increased competitive-
utilization rate. This lifted spot rates for VLGCs by $6,000 from ness through lower wage growth and more stable financial condi-
2012 to $36,000 per day. tions, which together contributed to stimulating overall activity.
The result was an upswing in activity, coupled with the need to
CAR CARRIERS IN 2013: STATUS QUO rebuild depleted inventories, causing production and imports to
2013 was a rather uneventful year in the car carrier market. strengthen. The improvement must be kept in perspective, how-
Demand growth was supported by strong US car sales and ever, as GDP growth only improved on a quarter-to-quarter ba-
healthy export volumes out of India, Thailand and Europe. sis. Measured on a year-on-year basis, the economy continued to
However, main exporters Japan and Korea reported a 3 per- contract through the year. The Japanese economy also improved,
cent reduction in volumes, mainly caused by weaker demand in as new Prime Minister Shinzo Abe introduced fiscal stimulus, as
Europe. Global demand growth is estimated to have been below well as a more aggressive monetary policy in order to weaken the
3 percent in 2013. Combined with fleet growth of slightly above Yen and increase the economys competitiveness.
3 percent, this caused a marginal reduction in fleet capacity uti-
lization to around 86 percent. WHICH HELPED AVOID A DEEPER SLUMP IN THE
EMERGING ECONOMIES
WORLD ECONOMY AND WORLD SHIPPING This was a much-needed development, as the pace of growth
Through the first half of 2013, the development of the world in emerging economies slowed precipitously in 2013, includ-
economy mirrored the disappointing performance of recent ing that of China. Although Chinese growth figures remain
years with a resulting weak development of tonnage demand. the envy of virtually all other countries, the pace of growth has
In contrast with previous years, however, the economy was been slowing consistently since 2010. The slowdown deepened
able to pick up speed on its own during the second half, with- in the first half of 2013, with virtually all sectors of domestic
out a financial crisis triggering extra stimulus from Central activity decelerating in response to tighter credit conditions
Banks. The result was an upturn in trade growth and the main and weaker exports. As a result the economy slowed to an esti-
commodity shipping segments all responded with a rebound mated 7.5 percent growth rate, the lowest figure for more than
failed in their multiple attempts to raise freight rates. The uplift in freight rates. a decade. The economy appeared to stabilize during the second
in box rates in the last two months of the year was driven by half of the year, however, as exports rebounded and there was a
stronger year-end demand and capacity withdrawals in major MATURE ECONOMIES SURPRISING ON THE UPSIDE. moderate uptick in private sector spending.
services. Charter rates were also under constant downward However, the key change taking place in 2013 was that the
pressure apart from smaller geared tonnage, which experienced mature economies turned out to be capable of rising from the Other emerging markets, from India to Indonesia and Turkey to
healthy demand and falling fleet growth over the year. Prelimi- ashes and resuming a leadership role, which in turn helped to Brazil, also experienced slowdowns, as authorities were forced
nary data suggests a slight drop in fleet utilization resulting from break the downward momentum of the emerging economies. to fight off the inflationary pressure that had built up after the
higher fleet growth relative to tonnage demand increase. The US economy, buoyed by its comparative advantage of low- Financial Crisis.
LNG IN 2013: CONTINUING TO OUTPERFORM
The LNG shipping market remained one of the very few seg-
ments in the shipping industry where owners made money
ANNUAL GROWTH IN REAL GDP WORLD SEABORNE TRADE AND ECONOMIC GROWTH 1970-2013
throughout the whole year in 2013. A combination of very little
PERCENTAGE CHANGE FROM PREVIOUS YEAR
new liquefaction capacity coming on stream, continued low
Jan 2013 Jan 2014 Jan 2014 Index 1970=100
production at some liquefaction facilities and reduced transport
Forecast Actual Forecast 500 World output
distance resulted in a status quo for shipping demand growth. 2013 2013 2014 450 Seaborne dry trade
The high ordering activity in the previous two years started to USA 2.0 1.9 2.8
400 Seaborne oil trade
impact upon fleet growth towards the end of 2013, causing a Japan 1.2 1.7 1.7
Euro area -0.2 -0.4 1.0 350
modest increase in average fleet capacity, thereby contribut- C. and E. Europe 2.4 2.5 2.8
ing to a decline in the utilization rate. Short-term rates thus fell Russia 3.7 1.5 2.0 300
from $125,000 in 2012 to $98,000 per day in 2013. China 8.2 7.7 7.5 250
India 5.9 4.4 5.4
ASEAN-5 5.5 5.0 5.1
200
LPG IN 2013: OWNERS WINNING STREAK CONTINUING M. East and N. Africa 3.4 2.4 3.3 150
AND PICKING UP STEAM Sub-Saharan Africa 5.8 5.1 6.1 100
L. America 3.6 2.6 3.0
The LPG shipping market registered its third consecutive year World 3.5 3.0 3.7 50
71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13
where spot rates for the largest ships, VLGCs, gave the own-
ers a healthy return on invested capital. Preliminary data sug- Source: IMF
THE SHIPPING MARKET ENVIRONMENT 15
 The strengthening in the US, and the stabilization of China,
prevented a potentially accelerating slowdown in emerging
markets from taking place. For the first time since 2010, lead-
ing economic indicators were uniformly in expansion mode and
heading higher at the end of the year.
2014: THE END OF THE DAWNS OF FALSE RECOVERY?
Like the preceding three years there was a sense of optimism as
the New Year got underway. This time around, however, there
is more convincing data to support that something positive is
going on. 2013 was a year devoid of any kind of crisis and the
uniform strength seen in financial markets during the second
half of last year indicate a greater degree of conviction.
Nevertheless, there are still plenty of reasons for caution as 2014
begins. Equity markets have begun the year on a wobbly note,
fearing that a new financial crisis could be brewing in emerging
markets as the prospects for monetary tightening draw nearer.
Mature economies continue to have their own challenges. The
present macro-economic situation is very different from nor-
mal due to the challenging mix of high debt levels, fragile bank-
ing systems and volatile capital flows amid continuing very high
unemployment. These are all still potent triggers for continued
macroeconomic volatility, which, inadvertently, will be negative
for tonnage demand.
We look for the world economy to overcome these challenges.
The fiscal drag in the US and Europe should be smaller and we
believe Chinese authorities have the will and ability to handle
domestic challenges. With authorities in all regions seemingly
willing to err on the side of too much stimulus in the short-
term, this should help emerging markets overcome their chal-
lenges and in sum we expect that 2014 will be the first year since
2010 in which global growth forecasts will have to be upgraded,
and that should be good news for all of shipping.
SUPPLY, DEMAND AND UTILIZATION RATE 1990-2013
WORLD MERCHANT FLEET
Mill cgt Utilization rate
500
400
300
200
100
0 70
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
16 THE SHIPPING MARKET ENVIRONMENT
SHIPPING MARKET PROSPECTS: CRISIS, WHAT CRISIS?
With the world economy on an upswing and a significantly
lower orderbook, shipping should be able to begin saying good-
bye to the Financial Crisis and its aftershocks. We expect an
upswing in capacity utilization and moderately higher rates in
most segments.
The single biggest risk factor hanging over the shipping indu-
stry is China. The Middle Kingdom was important before the
Financial Crisis, but has become even more important since the
Crisis, generating more than half of total seaborne trade growth
since 2009. Speculations abound that the country could be fac-
ing its own financial crisis as a result of imbalances following
the infrastructure boom. The shipping industry must be alert
if a slowdown begins to gather momentum in 2014. While the
less-dynamic, mature economies helped avert a deeper slump
in 2013, tonnage demand growth would likely suffer if the
emerging economies are replaced as growth leaders. That in
turn would delay the shippings return to profitability.
There are also challenges within the industry itself. The biggest
one being how to manage the combination of underutilized
shipyards and the seemingly abundant availability of private eq-
uity capital searching for attractive yield.
For the new market up-cycle to broaden and blossom, the in-
dustry must continue to pursue a path of prudent capacity ex-
pansion. The next two years should give us precisely that, which
means that shipping is poised to regain some of its losses in
2014 and 2015. The duration of the new up-cycle is of course
unknown, but, to a great extent the fate of the industry lies in
its own hands.
Ole-Rikard Hammer
Head of Research, RS Platou Economic Research
GLOBAL ECONOMIC GROWTH 2004-2014
FORECASTS AND ACTUAL GROWTH RATES
Percent change
170 Supply 6 Forecast
160 Demand Actual
5
150 Utilization rate
140 4
130 3 driven by a rising UDW rig count. Floaters on contract rose in the
120
2
110
100 1
90
0 growth.
80
-1
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
THE OFFSHORE SUPPORT VESSEL (OSV) MARKET
BETTER THAN EXPECTED
NORTH SEA PSV MARKET
Increasing offshore activity in the North Sea helped to boost PSV
demand and also tighten the North Sea PSV market in 2013. We
estimate PSV utilization to have risen 2 percent in 2013, averag-
ing 90 percent through the year. Large PSVs achieved a utiliza-
tion rate of 96 percent, while medium-sized vessels averaged 81
percent in 2013. The rising utilization rates were reflected in day
rates. Term rates and spot rates for large PSVs increased 11 per-
cent and 18 percent respectively in 2013 compared to 2012.
The rise in North Sea offshore activity could be observed through
the rising rig count. In 2013, an additional five floaters and two
jackups came on contract in the North Sea. The number of wells
drilled in the North Sea increased in parallel with this, with fig-
ures revealing that 389 wells (UK and Norway) were drilled
throughout the year, an increase of 10 percent compared to 2012.
A potential sharp rise in PSV utilization was, however, diluted by
significant growth in the PSV fleet. The North Sea PSV fleet in-
creased by 24 units, a rise of 11 percent year-on-year.
INTERNATIONAL OSV DEMAND (PSV>1000DWT
+ AHTS 4-9,999 BHP)
Rising offshore activity was not restricted exclusively to the
North Sea. On a global basis the rig count increased by 8 percent,
with jackups on contract rising 12 percent and floaters climb-
ing 5 percent. Increasing offshore activity clearly contributed to
the absorption of significant OSV fleet growth. The global OSV
fleet is estimated to have grown by 9 percent in 2013. A further
breakdown shows the PSV fleet grew 13 percent and the AHTS
4-9,999 bhp fleet (cargo work being the mainstay of this type of
vessels) increased by 4 percent in 2013. At the same time day
rates in most regions were relatively unchanged, but there were
some regional differences:
Term rates in the US Gulf of Mexico across the PSV vessel catego-
ries climbed by close to 18 percent across the year. Demand was
US Gulf from 31 units on contract in 2012 to 37 units on contract
in 2013. At the same time the Jones Act effectively blocked in-
ternational vessels from entering US waters, thus limiting supply
One market, which is in some respects stagnating, is Brazil. The
floater rig count , for example, dropped by nearly 10 percent in
THE OFFSHORE SUPPORT VESSEL (OSV) MARKET (FROM RS PLATOU ASAS ANNUAL REPORT 2014)
2013. However, our figures show that the number of fixtures
concluded in Brazil in 2013 has, started to recover, but remains
substantially below figures recorded in 2010 and 2011. Term-
rates are still languishing and dropped 4 percent in 2013 (in an
inflationary environment), with some vessels even leaving Brazil
to trade in other regions.
FUTURE OSV DEMAND DRIVEN BY AN EXPANDING
MODU FLEET
Both shallow and deepwater offshore activity is likely to propel
PSV demand further in the period 2014 and 2015. As is well
known, discoveries of oil and gas in deep-water (>3000ft) have
been bountiful. As a result, significant investments in mobile
offshore drilling units (MODUs) to help explore and develop
deep-water oil and gas resources have been made. In total, more
than 100 units have been delivered in the last five years and the
orderbooks are currently indicating that 35 and 27 units will be
delivered in 2014 and 2015, respectively. Having said this, the
floater market is facing some headwinds (as described in the rig
section), but the large contract backlog of rig owners should keep
floater utilization at a high level. In shallow water we also expect
increases in demand, with the redevelopment of older fields be-
ing the main driver (see rig section).
NORTH-SEA AHTS MARKET (>12,000BHP)
Expectations concerning the North-Sea AHTS market are be-
ing raised once more, in tandem with increases in day rates. Spot
rates of the 16,000+ bhp units averaged nearly GBP 36,000 in
2013, an increase of 50 percent compared to 2012. Term-rate
estimates on an annual average basis were flat in 2013 compared
to 2012. The annual averages hide, however, that term rates bot-
tomed out early in the year and rose 20 percent by the end of
the year. Term-rates for a 20,000+ bhp unit are estimated to
have moved from GBP 29,000 in January to GBP 35,000 by the
end of the year.
It is anticipated that North Sea AHTS demand will strengthen
going forward. High rig fixing activity, as seen on the Norwe-
gian Continental Shelf, has given excellent visibility in terms
of rig activity over the next few years. We estimate that the rig
count on the NCS will rise by seven jackups and six floaters
by the end of 2015. The UK jackup sector also looks promis-
ing after high fixing activity in 2013. An increasing rig count is
likely to generate further rig moves and hence AHTS demand.
17
 It must, however, be noted that many of the new floaters enter-
ing the North Sea are both Dynamically Positioned (DP) and
conventionally moored. These rigs tend to have a lower AHTS
intensity. Offshore construction activity, as a result of increased
upstream investments and new projects being sanctioned, will
also generate further seasonal demand for the AHTS vessels in
the period 2014-15.
THE ARCTIC POTENTIAL
AHTS demand (but also PSV demand) is expected to receive
a significant boost from increasing offshore activity in the oil
and gas basins of the Arctic. Due to the remote nature of the
region and Arctic-specific challenges, the vessel intensity per rig
is much higher than in other regions. Past experience from the
Cairn Greenland campaigns indicates that each rig operating in
Greenland will require three suitably sized and specified AHTS
vessels for ice management. Due to the challenges in the Arctic,
charterers will generally require top-end tonnage, which will, in
most cases, be sourced from the North Sea market.
Although the timing of offshore activity in Arctic basins can be
challenging to estimate, some Arctic campaigns for 2014 and
2015 have been booked already. The Exxon-Rosneft campaign
in the Kara Sea will run in both 2014 and 2015. Other Russian
projects are also planned, but new Greenland campaigns will
probably not occur before 2015. AHTS vessels representing
nearly 15 percent of the North Sea fleet are already booked for
Arctic activity in 2014.
NEW JACKUPS AND FPSOS DRIVING MEDIUM-SIZED
AHTS DEMAND
As with the North Sea, parts of the global AHTS market are
also emerging from cyclical lows. Term rates for medium-
sized tonnage (e.g. 12,000bhp) averaged USD 22,300 in 2013
in South East Asia, an increase of nearly 20 percent compared
to 2012.
Jackup demand, which is a main driver for such tonnage, has
also grown considerably in South East Asia, where many of the
vessels are located. Moreover, these assets are likely to see a fur-
ther demand boost as they will be required to service the more
than 130 new jackups, which according to the orderbook, will
enter service in the period 2014-16. Generally speaking, the
new jackups are larger than before and will also require larger
service vessels.
At the same time, medium-sized AHTS vessels are being uti-
lized for tanker assist duties in connection with floating produc-
tion units. The increasing use of FPSOs and subsea solutions for
deepwater developments is driving demand for this segment.
We expect the FP fleet to expand by 5 percent in 2014 and 6
percent in 2015.
FLEET GROWTH MITIGATED BY DELAYS
Excessive supply growth, especially of the PSV fleet, has been
the concern of many OSV owners and investors. These con-
cerns are based on the considerable PSV orderbook. Last year
(2013), for example, 229 PSVs of various sizes were scheduled
for delivery. Vessel deliveries from yards were, however, exten-
sively delayed.
Inexperience, especially at new Asian yards and especially in the
final construction stages, is cited as the main reason for delays.
Furthermore, anecdotal evidence suggests that labor rotation at
yards is high, thus preventing many yards from progressing along
the learning curve at the desired rate. The latest quarter is, how-
ever, showing a rise in deliveries. If this is an actual lift in produc-
tivity, then PSV fleet growth could be accelerating further.
The scrapping/removal of AHTS vessels picked up in 2013 and
we recorded 16 vessels scrapped, representing just below 1 per-
cent of the total fleet. Scrapping/removals remains therefore in-
significant, despite the aging fleet and increasing focus on vessel
age and specification. Only two PSVs were recorded scrapped
in 2013.
With this in mind, and if the trends continue, we can expect 170-
180 PSVs to be delivered in 2014/15. In addition, 60-70 smaller
AHTS vessels (<10,000bhp) are likely to be launched. In other
words we expect the OSV fleet to grow by 7-9 percent in both
2014 and 2015. The current AHTS orderbook (>10,000bhp) is
indicating that 35 units will be delivered in 2014, with nine more
following in 2015. Given the above trends in delays and scrap-
ping/removals, we expect the total AHTS fleet will probably
grow by close to 4-5 percent in 2014 and 2015.
THE OSV MARKET IS FAIRLY BALANCED
The global OSV market balance is expected to remain stable
through 2014 and 2015. However, some regional variations are
expected, due to local regulations and content requirements. The
main driver of demand will still be the large number of new UDW
floaters entering service through 2014 and 2015. The new UDW
drillships, are likely to be serviced by larger sized DP II PSVs. Oil
and gas companies safety concerns are also driving demand for
high specification modern units. Such vessels are likely to com-
mand a premium in contract terms.
In the North Sea, the PSV market is expected to tighten due to
continued demand growth emanating from increases in rigs on
contract and a slowdown in PSV fleet growth. Increasing de-
mand in Arctic regions will add to demand in 2014 and 2015.
Relocation of vessels to the North Sea may be a risk to this
scenario.
AHTS FLEET UTILIZATION IS EXPECTED TO CLIMB
The estimated global AHTS utilization (>10,000bhp) is expect-
ed to tighten in 2014 and 2015. The different AHTS vessel size
categories will, however, be exposed to the expected growth in
varying degrees.
The prospects for medium-sized AHTS vessels seem very good,
as the renewal of the jackup fleet will continue in the period 2014-
15, and further floating production units will enter service. At the
same time the number of vessels on order for this asset class is
relatively low and we therefore expect utilization to keep rising in
the period 2014-15. However, the larger AHTS vessels, which are
mostly in service with conventionally moored floaters, may face
some headwind due to a softer floater market. This may lead to
increased substitution through the asset classes and a more mod-
est increase in day rates for the mid-size AHTS vessels.
Smaller sized AHTS vessels are not seen to have the same demand
drivers in place. These vessels are often too small, for example, to
support the new and larger jackups that are being delivered. At
the same time this asset class is meeting increased competition
from PSVs and therefore we expect day rates to remain largely
unchanged in 2014 and 2015.
The North Sea AHTS market balance is expected to tighten con-
siderably in 2014 and 2015. As mentioned earlier, Arctic explo-
ration campaigns will absorb considerable tonnage in 2014 and
2015. The Exxon-Rosneft campaign alone will absorb nearly 10
percent of the North Sea AHTS fleet. Day rates are likely to re-
bound to previous highs, and as the increases in activity are during
the summer season, the market is likely to become more seasonal.
Sven Ziegler
RS Platou Offshore Research

NORTH SEA TONNAGE 20042013 NORTH SEA TONNAGE 20042013

AHTS AVERAGE T/C RATES (REPORTED AND ESTIMATED) PSV AVERAGE T/C RATES (REPORTED AND ESTIMATED) AHTS/PSV NEW ORDERS PER YEAR AHTS/PSV FLEET OVERVIEW, END 2013

1,000 per day 1,000 per day

No. of vessels No. of vessel In Service Orderbook
45 20,000+ 30 900+ m2 250 AHTS 4-7,999 bhp 1,189 109
BHP deck area AHTS
40 AHTS 8-9,999 bhp 220 17
16+ 25 750-899 m2 PSV
35 BHP deck area 200 AHTS 10-15,999 bhp 323 20
30
10-15,999
20 AHTS 16-19,999 bhp 116 10
BHP 500-749 m2
AHTS 20,000+ bhp 74 14
25 8-10,000 deck area 150
15 AHTS total 1,922 170
BHP 3,100+ dwt
20 PSV <500 m2 393 81
2,200 -3,099 100 PSV 500-749 m2 472 68
15 10 dwt
PSV 750-899 m2 123 91
10 1,500-2,199 dwt
5 50 PSV 900+ m2 307 142
5 PSV total 1,295 382
0 0 Grand total 3,217 552
04 05 06 07 08 09 10 11 12 13 04 05 06 07 08 09 10 11 12 13 0
04 05 06 07 08 09 10 11 12 13

18 THE OFFSHORE SUPPORT VESSEL (OSV) MARKET THE OFFSHORE SUPPORT VESSEL (OSV) MARKET 19
 PROJECTS PER YEAR
UNCALLED TOTAL COMMITTED
PROJECT NAME NO. OF VSLS. ESTABLISHED CURRENCY PROJECT PRICE PAID IN CAPITAL CAPITAL CAPITAL
PROJECTS ESTABLISHED 2004 PROJECTS ESTABLISHED 2007 CONTINUED
Aries Supply I KS 1 April 2004 NOK 201046770 42300000 15000000 57300000
Ross Cape DIS 1 October 2004 USD 17350000 3850000 1000000 4850000
International Container Ships KS 2 November 2004 USD 66260000 12260000 4150000 16410000
J.B.U OBO I KS 1 December 2004 USD 36580000 7780000 5000000 12780000
No. of vessels 5 Total NOK 201046770 42300000 15000000 57300000
No. of projects 4 Total USD 120190000 23890000 10150000 34040000
Total EUR - - - -
Project price USD 150018898 30165964 12375519 42541484
PROJECTS ESTABLISHED 2005 Project price USD 996467765 234054898 82462884 316517782
Eidsiva Trucker KS 1 February 2005 EUR 10900000 2470000 2000000 4470000
Mount Faber KS 4 April 2005 USD 80900000 13325000 0 13325000
Norwegian Shipping DIS April 2005 USD 19200000 13700000 5500000 19200000
Goliat Roro KS 1 May 2005 EUR 9000000 1960000 1500000 3460000
Global Cable KS 2 June 2005 USD 12320000 2870000 3000000 5870000
Bergshav Chemical KS 2 July 2005 EUR 20470000 4470000 2200000 6670000
Volstad Supply I KS 1 August 2005 NOK 262620000 75050000 20000000 95050000
Scandinavian Bulkers KS 5 September 2005 EUR 28926000 6776000 6000000 12776000
Volstad Supply II KS 1 November 2005 NOK 262620000 75050000 20000000 95050000
Agder Ocean Reefer KS 3 November 2005 USD 27750000 6150000 0 6150000
Celine I OBO DIS 1 November 2005 USD 12470000 1970000 3000000 4970000
Cement Ship II DIS 1 November 2005 USD 19800000 5575000 4000000 9575000
Multipurpose Bulkers DIS 4 December 2005 EUR 27145000 4695000 4500000 9195000
SBS Tempest KS 1 December 2005 NOK 134300000 29300000 10000000 39300000
SBS Torrent KS 1 December 2005 NOK 141175000 31975000 10000000 41975000
Green Pacific DIS 3 December 2005 USD 30590000 6090000 8000000 14090000
No. of vessels 31 Total NOK 800715000 211375000 60000000 271375000
No. of projects 16 Total USD 203030000 49680000 23500000 73180000
Total EUR 96441000 20371000 16200000 36571000
Project price USD 447167112 107807795 52940994 160748789
PROJECTS ESTABLISHED 2006 PROJECTS ESTABLISHED 2009
Norwegian Shipping II DIS January 2006 USD 8000000 5200000 2800000 8000000
SBS Typhoon KS 1 January 2006 NOK 167050000 36650000 25000000 61650000
Japan Offshore DIS 3 April 2006 USD 37150000 8150000 3000000 11150000
Aries Supply II KS 1 April 2006 NOK 155000000 33000000 21000000 54000000
European Venture DIS 2 April 2006 USD 46325000 9965000 5000000 14965000
NFC Offshore DIS 4 April 2006 USD 74500000 24480000 8000000 32480000
Oceanlink Offshore DIS 1 May 2006 USD 13250000 2750000 2500000 5250000
Panda Chemical Oil DIS 1 June 2006 USD 19545000 4345000 1500000 5845000
Western Chemical KS 3 July 2006 EUR 32775000 7095000 5750000 12845000
Singapore Offshore DIS 5 August 2006 USD 129100000 8500000 8000000 16500000
Oceanlink Offshore II DIS 1 August 2006 USD 12000000 2250000 2250000 4500000
Japan Offshore II DIS 3 September 2006 USD 39075000 8775000 7825000 16600000
NFC Offshore III DIS 2 October 2006 USD 46046000 14186000 8666000 22852000
Japan Offshore III DIS 2 October 2006 USD 47340000 10540000 9430000 19970000
Oceanlink Offshore III DIS 2 October 2006 USD 28500000 5200000 9600000 14800000
Agder Ocean Reefer II DIS 2 November 2006 USD 19500000 4500000 0 4500000
Northern Offshore DIS 2 November 2006 USD 39000000 8400000 6740000 15140000
Norwegian Product DIS 2 November 2006 USD 32865000 7265000 6500000 13765000
Global Cable II DIS 2 December 2006 USD 45400000 9400000 6000000 15400000
No. of vessels 39 Total NOK 322050000 69650000 46000000 115650000
No. of projects 19 Total USD 637596000 133906000 87811000 221717000
Total EUR 32775000 7095000 5750000 12845000
Project price USD 728855930 153651288 102186000 255837288
PROJECTS ESTABLISHED 2007
Ross Chemical II DIS 5 February 2007 USD 119100000 25100000 12000000 37100000
Atlantic Guardian DIS 1 February 2007 USD 42880000 8100000 8000000 16100000
NFC Panamax DIS 1 March 2007 USD 24650000 4650000 0 4650000
Orchard Offshore DIS 4 March 2007 USD 43800000 7800000 2125000 9925000
Raffles Offshore DIS 1 March 2007 USD 45945000 12445000 4500000 16945000
Norwegian Offshore DIS 4 April 2007 USD 65470000 21900000 6000000 27900000
Med Ethylene DIS 2 May 2007 USD 27875000 6275000 4500000 10775000
Ullswater Subsea DIS 1 May 2007 USD 48820000 12820000 5000000 17820000
European Venture II DIS 1 July 2007 USD 11370000 3370000 6000000 9370000
Tioman Offshore DIS 1 July 2007 USD 51150000 11150000 0 11150000
Sentosa Offshore DIS 4 July 2007 USD 46350000 8300000 0 8300000
20 PROJECTS SUMMARY
UNCALLED TOTAL COMMITTED
PROJECT NAME NO. OF VSLS. ESTABLISHED CURRENCY PROJECT PRICE PAID IN CAPITAL CAPITAL CAPITAL
Southern Chemical DIS 3 July 2007 EUR 88200000 10350000 10000000 20350000
Bovey Offshore Ltd 4 August 2007 USD 43600000 10500000 0 10500000
Asian Bulkers DIS 3 October 2007 USD 142875000 49075000 0 49075000
Short Sea Bulkers DIS 4 November 2007 EUR 24800000 4550000 4500000 9050000
Ross Chemical IV DIS 2 November 2007 USD 53000000 18000000 0 18000000
Dongguan Chemical Tankers DIS 1 November 2007 USD 32750000 7150000 7000000 14150000
Pantheon Chemical DIS 1 November 2007 EUR 31000000 5160000 5500000 10660000
No. of vessels 43 Total NOK 0 0 0 0
No. of projects 18 Total USD 799635000 206635000 55125000 261760000
Total EUR 144000000 20060000 20000000 40060000
PROJECTS ESTABLISHED 2008
Marineline Chemical DIS 3 February 2008 USD 79850000 12680000 0 12680000
Edda Accommodation DIS 1 February 2008 EUR 126500000 44000000 12000000 56000000
NFC AHTS Ltd. 2 March 2008 USD 70520000 24600000 0 24600000
Bukit Timah Offshore DIS 3 May 2008 USD 125269250 29269250 0 29269250
Mountbatten Offshore DIS 2 May 2008 USD 109134000 25134000 0 25134000
Bovey Offshore Ltd. 4 May 2008 USD 42650000 14475000 0 14475000
Semakau Producer DIS 1 July 2008 USD 20400000 20400000 0 20400000
European Venture III DIS 1 July 2008 USD 17720000 5720000 5000000 10720000
Golden Kamsar DIS 1 August 2008 USD 67294000 17294000 12500000 29794000
Jimbaran DIS 1 September 2008 USD 54200000 9035000 0 9035000
Seminyak DIS 2 September 2008 USD 108963000 18618000 14000000 32618000
JBUS Offshore DIS 2 September 2008 USD 60000000 27000000 0 27000000
Oceanlink Reefer III DIS 1 September 2008 USD 20200000 5200000 5000000 10200000
Agder Ocean Reefer III AS 7 October 2008 USD 53500000 10000000 7000000 17000000
No. of vessels 31 Total NOK 0 0 0 0
No. of projects 14 Total USD 829700250 219425250 43500000 262925250
Total EUR 126500000 44000000 12000000 56000000
Project price USD 1004270250 280145250 60060000 340205250
3 offshore barges 3 July 2009 USD 135000000 10000000 10000000
ICON Victorious 1 September 2009 USD 42500000 18750000 18750000
Diving Bell 1 September 2009 USD 100000000 10000000 10000000
No. of vessels 5 Total NOK 0 0 0 0
No. of projects 3 Total USD 277500000 127750000 0 127750000
Total EUR 0 0 0 0
Project price USD 277500000 127750000 - 127750000
PROJECTS ESTABLISHED 2010
Octavian Bulker DIS 1 September 2010 USD 37400000 16000000 0 16000000
Shanghai Bulker DIS 1 August 2010 USD 9000000 1670000 1670000
Saragol Tanker 1 DIS 1 July 2010 USD 48237500 17737500 0 17737500
Saragol Tanker 2 DIS 1 November 2010 USD 54312500 18812500 2000000 20812500
No. of vessels 4 Total NOK 0 0 0 0
No. of projects 4 Total USD 148950000 54220000 2000000 56220000
Total EUR 0 0 0 0
Project price USD 148950000 54220000 2000000 56220000
PROJECTS ESTABLISHED 2011
Northern Supply DIS 88000000 20800000 19280000 40080000
Redfish Offshore 45000000 9000000 0 9000000
No. of vessels 4 Total NOK 0 0 0 0
No. of projects 2 Total USD 133000000 29800000 19280000 49080000
Total EUR 0 0 0 0
Project price USD 133000000 29800000 19280000 49080000
PROJECTS ESTABLISHED 2012
Singapore Supply DIS 42700000 10240000 8580000 18820000
Vestland Marine PSV DIS 1650000 1650000 0 1650000
Industrial Shipping DIS 25950000 5750000 0 5750000
No. of vessels 9 Total NOK 0 0 0 0
No. of projects 3 Total USD 44350000 11890000 8580000 20470000
Total EUR 25950000 5750000 0 5750000
Project price USD 78423478 19440000 8580000 28020000
PROJECTS SUMMARY 21
 PROJECTS PER YEAR cont. EXISTING PROJECTS PER SEGMENT
UNCALLED TOTAL COMMITTED PROJECTS TOTAL PROJECT PRICE PROJECTS TOTAL PROJECT PRICE
PROJECT NAME NO. OF VSLS. ESTABLISHED CURRENCY PROJECT PRICE PAID IN CAPITAL CAPITAL CAPITAL
Offshore/Supply Seismic
PROJECTS ESTABLISHED 2013 SBS Torrent KS NOK 144 900 000 Atlantic Guardian DIS USD 42 880 000
European Venture DIS USD 46 325 000 Vestland Marine Seismic DIS USD 1 550 000
Feeder Container Vessel DIS 4 300 000 4 300 000 0 4 300 000 European Venture III DIS USD 17 720 000
Sudong Offshore DIS 26 000 000 8 200 000 0 8 200 000 Singapore Offshore DIS USD 129 100 000 Other
Panda Chemical II DIS 4 315 000 1 815 000 2 000 000 3 815 000 Orchard Offshore DIS USD 43 800 000 MS Nordstjernen DIS USD 1 000 000
No. of vessels 3 Total NOK 0 0 0 0 Ullswater Subsea DIS USD 12 820 000 Agder Ocean Reefer KS USD 27 750 000
No. of projects 3 Total USD 34 615 000 14 315 000 2 000 000 16 315 000 Sentosa Offshore DIS USD 46 350 000 Platou Shipinvest I DIS USD
Total EUR Bovey Offshore Ltd USD 43 600 000
Project price USD 34 615 000 14 315 000 2 000 000 16 315 000 Bukit Timah Offshore DIS USD 125 269 250 Container
PROJECTS ESTABLISHED 2014 Northern Supply DIS USD 84 000 000 Feeder Container Vessel DIS USD 4 300 000
Singapore Supply DIS USD 44 400 000 High Yield Shipping DIS USD 6 000 000
High Yield Shipping DIS 6 000 000 6 000 000 0 6 000 000
Sudong Offshore DIS USD 26 000 000
Vestland Marine Seismic DIS 1 550 000 1 550 000 0 1 550 000 Product tankers
CIT-Grieg 49 000 000 49 000 000 LPG / Chemical tankers Norwegian Product DIS USD 32 865 000
No. of vessels 2 Total NOK 0 0 0 0 Saragol Tankers 1 DIS USD 56 000 000
No. of projects 3 Total USD 56 550 000 56 550 000 0 7 550 000 Panda Chemical II DIS USD 4 315 000
Med Ethylene DIS USD 6 275 000 Saragol Tankers 2 DIS USD 49 000 000
Total EUR 0
Southern Chemical DIS EUR 88 200 000
Project price USD 56 550 000 56 550 000 - 56 550 000 Segment
Dongguan Chemical Tankers DIS USD 32 750 000
Seminyak DIS USD 108 963 000 Offshore/Supply 12 35 %
Blue Mountain Tankers DIS USD 119 100 000 LPG/Chemical tankers 6 18 %
Bulk carrier 6 18 %
Bulk carriers Seismic 2 6%
PROJECTS SOLD NFC Panamax DIS
Asian Bulkers DIS
USD
USD
24 650 000
142 875 000
Product tankers
Container
3
2
9%
6%
Golden Kamsar DIS USD 67 294 000 Other 3 9%
ACCUMULATED Octavian Bulker DIS USD 37 000 000 34 100 %
PROJECTS SOLD ESTABLISHED PAID IN CAPITAL DISTRIBUTIONS IRR P.A. SOLD Industrial Shipping DIS EUR 34 000 000
Type
CIT-Grieg USD 49 000 000
Aries Supply I KS April 2004 NOK 42 300 000 125 499 000 66 % 2007 Bareboat 27 79 %
NFC Offshore DIS April 2006 USD 16 280 000 32 500 000 477 % 2007 Timecharter 4 12 %
Ross Cape DIS November 2004 USD 3 850 000 6 088 300 41 % 2007 Asset play 2 6%
International Containerships KS November 2004 USD 12 260 000 18 802 700 96 % 2005 Funds 1 3%
Aries Supply II KS April 2006 NOK 33 000 000 46 560 000 64 % 2007 34 100%
NFC Offshore III DIS October 2006 USD 13 100 000 16 400 000 26%*) 2007
J.B.U OBO I KS December 2004 USD 7 780 000 6 608 000 37 % 2007
Japan Offshore DIS April 2006 USD 8 150 000 1 400 000 70%*) 2007
Japan Offshore II DIS September 2007 USD 350 000 3 166 300 733%*) 2007
CAPITAL PER YEAR - USD TOTAL PROJECTS BY SEGMENT
Japan Offshore III DIS October 2007 USD 1 110 000 1 635 000 48.5%*) 2007
Northern Offshore DIS December 2007 USD 8 400 000 21 000 000 153 % 2007 Mill
Celine I OBO DIS November 2007 USD 1 970 000 4 250 000 57 % 2007 1,200 Paid in capital Other 9%
Goliat Roro KS May 2005 EUR 1 960 000 0 -25%*) 2007
Total project price Container 5%
Semakau Producer DIS July 2008 USD 20 400 000 17 750 000 N/A 2009 Offshore/Supply 35%
1,000
Global Cable KS June 2005 USD 2 870 000 7 625 182 28 % 2009 Uncalled capital
Product tankers 9%
Scandinavian Bulkers DIS September 2010 EUR 6 776 000 6 776 000 0% 2010
SBS Tempest KS September 2005 NOK 29 300 000 84 150 000 30 % 2011 800
Norwegian Offshore I DIS April 2007 USD 23 025 000 23 325 000 0% 2011
Eidsiva Trucker KS February 2005 EUR 6 180 000 - -100%*) 2010 600 Seismic 6%
JBUS Offshore DIS September 2008 USD 32 500 000 35 000 000 3% 2011
Bergshav Chemical DIS July 2005 EUR 4470000 840 000 -48%*) 2011 400
Western Chemical KS July 2006 EUR 7095000 1 650 000 -60%*) 2011
European Venture II DIS July 2007 USD 3 370 000 6 964 845 20 % 2011 Bulk carrier 18%
Mountbatten DIS July 2008 USD 26 698 000 26 300 000 -8%*) 2011 200
Norwegian Shipping DIS April 2005 USD 13 700 000 19 317 994 15 % 2012 LPC/Cemical tankers 17%

Tioman Offshore DIS July 2007 USD 10 000 000 12 050 000 10 % 2011 0
Shanghai Bulkers DIS August 2010 USD 1 670 000 2 690 000 55 % 2011 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Volstad Supply I DIS August 2005 NOK 40 000 000 130 000 000 27 % 2011
Volstad Supply II DIS November 2005 NOK 55 250 000 200 000 000 38 % 2011
Cement Ship II DIS November 2005 USD 5 575 000 12 640 000 19 % 2013
Norwegian Shipping II DIS April 2005 USD 5 200 000 7 196 500 8% 2013 ACCUMULATED CAPITAL - USD TOTAL PROJECTS BY EMPLOYMENT
Vestland Marine DIS January 2012 USD 1 600 000 2 170 000 30 % 2013
Mount Faber KS April 2005 USD 13 004 000 36 585 000 32 % 2013 Mill
Panda Chemical Oil DIS June 2006 USD 5 845 000 1 565 000 -53 % 2013 4,000 Paid in capital Funds 3%
Global Cable II DIS January 2006 USD 9 400 000 27 058 101 21 % 2014 Asset play 6%
SBS Typhoon KS January 2006 NOK 36 650 000 106 550 000 20 % 2014 3,500 Total project price
Marineline Chemical DIS February 2008 USD 18 350 000 - -100%*) 2014 Uncalled capital Timecharter 12%
3,000 Bareboat 79%

*) Return on equity 2,500

2,000

1,500

1,000

500

0
22 PROJECTS SUMMARY
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
PROJECTS SUMMARY 23
 PROJECTS ESTIMATED RETURNS
ACCUMULATED
DISTRIBUTIONS ESTIMATED ESTIMATED ESTIMATED
ACCUMULATED IN % OF SHARE PRICE IRR SELLER IRR FOR
PROJECTS ESTABLISHED PAID IN CAPITAL DISTRIBUTIONS PAID IN CAPITAL PER 1% PER 1% BUYER

Asian Bulkers DIS October 2007 USD 48850000 - 0 % 30000 -44 % N/A
Atlantic Guardian DIS February 2007 USD 8100000 4100000 51 % N/A N/A N/A
Bovey Offshore Ltd August 2007 USD 21375000 31850000 149 % 186750 16 % 16 %
Bukit Timah Offshore DIS May 2008 USD 29269000 21250000 73 % 330000 13 % 16 %
Dongguan Chemical Tankers DIS December 2007 USD 7150000 4225000 59 % 42500 3 % 16 %
European Venture DIS April 2006 USD 9965000 8090000 81 % 188000 17 % 17.5 %
European Venture III DIS July 2008 USD 5720000 9300000 163 % 31000 23 % 30 %
Feeder Container Vessel DIS May 2013 USD 4300000 - 0 % 43000 0 % N/A
Golden Kamsar DIS August 2008 USD 23694000 2500000 11 % 219000 1 % 15 %
High Yield Shipping DIS April 2014 USD 6000000 0 % 60000 0 % 10 %
Industrial Shipping DIS May 2012 USD 5750000 355515 6 % N/A N/A N/A
Med Ethylene DIS May 2007 USD 6275000 6380000 102 % 14750 4 % 24 %
MS Nordstjernen DIS November 2012 NOK 6000000 1915000 32 % 51500 12 % 10 %
RTS Panamax DIS March 2007 USD 4650000 3050000 66 % 0 -15 % N/A
Northern Supply DIS May 2011 USD 2180000 - 0 % 218000 N/A N/A
Norwegian Product DIS November 2006 USD 10115000 5560000 55 % 86000 5 % 30 %
Octavian Bulker DIS September 2010 USD 16000000 1500000 9 % 90250 -7 % 16 %
Orchard Offshore DIS March 2007 USD 7800000 18150000 233 % 11475 18 % 16 %
Panda Chemical Il DIS November 2013 USD 1815000 - 0 % 18150 0 % N/A
Platou Shipinvest I DIS October 2007 USD 47365930 5200000 11 % N/A N/A N/A
Blue Mountain Tankers DIS February 2007 USD 36375000 - 0 % N/A N/A N/A
Saragol Tankers 1 DIS June 2010 USD 17737500 7602300 43 % N/A N/A N/A
Saragol Tankers 2 DIS December 2010 USD 18812500 5920000 31 % N/A N/A N/A
SBS Torrent KS December 2005 NOK 31975000 40700000 127 % 610000 19 % 15 %
Seminyak DIS September 2008 USD 32618000 - 0 % 0 N/A N/A
Sentosa Offshore DIS July 2007 USD 8300000 12865000 155 % 75000 16 % 16 %
Singapore Offshore DIS August 2006 USD 7850000 10004041 127 % 75000 16 % 16 %
Singapore Supply DIS March 2012 USD 10240000 - 0 % 102400 N/A N/A
Southern Chemical DIS July 2007 EUR 16350000 1540000 9 % 54000 -16 % 20 %
Sudong Offshore DIS October 2013 USD 8200000 350000 4 % 87000 15 % 15 %
Ullswater Subsea DIS May 2007 USD 12820000 9438400 74 % 158500 13 % 15 %
Vestland Marine Seismic DIS February 2014 USD 1550000 100000 6 % 15500 20 % 27 %

24 PROJECTS SUMMARY PROJECTS 25

 ASIAN BULKERS DIS ATLANTIC GUARDIAN DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Thomas degrd KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Morten Astrup, Corporate Manager: Erik Kristian Andresen

Established: October 2007 Estimated share value per 1%: USD 30 000 Latent tax benefit vessel pr 1%: USD 0 Established: January 2007 Estimated share value per 1%: USD 75 500 Latent tax liability vessel pr 1%: USD 0
Paid in capital: USD 48 000 000 Last reported sale per 1%: N/A Latent tax benefit debt pr. 1%: USD 0 Paid in capital: USD 8 100 000 Last reported sale pr 1%: N/A Latent tax liability debt pr. 1%: USD 1 000
Uncalled capital: USD 0 Estimated IRR Buyer: N/A Uncalled capital: USD 7 000 000 Estimated IRR Buyer: N/A
Accumulated dividends: USD 0 Estimated IRR Seller: N/A Accumulated dividends: USD 4 100 000 Estimated IRR Seller: N/A

THE VESSELS THE VESSELS

Vessel name: MV Atlantic Guardian

Vessels name: Svenner Slettnes Svinoy
Type: Cable / Construction / Seismic vessel
Type: Supramax Bulk Carrier Supramax Bulk Carrier Supramax Bulk Carrier
GRT / NRT: 7,172 / 2,151
DWT: 58 000 58 000 58 000
Speed: 13,5
Yard: Dayang, China Dayang, China Dayang, China
LDT: 17 495
Built /delivered: January 2010 July 2010 August 2010
Yard: Van der Geissen-de
Class: BV BV BV
Noord, The Netherlands
Flag: Marshall Island Marshall Island Marshall Island
Built: 2001 / 2006
Class: DNV
COMMERCIAL DETAILS Flag: Norway

Slettnes og Svinoy Svenner COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS
Disponent owner: Scantank AS Commencement of CP: January 2013 January 2010
Corporate management: RS Platou Project Finance AS Bareboat charter: 4 + 1 + 1 +1 years
Project price: USD 123 000 000 Expiry of CP: July 2014 3 months in advance
Disponent owner: North Sea Shipping AS Bareboat charterer: North Sea Invest AS
Paid in capital: USD 45 850 000 TC rate per day year USD 8 000 Pool
Project price: USD 42 880 000 Commencement of CP: March 2007
Uncalled capital: USD 2 150 000 TC charter: AS Klaveness Chartering Bulkhandling Handymax AS
Paid in capital: USD 8 100 000 Expiry of CP: September 2014
Uncalled capital: USD 7 000 000
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH BB rate: USD per day year 1: 14 300
USD per day year 2-4: 16 000
Residual value end CP: RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Estimated IRR:
Residual value end CP:
Estimated IRR:
CASHFLOW 2013 2014E
CASHFLOW 2014
Operating revenue 8 539 956 10 446 667 Operating revenue 0
Operating expenses -6 233 629 -6 265 589 Operating expenses 0
Net operating cashflow 2 306 327 4 181 078 Net operating cashflow 0

Interest earned 0 0 Interest earned 0

Interest expenses -1 590 629 -1 693 657 Interest expenses 0
Drawdown/ Repayment long term debt -960 000 0 Drawdown/ Repayment long term debt 0
Net financial items -2 550 629 -1 693 657 Purchase / sale of vessel 0
Purchase / sale of vessel 0 0 Net financial items 0
Net Projected Cashflow -244 302 2 487 421 Net Projected Cashflow 0
Estimated dividend 0 0 Estimated dividend 0

PROJECT BALANCE 01.07.2014

PROJECT BALANCE 01.07.2014 Cash 1 474 000
Implicit vessel value 22 321 000
Cash balance 3 310 000 Total assets 23 795 000
Impicit vessel value 68 145 000 Outstanding debt 16 295 000
Total assets 71 455 000 Short term payables 0
Outstanding debt 68 430 000 Sellers credit 0
Short term payables 25 000 Total outstanding debt 16 295 000
Sellers credit 0 Estimated Project value 7 500 000
Total outstanding debt 68 455 000
Estimated project value 3 000 000 FINANCING COMMENTS
Mortgage: USD 32 000 000 The charterer is paying hire on time.
Balloon USD 20 750 000 The project has been in compliance with the loan agreement and dividend has been paid as planned throughout the
FINANCING COMMENTS
Sellers Credit: USD 3 000 000 BB period. The initial charterparty ended in march 2011, and we have fixed the vessel on shorter periode.
Mortgage: USD 86 100 000 Two vessels are on TC to Klaveness and the third vessel is trading in the Klaveness pool. Term: 4 years
Sellers Credit: USD 0 Quarterly instalments: USD 1 - 4: 500 000 The commercial manager have bought all shares in the company. The vessel is on contract with EMGS.
Balloon: USD 63 000 000 USD 5 - 16: 750 000
Term: 5 IInterest: 75% of the loan 5,00 %
Quatery-annually instalments USD 1 440 000 Fixed for the entire fixed charter period (eksl. margin.)
Interest: 100% floating presently at 2,28 % (included margin) 25% of the loan Floating
Sellers Credit 2.00%

26 PROJECTS PROJECTS 27
 BLUE MOUNTAIN TANKERS DIS BOVEY OFFSHORE LTD.
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Morten Astrup, Corporate Manager: Benjamin Ryeng-Hansen

Established: February 2007 Estimated share value per 1%: N/A Latent tax benefit vessel pr 1%: N/A Established: August 2007 / May 2008 Estimated share value per 1%: USD 186 750 Latent tax benefit vessel pr 1%: N/A
Paid in capital: USD 36 375 000 Last reported sale per 1%: N/A Latent tax benefit debt pr. 1%: N/A Paid in capital: USD 21 375 000 Last reported sale per 1%: N/A Latent tax benefit debt pr. 1%: N/A
Uncalled capital: USD 7 000 000 Estimated IRR Buyer: N/A Uncalled capital: USD 0 Estimated IRR Buyer: 16%
Accumulated dividends: USD 0 Estimated IRR Seller: N/A Accumulated dividends: USD 31 850 000 Estimated IRR Seller: 16%
THE VESSELS
THE VESSELS

Vessel names: Topaz Glory Topaz Legend Topaz Jurong Topaz Johor
Vessel name: Oceanic Indigo Oceanic Crimson Oceanic Coral Oceanic Cerise Oceanic Cyan Oceanic Cobalt Type: AHTS AHTS AHTS AHTS
Type: IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers IMOII /III product tankers BHP: 5 150 5 150 5 150 5 150
DWT: 11 000 13 000 13 000 13 000 13 000 13 000 Speed: 13 knots 13 knots 13 knots 13 knots
Capacity (cbm): 13 450 13 450 13 450 13 450 13 450 Yard: Funing Shipyard, China Funing Shipyard, China Funing Shipyard, China Funing Shipyard, China
Yard: Penglai Bohai Shipyard Co. Ltd, China Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Jinse Co. Ltd,. Korea Built: 2010 2010 2010 2010
Delivery: April 2011 March 2008 April 08 May 2008 June 2008 July 2008 Class: ABS ABS ABS ABS
Class: ABS ABS ABS ABS ABS ABS Flag: Marshall Islands Marshall Islands Marshall Islands Marshall Islands
Flag: Liberia Liberia Liberia Liberia Liberia
COMMERCIAL DETAILS

COMMERCIAL DETAILS Corporate management: RS Platou Project Finance AS

Disponent owner: Juniper Marine Services Pte Ltd
Corporate management: RS Platou Project Finance AS BB rate per day year USD 8 050
Project price: USD 85 300 000
Disponent owner: Panoceanic Bulk Carriers UK Bareboat charter: 7 years
Paid in capital: USD 21 375 000
Project price: USD 120 800 000 Bareboat charterer: A company Guaranteed by Pan Gulf Group
Uncalled capital: USD 0
Paid in capital: USD 25 100 000 Commencement of CP: March 2008 + 2 months interval per vessel
BB rate (average): USD 5 145 pd USD 5 145 pd USD 5 145 pd USD 5 145 pd
Uncalled capital: USD 12 000 000 Expiry of CP: Year 2015
Bareboat charter: 7 years 7 years 7 years 7 years
Bareboat charterer: XT Shipping Ltd XT Shipping Ltd Team III Ltd Team III Ltd
Commencement of CP: 19.04.2010 29.03.2010 12.07.2010 19.08.2010
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Expiry of CP: 19.04.2017 29.03.2017 12.07.2017 19.08.2017
Residual value end CP:
Estimated IRR for buyer: RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH

Residual value end CP: USD 24 000 000 28 000 000 32 000 000
CASHFLOW 2014E Estimated IRR: 10% 16% 22%
Operating revenue N/A
Operating expenses N/A CASHFLOW 2013 2014E 2015E 2016E 2017E
Net operating cashflow N/A
Operating revenue 11 301 000 7 975 000 7 665 000 7 665 000 5 020 000
Interest earned N/A Operating expenses -410 000 -354 000 -357 000 -361 000 -182 000
Interest expenses N/A Net operating cashflow 10 891 000 7 621 000 7 308 000 7 304 000 4 838 000
Drawdown/ Repayment long term debt N/A
Net financial items N/A Interest earned 2 000 - - - -
Net projected cash flow Interest expenses -1 236 000 -805 000 -832 000 -810 000 -307 000
Estimated dividend N/A Drawdown/ Repayment long term debt -16 293 000 -9 075 000 -2 912 000 -2 912 000 -16 238 000
Net financial items -17 527 000 -9 880 000 -3 744 000 -3 722 000 -16 545 000
Purchase/sale of vessel 21 578 000,00 10 750 000,00 - - 28 000 000
PROJECT BALANCE 01.07.2014 Net project cashflow 14 942 000 8 491 000 3 564 000 3 582 000 16 293 000
Estimated dividend 14 400 000 11 350 000 3 650 000 3 550 000 18 343 000
Cash N/A
Implicit vessel value N/A PROJECT BALANCE 01.07.2014
Total assets N/A
Cash 2 218 000
Outstanding debt N/A
Impicit vessel value 40 075 000
Short term payables N/A
Total assets 42 293 000
Sellers credit N/A
Outstanding debt 23 518 000
Total outstanding debt N/A
Short term payables 100 000
Estimated project value N/A
Sellers credit -
Total outstanding debt 23 618 000
Estimated project value 18 675 000

FINANCING COMMENTS
Funing 4 vsl The charterer has purchase options after year 7 for the vessels.
Mortgage: USD 36 360 000 All hire is being paid promptly.
Balloon: USD 20 424 000 The company sold the vessel Rogelio Tide (formerly known as Lewek Labrador) on delivery in 2011.
Term: 5 years The company sold the vessels Lewek Lion and Lewek Leopard in 2013.
Quarterly instalments: USD 1-8: USD 900 000 The company sold the vessel Lewek Lynx in 2014.
9-20: USD 728 000
Interest mortgage: Pre-del: Libor + 1.50%
Post-del: Libor + 2.00%

28 PROJECTS PROJECTS 29
 BUKIT TIMAH OFFSHORE DIS CIT-GRIEG
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Benjamin Ryeng-Hansen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Benjamin Ryeng Hansen

Established: May 2008 Estimated share value per 1%: USD 330 000 Latent tax liability vessel pr 1%: USD 120 200 Established: May 2014
Paid in capital: USD 29 269 250 Last reported sale per 1%: May 2014 330 000 Latent tax liability debt pr. 1%: USD 6 000 Paid in capital: USD 49 000 000
Uncalled capital: USD 0 Estimated IRR Buyer: 16% Uncalled capital: USD 0
Accumulated dividends: USD 21 250 000 Estimated IRR Seller: 13% Accumulated dividends: USD 0

THE VESSELS THE VESSELS

Vessel name: Swiber Else-Marie Swiber Anne-Christine Swiber Mary-Ann

Vessels name: Star Lygra
Type: AHTS AHTS AHTS
Type: Open Hatch Bulk Carrier
BHP: 10 800 10 800 10 800
DWT: 50 700
Speed: 14 knots 14 knots 14 knots
Yard: Hyundai Mipo Dockyards, South Korea
Yard: China China China
Delivery: December 2013
Built: 2009 2009 2010
Class: ABS
Class: ABS ABS ABS
Flag: Cyprus
Flag: Marshall Islands Marshall Islands Marshall Islands

COMMERCIAL DETAILS
COMMERCIAL DETAILS
Corporate management: RS Platou Project Finance AS
Disponent owner: Scantank AS Corporate management: RS Platou Project Finance AS
Project price: USD 125 269 250 Bareboat charterer: Grieg Shipping II AS
Paid in capital: USD 29 269 250
Uncalled capital: USD 0
BB rate: USD 15 850 pd USD 15 850 pd USD 15 850
Bareboat charter: 10 years 10 years 10 years
Bareboat charterer: Newcruz Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
Commencement of CP: 27.08.2009 06.01.2010 23.09.2010 RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Expiry of CP: 27.08.2019 06.01.2020 23.09.2020

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH

Residual value end CP: USD 48 000 000 60 000 000 72 000 000
Estimated IRR: 13% 16% 19% CASHFLOW 2013 2014E
CASHFLOW 2013 2014E 2015E 2016E 2017E

Operating revenue 17 356 000 17 356 000 17 356 000 17 403 000 17 356 000
Operating expenses -267 000 -267 000 -270 000 -272 000 -275 000
Net operating cashflow 17 089 000 17 089 000 17 086 000 17 131 000 17 081 000

Interest earned 3 000 - - 70 000 70 000

Interest expenses -6 263 000 -5 793 000 -5 182 000 -4 537 000 -3 854 000
Drawdown/ Repayment long term debt -7 200 000 -7 263 000 -7 700 000 -7 950 000 -7 950 000
Net financial items -13 460 000 -13 056 000 -12 882 000 -12 417 000 -11 734 000
Net project cashflow 3 629 000 4 033 000 4 204 000 4 714 000 5 347 000
Estimated dividend 3 700 000 4 150 000 4 250 000 4 750 000 5 400 000

PROJECT BALANCE 01.07.2014

PROJECT BALANCE 01.07.2014
Cash 1 870 000
Implicit vessel value 103 330 000
Total assets 105 200 000
Outstanding debt 65 400 000
Short term payables 800 000
Sellers credit 6 000 000
Total outstanding debt 72 200 000
Estimated project value 33 000 000

FINANCING COMMENTS
Mortgage: USD 96 000 000 The Charterer has purchase options from after year 5 to year 10. FINANCING COMMENTS
Sellers credit: USD 6 000 000 Latest valuation of the vessels was USD 33-34 million meaning that we are within the minimum value clause.
Balloon: USD 20 250 000
Term: 10 years
Quarterly instalments: 1-20: USD 1 800 000
21-40: USD 1 987 500
Interest mortgage: Average of 8.3213% including 3.625% margin
Interest sellers credit: 3.50%

30 PROJECTS PROJECTS 31
 DONGGUAN CHEMICAL TANKERS DIS EUROPEAN VENTURE DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

Established: December 2007 Estimated share value per 1%: USD 42 500 Latent tax liability vessel pr 1%: USD 7 000 Established: April 2006 Estimated share value per 1 %: USD 188 000 Latent tax benefit vessel pr 1%: N/A
Paid in capital: USD 7 150 000 Last reported sale per 1%: May 2013 USD 42 000 Latent tax liability debt pr. 1%: USD 900 Paid in capital USD 9 965 000 Last reported sale pr 1 %: USD 115 000 Latent tax benefit debt pr. 1%: N/A
Uncalled capital: USD 3 500 000 Estimated IRR Buyer: 16% Uncalled capital: USD 5 000 000 Estimated IRR Buyer : 17.5%
Accumulated dividends: USD 4 225 000 Estimated IRR Seller: 3% Accumulated dividends: USD 8 090 000 Estimated IRR Seller : 16.9%

THE VESSELS THE VESSELS

Vessel name: Toreach Pioneer Vessels name: GSP Queen GSP King
Type: Chemical Tanker IMO II Type: PSV, 2 x 3978 BHP, FIFI1, DP2 PSV, 2 x 5440 BHP, FIFI1, DP2
DWT: 8 200 DWT: 1 800 2 000
Speed: 12 knots Speed: 14 knots 14 knots
Yard: Zhejiang Haifeng Yard: Jaya Yard, Singapore Jaya Yard, Singapore
Shipbuilding Co. Ltd, China Built: 2006 2005
Built: 2008 Class: ABS ABS
Class: CCS Flag: Gibraltar Gibraltar
Flag: Marshall Islands
COMMERCIAL DETAILS
COMMERCIAL DETAILS
Corporate management: RS Platou Project Finance AS Uncalled capital: USD 5 000 000
Disponent owner: North Sea Shipping AS Commencement of CP: June 2006
Corporate management: RS Platou Project Finance AS Bareboat charter: 8 years
Project price: USD 46 325 000 Expiry of CP: June 2015
Disponent owner: Atlantica Shipping AS Bareboat charterer: Toreach Marine Pte Ltd guaranteed by Dongguan
Paid in capital: USD 9 965 000
Project price: USD 15 324 000 Fenghai Ocean Shipping Co Ltd
Paid in capital: USD 7 150 000 Commencement of CP: 15.10.2008
GSP Queen GSP King
Uncalled capital: USD 3 500 000 Expiry of CP: 15.10.2016
BB rate: USD 5 250 pd BB rate per day: Year 1-5 USD 8 715 Year 1-5 USD 9 330
Year 6-8 USD 7 000 Year 6-8 USD 8 000
Bareboat charter: 8 years 8 years
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH Bareboat charterer: Grup Servicii Grup Servicii
Residual value end CP: 6 500 000 Petroliere S.A. Petroliere S.A
Estimated IRR: 16%
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
CASHFLOW 2013 2014E 2015E 2016E Residual value end CP: USD 26 000 000
Estimated IRR: 17.5%
Operating revenue 1 916 000 1 916 000 1 916 000 1 433 000
Operating expenses -89 000 -98 000 -100 000 -101 000 CASHFLOW 2014E 2015E
Net operating cashflow 1 827 000 1 818 000 1 816 000 1 332 000
Operating revenue 5 587 000 2 296 000
Interest earned - 1 000 1 000 1 000 Operating expenses -183 000 -235 000
Interest expenses -260 000 -223 000 -185 000 -136 000 Net operating cashflow 5 404 000 2 061 000
Drawdown/ Repayment long term debt -720 000 -945 000 -720 000 -3 660 000
Net financial items -980 000 -1 167 000 -904 000 -3 795 000 Interest earned 0 0
Sale of vessel - - - 6 500 000 Interest expenses -287 000 -122 000
Net project cashflow 847 000 651 000 912 000 4 037 000 Drawdown/ Repayment long term debt -2 860 000 -12 050 000
Estimated dividend 400 000 1 150 000 925 000 4 384 000 Net financial items -3 147 000 -12 172 000
Purchase / sale of vessel 0 26 000 000
PROJECT BALANCE 01.07.2014 Net Projected Cashflow 2 257 000 15 889 000
Estimated dividend 2 000 000 18 661 000
Cash 384 000
Implicit vessel value 8 681 000 BALANCE 01.07.2014
Total assets 9 065 000
Outstanding debt 3 940 000 Cash balance 4 862 000
Short term payables 75 000 impicit vessel value 25 638 000
Sellers credit 800 000 Total assets 30 500 000
Total outstanding debt 4 815 000 Outstanding debt 13 480 000
Estimated project value 4 250 000 Shor term payables 20 000
Sellers credit 0
FINANCING COMMENTS Total outstanding debt 13 500 000
Estimated project value 17 000 000
Mortgage: USD 9 000 000 The Charterer has purchase options from after year 3 to year 8.
Sellers credit: USD 800 000 Put option at the end of the charter party. FINANCING COMMENTS
Balloon: USD 3 240 000 The Charterer is paying charter hire in a timely manner. Mortgage: USD 36 360 000 The project is currently beeing restructured. The charter will be lengthened with an additional year.
Term: 8 years The base case scenario is based on the put option. Balloon: USD 13 480 000 The data has not been updated to reflect the restructuring.
Quarterly instalments: USD 180 000 Term: 8 years
Interest mortgage 20.11.2008-04.05.2012: 6.54% including 1.5% margin Semi-annually instalments: USD 1-16: 1 430 000
Interest mortgage 04.05.2012-04.11.2015: 5.16% including 1.5% margin IInterest: 100% floating
Interest sellers credit: 0.00%

32 PROJECTS PROJECTS 33
 EUROPEAN VENTURE III DIS FEEDER CONTAINER VESSEL DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andersen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke

Established: July 2008 Estimated share value per 1%: USD 31 000 Latent tax benefit vessel pr 1%: USD 0 Established: May 2013 Estimated share value per 1%: USD 43 000 Latent tax benefit vessel pr 1%: -USD 4 800
Paid in equity: USD 214 000 Last reported sale pr 1%: Nov. 2011 USD 53 000 Latent tax benefit debt pr. 1%: USD 0 Paid in equity: USD 4 300 000 Last reported sale pr 1%: Latent tax benefit debt pr. 1%: USD 0
Uncalled capital: USD 0 Estimated IRR Buyer: 30% Uncalled capital: USD 0 Estimated IRR Buyer: N/A
Accumulated dividends: USD 9 350 000 Estimated IRR Seller: 23% Accumulated dividends: USD 0 Estimated IRR Seller: 0%

THE VESSELS THE VESSELS

Vessels name: GSP Vega Vessels name: MV Credo

Type: AHTS Type: Container feeder vessel
Bollard pull: 120 ton DWT: 22 900
Speed: 14.5 knots Yard: Stocznia Szczecinska, Poland
Yard: Bolsoenes, Molde, Singapore Built: March 1996
Built: 1983 Class: GL, Germany SS/DD 02/14
Class: DNV Flag: Marshall Islands
Flag: NIS

COMMERCIAL DETAILS COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS BB rate per day: August 2008 - August 2010 USD 15 100 Corporate management: RS Platou Project Finance AS Expiry of TCP: Round voyage South America of 70-85 days +
Disponent owner: Scantank AS August 2010 - August 2011 USD 11 500 Disponent owner: Atlantica Shipping AS charterers option for 1 further round voyage
Project price: USD 17 750 000 August 2011 - February 2012 USD 10 000 Project price: USD 4 300 000 TC rate per day year: USD 7 200 less 3.75%
Paid in capital: USD 5 720 000 February 2012 - August 2013 USD 7 000 Paid in capital: USD 4 300 000 Charterer: CCNI
Uncalled capital: USD 5 000 000 Bareboat charter: 5 years Uncalled capital: USD 0
Commencement of CP: August 2008 Bareboat charterer: Grup Servicii Petroliere S.A. Commencement of Time Charter Party: 20 April 2014
Expiry of CP: August 2012
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
RESIDUAL VALUE SENSITIVITY ON IRR BASE CASE
Residual value end CP: 3 200 000 6 000 000 10 000 000
Residual value end CP: USD 6 000 000 Estimated IRR: 2% 30% 62%
Estimated IRR: 23%
CASHFLOW 2013 2014E 2015E 2016E
CASHFLOW 2014E
Operating revenue 1 348 000 2 542 000 3 226 000 1 216 000
Operating revenue 473 000 Operating expenses -2 043 000 -2 650 000 -2 394 000 -790 000
Operating expenses -108 000 Net operating cashflow -695 000 -108 000 832 000 426 000
Net operating cashflow 365 000
Purchase of vessel -3 450 000
Interest earned 0 Sale of vessel 0 0 6 000 000
Interest expenses 0 Interest earned 0 0 0 0
Drawdown/ Repayment long term debt 0 Interest expenses 0 0 0 0
Net financial items 0 Paid in capital 4 300 000 0 0 0
Purchase / sale of vessel 6 000 000 Drawdown/ Repayment long term debt 0 0 0 0
Net Projected Cashflow 6 365 000 Net financial items 4 300 000 0 0 0
Estimated dividend 5 672 000 Net projected cash flow 155 000 -108 000 832 000 6 426 000
Estimated dividend 0 0 -500 000 -7 300 000
BALANCE 01.07.2014
PROJECT BALANCE 01.07.2014
Cash balance 401 000
Impicit vessel value 2 699 000 Cash 40 000
Total assets 3 100 000 Impicit vessel value 4 745 000
Outstanding debt 0 Total assets 4 785 000
Short term payables 0 Outstanding debt 0
Sellers creditt 0 Short term payables 485 000
Total outstanding debt 0 Sellers credit 0
Estimated project value 3 100 000 Total outstanding debt 485 000
Estimated project value 4 300 000
FINANCING COMMENTS
FINANCING COMMENTS
Mortgage: USD 12 000 000 In April 2012 the project was renegotiated with the charterer and it was agreed to reduce the bareboat rate from
Balloon: USD 2 250 000 USD 10.000 pr. day to USD 7.000. It was also agreed to prolonge the bareboat charter period with two years untill Mortgage finance: None The company was incorporated on 8 May 2013 with the purpose of purchasing and operating MV Credo, a 17 year
Term: 5 years the 31st of August 2014. It was also agreed to reduce the purchase obligation from USD 6,550,000 to old feeder container vessel . The vessel was aquired on 10 May 2013. The vessel has since time of delivery been
Quarterly instalments: USD 1-4 825 000 USD 6,000,000. fixed on time charter parties to various charterers.
USD 5-8 787 500 The vessel is expected to be redelivered in September 2014.
USD 9-12 325 000
USD 13-20 250 000
Interest: 4.28% Fixed to 12.08.2013

34 PROJECTS PROJECTS 35
 GOLDEN KAMSAR DIS HIGH YIELD SHIPPING DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen

Established: April 2008 Estimated share value per 1% USD 218 000 Latent tax benefit vessel pr 1%: - USD 8 400 Established: April 2014 Estimated share value per 1%: USD 60 000 Latent tax benefit vessel pr 1%: N/A
Paid in capital: USD 23 694 000 Last reported sale pr 1% November 2013 USD 178 500 Latent tax benefit debt pr. 1%: - USD 1 300 Paid in capital: USD 6 000 000 Last reported sale pr 1%: N/A Latent tax benefit debt pr. 1%: N/A
Uncalled capital: USD 11 300 000 Estimated IRR Buyer: 15% Uncalled capital: USD - Estimated IRR Buyer: 10%
Accumulated dividends: USD 2 500 000 Estimated IRR Seller: 1% Accumulated dividends: USD - Estimated IRR Seller: 0%

THE VESSELS THE VESSELS

Vessel name: Golden Eclipse Vessel name: MSC Positano

Type: Kamsarmax bulk carrier Type: TEU container vessel
DWT: 79 600 DWT: 27 290
Yard: Jinhaiwan Shipyard, PRC Speed: 12 knots
Delivery: April 2010 Yard: Daewoo Shipbuilding & Machinery Co. Ltd.
Class: ABS Built: 1997
Flag: Hong Kong Class: GL
Flag: Malta
COMMERCIAL DETAILS
COMMERCIAL DETAILS
Corporate management: RS Platou Project Finance AS Expiry of CP: April 2020
Disponent owner: Scantank AS BB rate per day year USD Year 1-5 21,975 Corporate management: RS Platou Project Finance AS BB rate: USD 2 000 pd
Project price: USD 57 500 000 Year 5-10 16,284 Disponent owner: Seabulk AS Bareboat charter: 5 years
Paid in capital: USD 17 294 000 Bareboat charter: 10 year Project price: USD 6 000 000 Bareboat charterer: MSC Mediterranean Shipping Company S.A. Geneva, Switzerland
Uncalled capital: USD 12 500 000 Bareboat charterer: Golden Eclipse Inc. Paid in capital: USD 6 000 000 Commencement of CP: 16.04.2014
Commencement of CP: April 2010 Uncalled capital: USD 0 Expiry of CP: 16.04.2019

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH

Residual value end CP: USD 15 000 000 20 000 000 25 000 000 Residual value end CP: 5 500 000
Estimated IRR: 12% 15% 18% Estimated IRR: 14%

CASHFLOW 2013 2014E 2015E 2016E

CASHFLOW 2014E 2015E 2016E 2017E 2018E
Operating revenue 8 020 875 8 020 875 6 558 000 5 960 000
Operating revenue 520 000 730 000 732 000 730 000 730 000
Operating expenses -83 000 -117 000 -119 000 -119 000
Operating expenses -310 000 -61 000 -62 000 -64 000 -65 000
Net operating cashflow 7 937 875 7 903 875 6 439 000 5 841 000
Net operating cashflow 210 000 669 000 670 000 666 000 665 000
Purchase of vessel
Purchase of vessel -5 750 000 - - - -
Net project cashflow -5 540 000 669 000 670 000 666 000 665 000
Interest earned 7 000 5 000 3 000 2 000
Estimated dividend 285 000 570 000 570 000 570 000 570 000
Interest expenses -1 668 000 -1 710 000 -500 000 -460 000
Paid in capital 0 0 0 0
Drawdown/ Repayment long term debt -8 000 000 -3 000 000 -3 000 000 -2 500 000 PROJECT BALANCE 01.07.2014
Net financial items -9 661 000 -4 705 000 -3 497 000 -2 958 000
Cash 122 000
Net projected cash flow -1 723 125 3 198 875 2 942 000 2 883 000
Implicit vessel value 5 898 000
Estimated dividend 0 -4 500 000 -3 500 000 -1 900 000
Total assets 6 020 000
Outstanding debt -
BALANCE 01.07.2014 Short term payables 20 000
Cash 3 050 000 Sellers credit -
Impicit vessel value 34 150 000 Total outstanding debt 20 000,00
Total assets 37 200 000 Estimated project value 6 000 000
Outstanding debt 15 000 000
Short term payables 300 000 FINANCING COMMENTS
Sellers credit 0
Total outstanding debt 15 300 000 100% equity. Financial lease.
Estimated project value 21 900 000 Charterer has a purchase obligation at the end of the charter period to USD 5,550,000.

FINANCING COMMENTS

Mortgage: USD 36 000 000 As a result of a major drop in ship values, we have negotiated the purchase price down from USD 65,340,000 to
Balloon: USD 21 500 000 USD 57,500,000 with the seller.
Term: 4.5 years and final maturity date 31/12/2014 The charterer has purchase options from year 3 and onwards.
Quarterly instalments: USD year 1-2: 875,000 year 3-5: 750,000 USD 6,400,000 has been called upon from the partners.

Interest: The interest rate is fixed for the entire term of the loan (incl. margin) 6.55%
The interest swap agreement expires on 31/12/2014.
The cashflow assumes a refinancing of the loan with same repayment profile and maturity date in April 2020
and interest terms LIBOR + a margin of 3.0%.

36 PROJECTS PROJECTS 37
 INDUSTRIAL SHIPPING DIS MARINELINE CHEMICAL DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

Established: May 2012 Estimated share value per 1 %: EUR - Latent tax benefit vessel pr 1%: N/A Established: February 2008 Estimated share value per 1%: USD 0 Latent tax benefit vessel pr 1%: USD 74 200
Paid in capital: EUR 5 394 485 Last reported sale per 1%: N/A Latent tax benefit debt pr. 1%: N/A Paid in capital: USD 18 710 000 Last reported sale pr 1%: N/A Latent tax benefit debt pr. 1%: USD 0
Uncalled capital: EUR - Estimated IRR Buyer: N/A Uncalled capital: USD 0 Estimated IRR Buyer: 0%
Accumulated dividends: EUR 355 515 Estimated IRR Seller: N/A Accumulated dividends: USD 0 Estimated IRR Seller: 0%
THE VESSELS
THE VESSELS

Vessel names: Trans Forza / Trans Volante Trans Sonoro / Trans Lontano / Trans Distinto Trans Brilliante Trans Risoluto
Vessels name: SOLD Royal Emerald SOLD Royal Crystal 7 SOLD Royal Aqua
Type: Chemical Tankers IMO II Chemical Tankers IMO II Chemical Tankers IMO II
Type: MPP Single-decker MPP Single-decker MPP Single-decker MPP Single-decker Dwt 13100 Dwt 13100 Dwt 13100 Dwt
DWT: 4 117 4 110 / 4 135 / 4 160 5 557 4 145 Speed: 14 knots 14 knots 14 knots
Speed: 13 knots 13 knots 13.5 knots 11 knots Yard: South Korea South Korea South Korea
Yard: Severnav S.A, Romania Severnav S.A, Romania Ferus Smith B.V Netherland Bodewes Volharding B.V Netherland Built: 2006 2007 2008
Built: 2000 2000 1997 1997 Class: ABS ABS ABS
Class: GL GL GL GL Flag: Panama Panama Panama
Flag: Gibraltar Gibraltar Gibraltar Gibraltar

COMMERCIAL DETAILS COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS BB rate (fixed not including profit split): EUR 1 175 Corporate management: RS Platou Project Finance AS Paid in capital: USD 18 710 000
Disponent owner: RS Platou Asset Management AS Bareboat charter: 12 + 2 years Disponent owner: Scantank AS Uncalled capital: USD 0
Project price: EUR 25 950 000 Bareboat charterer (guaranteed by): TransAtlantic Short Sea Bulk AB Project price: USD 79 850 000
Paid in capital : EUR 5 750 000 Commencement of CP: 2012
Uncalled capital: EUR 0 Expiry of CP: 2024 Royal Emerald Royal Crystal 7 Royal Aqua

Commencement of CP: March 2008 March 2008 August 2008

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH Expiry of CP: March 2014 March 2014 August 2014
BB rate per day year USD 6 500 6 250 6 500
Residual value end CP: 5 000 000 Bareboat charter: 6 Years 6 Years 6 years
Estimated IRR: 23% Bareboat charterer: Hanjin Shipping Hanjin Shipping Hanjin Shipping

CASHFLOW 2014E 2015E 2016E RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Operating revenue 0 0 0 Enbloc residual value end CP:
Operating expenses 0 0 0 Estimated IRR:
Net operating cashflow 0 0 0
CASHFLOW 2014E
Interest earned 0 0 0 Operating revenue 0
Interest expenses 0 0 0 Operating expenses 0
Drawdown/ Repayment long term debt 0 0 0 Net operating cashflow 0
Net financial items 0 0 0
Purchase/sale of vessel 0 0 0 Interest earned 0
Net project cashflow 0 0 0 Interest expenses 0
Estimated dividend 0 0 0 Drawdown/ Repayment long term debt 0
Net financial items 0
PROJECT BALANCE (ESTIMATE) 01.07.2014 Purchase / sale of vessel 0
Net Projected Cashflow 0
Cash 319 000 Estimated dividend 0
Implicit vessel value 16 906 000
PROJECT BALANCE 01.07.2014
Total assets 17 225 000
Outstanding debt 17 225 000 Cash balance 0
Short term payables 0 Implicit vessel value 0
Sellers credit - Total assets 0
Total outstanding debt 17 225 000 Outstanding debt 0
Estimated project value 0 Short term payables 0
Sellers credit 0
Total outstanding debt 0
FINANCING COMMENTS
Estimated project value 0
1st. 2nd. The project is currently being restructured. FINANCING COMMENTS
Mortgage: EUR 17 700 000 2 000 000
Balloon: EUR 11 000 000 - The vessels have been sold.
Term: 5 years 12 years
Quarterly instalments: EUR 1 - 12: EUR 325 000 1-20: EUR 0
13 - 20: EUR 350 000 21-36: EUR 50 000
37-48: EUR 100 000
Interest mortgage: 6,50 % 7,00 %

38 PROJECTS PROJECTS 39
 MED ETHYLENE DIS MS NORDSTJERNEN DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke KEY FIGURES (date of analysis: 01.07.2013) Project Broker: Axel M. Aas Corporate Manager: Erik Kristian Andresen

Established: May 2007 Estimated share value per 1%: USD 14 750 Latent tax liability vessel pr 1% USD 0 Established: November 2012 Estimated share value per 1%: NOK 51 500 Latent tax benefit vessel pr 1%: NOK 0
Paid in capital: USD 6 275 000 Last reported sale pr 1% ; october 2007 USD 67 000 Latent tax liability debt pr 1% USD 0 Paid in capital: NOK 4 410 000 Last reported sale per 1%: N/A Latent tax benefit debt pr. 1%: NOK 0
Uncalled capital: USD 0 Estimated IRR Buyer: 24% Uncalled capital: NOK 0 Estimated IRR Buyer: 10%
Accumulated dividends: USD 6 380 000 Estimated IRR Seller: 4% Accumulated dividends: NOK 1 915 000 Estimated IRR Seller: 12%

THE VESSELS THE VESSELS

Vessels name: Syn Mizar Syn Mira Vessel name: MS Nordstjernen

Type: Ethylene / LPG carrier Ethylene / LPG carrier Type: Hurtigruteskip
DWT: 4 290 4 290 DWT: 570
Capacity (cbm): 3 982 3 982 Speed: 17
Yard: SOLD Fincantieri SOLD Fincantieri Yard: Blohm & Voss, Germany
Built: 1989 1990 Built: 1956
Class: BV and Rina (dual classed) BV and Rina (dual classed)
Flag: Maltese Maltese
COMMERCIAL DETAILS
COMMERCIAL DETAILS Corporate management: RS Platou Project Finance AS BB rate MS Nordstjernen net per day: Year 1-5 kr 3 500
Project price: NOK 6 000 000 5 years
Corporate management: RS Platou Project Finance AS Uncalled capital: USD 4 500 000
Paid in capital: NOK 6 000 000 26. November 2012 / 26. November 2017
Disponent owner: Pan Oceanic Bulk Carriers UK Ltd. BB rate per day for both vessels: USD 13 500
Uncalled capital: NOK 0 Bareboat charter:
Project price: USD 27 875 000 Bareboat charter: 7 years
Indre Nordhordaland Dampbtlag AS, guaranteed by Vestland Marine Sp. z.o.o.
Paid in capital: USD 6 275 000 Bareboat charterer: Synergas SRL

Syn Mizar Syn Mira RESIDUAL VALUE SENSITIVITY ON IRR BASE

Commencement of CP: September 2007 July 2007 Residual value end CP: NOK 3 000 000
Expiry of CP: September 2014 July 2014 Estimated IRR for buyer: 10%

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH CASHFLOW 2014E 2015E 2016E 2017E
Residual value end CP:
Operating revenue 1 277 500 1 281 000 1 277 500 945 000
Estimated IRR:
Operating expenses -187 000 -191 000 -195 000 -199 000
Net operating cashflow 1 090 500 1 090 000 1 082 500 746 000
CASHFLOW 2013 2014E
Operating revenue 3 090 000 3 316 000 Interest earned 0 0 0 0
Operating expenses -198 000 -156 000 Interest expenses 0 0 0 0
Net operating cashflow 2 892 000 3 160 000 Drawdown/ Repayment long term debt 0 0 0 0
Purchase / Sale of vessel 0 0 0 0
Sale of vessels 2 963 000 0 Net financial items 0 0 0 0
Interest earned 0 0 Net projected cashflow 1 090 500 1 090 000 1 082 500 746 000
Interest expenses -525 000 0 Estimated dividend 1 090 000 1 090 000 1 085 000 3 784 000
Drawdown/ Repayment long term debt -5 000 000 0
Net financial items -5 525 000 0
Net projected cash flo 330 000 3 160 000 PROJECT BALANCE 01.07.2014
Estimated dividend -560 000 -3 500 000
Cash 40 000
PROJECT BALANCE 01.07.2014 Implicit vessel value 5 110 000
Total assets 5 150 000
Cash 554 000 Outstanding debt 0
Implicit vessel value 9 195 000 Short term payables 0
Total assets 9 749 000 Charteres credit 0
Outstanding debt 3 779 000 Total outstanding debt 0
Short term payables 70 000 Estimated Project value 5 150 000
Sellers credit 0
Total outstanding debt 3 849 000
Estimated project value 5 900 000 FINANCING COMMENTS

FINANCING COMMENTS The charterer has an purchase obligation at NOK 3,000,000 at the end of the charter party.

Mortgage: USD 21 600 000 Due to financial difficulties charterer failed to fulfil his obligations under the charter parties as from July 2013. The
Balloon: USD 4 500 000 parties came to an agreement where the charter parties were cancelled and the vessels were sold to a recycling
Term: 7 yard in November 2013.
Quarterly instalments (two tranches): USD 610,714 In accordance with a sale and termination agreement charterer shall pay a monthly compensation to the company
Interest: 6,40 % Fixed in 12 instalments from January 2014. After the final instalment in December 2014 the company will be liquidated.
The outstanding loan amount was fully prepaid in November 2013 when the vessels were sold.

40 PROJECTS PROJECTS 41
 NORTHERN SUPPLY DIS NORWEGIAN PRODUCT DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson Corporate Manager: Erik Kristian Andresen

Established: July 2011 Estimated share value per 1 %: USD 218 000 Latent tax benefit vessel pr 1%: USD 0 Established: November 2006 Estimated share value per 1%: USD 86 000 Latent tax liability vessel pr 1%: USD 2 000
Paid in capital: USD 21 800 000 Last reported sale per 1 %: USD 173 000 Latent tax benefit debt pr. 1%: USD 0 Paid in capital: USD 10 115 000 Last reported sale per 1% November 2008: USD 73 000 Latent tax liability debt pr. 1%: - USD 150
Uncalled capital : USD 19 280 000 Estimated IRR Buyer : N/A Uncalled capital: USD 6 500 000 Estimated IRR Buyer: 30%
Accumulated dividends: 0 Estimated IRR Seller : N/A Accumulated dividends: USD 5 560 000 Estimated IRR Seller: 5%

THE VESSELS THE VESSELS

Vessels name: Hull 1048 and 1049 to be named Vessels name: Emily PG Lesley PG
Type: STX PSV 09 Clean Design Platform Supply Vessels Type: Product tanker, DH Product tanker, DH
DWT: 4 600 DWT: 6 249 6 249
Speed: 14,5 knots Yard: Kvrner Govan Shipbuilders, UK Appledore Shipbuilders, UK
Yard: ASL Shipyard Pte. Ltd Built / (Rebuilt): 1996 1998
Built: 20122014 Flag: Isle of Man Isle of Man
Class: DNV Class: Lloyds Register Lloyds Register
Flagg: N/A
COMMERCIAL DETAILS
COMMERCIAL DETAILS DELIVERY CASE Corporate management: RS Platou Project Finance AS Expiry of CP: December 14
Disponent owner: Seabulk AS BB rate per day in total for all vessels (net): USD 13 100
Corporate management: RS Platou Project Finance Paid in capital: USD 43 760 000 Project price: USD 32 865 000 Bareboat charter: 8 years
AS Working capital / Stack up if delivered USD 2 600 000 Paid in capital: USD 7 265 000 Bareboat charterer: Giles W. Pritchard-Gordon Tankers Ltd.
Disponent owner: Scantank AS Uncalled capital: USD 7 680 000 Uncalled capital: USD 6 500 000
Project price (resale case): USD 85 978 000 Commencement of CP: December 06
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Residual value end CP:
Estimated IRR: Residual value end CP: 7 500 000 8 750 000 10 000 000
Estimated IRR for buyer: -1% 30% 64%
CASHFLOW 2014E
CASHFLOW 2014E
Operating revenue N/A
Operating expenses N/A Operating revenue 4 375 000
Net operating cashflow N/A Operating expenses -162 000
Net operating cashflow 4 213 000
Interest earned N/A
Interest expenses N/A Interest earned 0
Drawdown/ Repayment long term debt N/A Interest expenses -408 000
Net financial items N/A Drawdown/ Repayment long term debt -4 150 000
Purchase / Sale of vessels 8 750 000
Estimated dividend N/A Net financial items 4 192 000
Net Projected cashflow 8 405 000
Estimated dividend 9 756 000
BALANCE (ASSUMED DELIVERY AFTER 1 JULY 2014) 01.07.2014

Cash balance 340 000 PROJECT BALANCE 01.07.2014

Impicit vessel value 22 960 000
Total assets 23 300 000 Cash 411 000
Outstanding debt 0 Implicit vessel value 9 314 000
Short term payables 0 Total assets 9 725 000
Sellers creditt 1 500 000 Outstanding debt 1 125 000
Total outstanding debt 1 500 000 Short term payables 0
Estimated project value 21 800 000 Total outstanding debt 1 125 000
Estimated Project value 8 600 000

FINANCING COMMENTS
FINANCING COMMENTS
Mortgage 1 Mortgage 2 Sellers Credit This is an asset play project . If sale is not concluded before delivery, Northern Supply DIS will take delivery and Mortgage: USD 25 600 000 As a result of lower ship values, we have had to call upon some of the uncalled capital in 2010.
Loan amount USD 25 600 000 USD 25 600 000 USD 3 000 000 operate the vessels in the spot marked until favourable offer has been received. Balloon: USD 7 600 000 The project is otherwise running very well. The Charterer is financially strong, and hire is being paid on time.
Repayment profile 13.7 years 12 years 5 years Sellers credit: USD 0
Quarterly installments USD 64000 Q1-Q6 thereafter USD 534 000 USD 0 Term: 8 years
USD 640 000 Semi-annual instalments: USD 1 - 16: 1 125 000
Final maturity date 5 years 12 years 5 years Interest: 90% of the loan 6.05%
Balloon payment USD 16 256 000 USD 0 Fixed for the entire fixed charter period (incl. margin.)
Interest terms LIBOR + a margin of 6% p.a. LIBOR + a margin of 3 % p.a 10% of the loan Floating
1% p.a. + guarantee
premium of 3.5% p.a. .

42 PROJECTS PROJECTS 43
 OCTAVIAN BULKER DIS ORCHARD OFFSHORE DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Benjamin Ryeng-Hansen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Benjamin Ryeng-Hansen

Established: September 2010 Estimated share value per 1%: USD 90 250 Latent tax benefit vessel pr 1%: USD 8 800 Established: March 2007 Estimated share value per 1%: USD 11 475 Latent tax liability vessel pr 1%: USD 17 100
Paid in capital: USD 16 000 000 Last reported sale per 1%: N/A Latent tax benefit debt pr 1%: USD 1 300 Paid in capital: USD 7 800 000 Last reported sale per 1%: N/A Latent tax liability debt pr. 1%: USD 800
Uncalled capital: USD 0 Estimated IRR Buyer: 16% Uncalled capital: USD 2 125 000 Estimated IRR Buyer: 16%
Accumulated dividends: USD 1 500 000 Estimated IRR Seller: -7% Accumulated dividends: USD 18 150 000 Estimated IRR Seller: 18%

THE VESSELS THE VESSELS

Vessels name: MV Skomvaer Vessel name: Swiber Navigator Swiber Explorer SOLD Swiber Ada SOLD Swiber Torunn
Type: Supramax Bulk Carrier Type: AHT AHT AHTS AHTS
DWT: 58 000 BHP: 4 000 4 000 5 000 5 000
Yard: Dayang, China Speed: 13.5 knots 13.5 knots 13.5 knots 13.5 knots
Delivered: September 2010 Yard: Malaysia / China Malaysia / China Malaysia / China Malaysia / China
Class: BV1 Built: 2008 2008 2008 2008
Flag: Marshall Island Class: ABS ABS BV BV
Flag: Singapore Singapore Singapore Singapore
COMMERCIAL DETAILS
COMMERCIAL DETAILS
Corporate management: RS Platou Project Finance AS Commencement of CP: September 2010
Disponent owner: Scantank AS Expiry of CP: September 2015 Corporate management: RS Platou Project Finance AS Paid in capital: USD 7 800 000
Project price: USD 36 000 000 TC rate per day year : USD 15 500 Disponent owner: Scantank AS Uncalled capital: USD 2 125 000
Paid in capital: USD 16 000 000 TC charter: Hanjin Shipping Co. Ltd. Project price: USD 43 800 000
Uncalled capital: USD 0
Swiber Navigator Swiber Explorer Swiber Ada Swiber Torunn
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
BB rate: USD 3 150 pd USD 3 150 pd USD 4 950 pd USD 4 950 pd
Residual value end CP: USD 20 000 000 Bareboat charter: 8 years 8 years 8 years 8 years
Estimated IRR: 16% Bareboat charterer: Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
Commencement of CP: January 2008 February 2008 October 2008 December 2008
CASHFLOW 2013 2014E 2015E Expiry of CP: January 2016 February 2016 October 2016 December 2016
Operating revenue 5 603 000 5 601 000 4 207 000
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Operating expenses -2 166 000 -2 100 000 -1 604 000
Administration expenses -178 000 -182 000 -184 000 Residual value end CP: USD 8 500 000 10 000 000
Extraordinary costs 0 0 0 Estimated IRR: 16% 95%
Net operating cashflow 3 259 000 3 319 000 2 419 000
CASHFLOW 2013 2014E 2015E 2016E
Interest earned 20 000 0 0 Operating revenue 5 913 000 4 091 000 2 300 000 98 000
Interest expenses -638 000 -539 000 -397 000 Operating expenses -225 000 -227 000 -229 000 -116 000
Paid in capital 0 0 0 Net operating cashflow 5 688 000 3 864 000 2 071 000 -18 000
Purchase of vessel / Sale of vessel 0 0 20 000 000
Drawdown/ Repayment long term debt -1 800 000 -1 800 000 -14 350 000 Interest earned 1 000 - 30 000 -
Net financial items -2 418 000 -2 339 000 5 253 000 Interest expenses -1 454 000 -888 000 -531 000 -36 000
Net Projected Cashflow 841 000 980 000 7 672 000 Drawdown/ Repayment long term debt -2 268 000 -14 740 000 -4 070 000 -5 410 000
Estimated dividend - 1 000 000 11 093 000 Net financial items -3 721 000 -15 628 000 -4 571 000 -5 446 000
Sale of vessel - 20 000 000 4 250 000 4 250 000
Net project cashflow 1 967 000 8 236 000 1 750 000 -1 214 000
PROJECT BALANCE 01.07.2014
Estimated dividend 2 050 000 8 650 000 350 000 606 000
Cash 1 364 000
Implicit vessel value 23 061 000 PROJECT BALANCE 01.07.2014
Total assets 24 425 000 Cash 475 000
Outstanding debt 15 250 000 Implicit vessel value 10 842 500
Short term payables 150 000 Total assets 11 317 500
Sellers credit - Outstanding debt 7 920 000
Total outstanding debt 15 400 000 Short term payables 250 000
Estimated project value 9 025 000 Sellers credit 2 000 000
Total outstanding debt 10 170 000
FINANCING COMMENTS Estimated project value 1 147 500

Mortgage: USD 22 000 000 The vessel is fixed on a 5 year TC to Hanjin Shipping in Korea. Throughout the time charter period, the vessel FINANCING COMMENTS
Balloon: USD 13 000 000 is fixed on a floor rate of USD 15,500 per day and a ceiling rate of USD 18,500 per day. The daily running costs Mortgage: USD 34 000 000 The Charterer has purchase options from after year 5 to year 10 for Swiber Navigator and Swiber Explorer.
Term: 5 years amounted to USD 4,700 per day in 2011 which is according to budget. Sellers Credit: USD 2 000 000 The Charterer will purchase Swiber Ada and Swiber Torunn end of June 2014.
Quarterly instalments USD 450 000 After completion of year 3 of the TC, the owner has the option to sell the vessel at any time and any circumstances Balloon: USD 15 856 000
and thereby cancel the TC. Term: 8 years
Interest: 70% of the loan fixed for 3 years 3.97% Semi-annually instalments USD 1 134 000
30 % of the loan floating presently 3,28 % Interest mortgage: Average of 5.7424% including 1.00% margin
Margin 3,00 % Interest sellers credit: 3.50%

44 PROJECTS PROJECTS 45
 PANDA CHEMICAL II DIS RTS PANAMAX DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

Established: July 2006 Estimated share value per 1%: USD 18 150 Latent tax liability vessel pr 1%: USD 0 Established: April 2007 Estimated share value per 1%: USD 0 Latent tax liability vessel pr 1%: -USD 9 900
Paid in capital: USD 1 815 000 Last reported sale per 1%: Latent tax liability debt pr 1%: USD 2 000 Paid in capital: USD 4 650 000 Last reported sale per 1% may 2009: USD 40 000 Latent tax liability debt pr. 1%: -USD 700
Guaranteed amount by the investors: USD 2 000 000 Estimated IRR Buyer: N/A Uncalled capital: USD 0 Estimated IRR Buyer: N/A
Accumulated dividends: USD 1 565 000 Estimated IRR Seller: 0% Accumulated dividends: USD 3 050 000 Estimated IRR Seller: -15%

THE VESSELS THE VESSELS

Vessel name: Panda PG Vessels name: Endeavour ( ex. RTS Pioneer)

Type: Oil / Chemical Tanker Type: Panamax bulk carrier
DWT: 6 725 DWT: 71 319
Capacity (cbm): 7 436 Speed: 14 knots
Yard: Sedef Shipyard / Istanbul Yard: Namura Zosensho
Built: 2004 Built: 1996
Class: Bueau Veritas Class: LR
Flag: Isle of Man Flag: UK

COMMERCIAL DETAILS COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS Bareboat charterer: Giles W. Pritchard-Gordon Tankers Ltd Commencement of CP: jan.06
Corporate management: RS Platou Project Finance AS
Disponent owner: Partrederiet Eliza PG Commencement of CP: November 2013 Expiry of CP: jan.13
Disponent owner: Atlantica Shipping AS
Project price: USD 4 315 000 Expiry of CP: November 2015 BB rate per day: Year 1: USD 15 100
Project price: USD 24 650 000
Paid in capital: USD 1 815 000 Paid in capital: USD 4 650 000 Year 2-6: USD 7 700
Guaranteed amount by the partners in the silent partnership in favor of the lender: USD 2 000 000 Uncalled capital: USD 0 Bareboat charter: 6 years
BB rate: USD per day: 1 500 Bareboat charterer: Rio Tinto Shipping Ltd.

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH

Residual value end CP: USD 3 500 000 4 250 000 7 000 000 RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Estimated IRR for buyer including 80/20 profit split: -10 % 17 % 83 %
Residual value end CP:
Estimated IRR:
CASHFLOW 2013 2014E 2015E

Operating revenue 48 000 547 500 277 000 CASHFLOW 2014E

Operating expenses -228 000 -200 500 -100 000 Operating revenue 3 490 000
Net operating cashflow -180 000 347 000 177 000 Operating expenses -3 211 000
Net operating cashflow 279 000
Interest earned 0 0 0
Interest expenses 0 -147 000 -147 000 Interest earned 0
Paid in capital 1 815 000 0 0 Interest expenses -585 000
Drawdown/ Repayment long term debt 2 500 000 -250 000 -2 250 000 Drawdown/ Repayment long term debt 0
Purchase / Sale of vessel -4 000 000 0 4 250 000 Purchase / Sale of vessel 0
Net financial items 315 000 -397 000 1 853 000 Net financial items -585 000
Net project cash flow 135 000 -50 000 -1 676 000 Net project cash flow -306 000
Estimated dividend 0 -30 000 -2 300 000 Estimated dividend 0
BALANCE 01.07.2014

Cash 50 000 PROJECT BALANCE 01.07.2014

Impicit vessel value 4 255 000 Cash 336 000
Total assets 4 305 000 Implicit vessel value 11 685 000
Outstanding debt 2 375 000 Total assets 12 021 000
Short term payables 15 000 Outstanding debt 11 600 000
Sellers credit 0 Short term payables 421 000
Total outstanding debt 2 390 000 Total outstanding debt 12 021 000
Estimated project value 1 815 000 Estimated Project value 0

FINANCING COMMENTS
FINANCING COMMENTS
Mortgage: USD 2 500 000 The company was incorporated on 21 November 2013 with the purpose of purchasing and operating Panda PG
Sellers Credit: USD 0 a 10 year old Oil/Chemical Tanker. The vessel was aquired on 29 November 2013 and delivered to charterer on 30 Mortgage: USD 20 000 000 The bareboat charterer, Rio Tinto Shipping redelivered the vessel one year prior to end of the charter party.
Term: 2 years November 2013. Sellers Credit: USD 0 The vessel is currently fixed on a 1 year TC until December 2014.
Quarterly instalments: USD 62 500 The vessel is trading between the islands in the Bermuda area with refined products. Balloon: USD 11 000 000
Ballon payment USD 2 000 000 The vessel is well kept and in good condition. Term: 6 years
Semi-annually instalments USD 1 - 4: 750 000
Interest: LIBOR + a margin of 5.75% 5 - 24: 300 000
Interest: 6.535%
Comment: 75% of the loan is fixed at 6.535% including margin

46 PROJECTS PROJECTS 47
 SARAGOL TANKERS 1 DIS SARAGOL TANKERS 2 DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Coporate Manager: Eva Lise Bjerke KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

Established: July 2010 Estimated share value per 1% Latent tax benefit vessel pr 1%: Established: November 2010 Estimated share value per 1% Latent tax benefit vessel pr 1%:
Paid in capital USD 17 737 500 Last reported sale pr 1% Latent tax benefit debt pr. 1%: Paid in capital: USD 18 812 500 Last reported sale pr 1% Latent tax benefit debt pr. 1%:
Uncalled capital: USD 0 Estimated IRR Buyer: Uncalled capital: USD 2 000 000 Estimated IRR Buyer:
Accumulated dividends: USD 7 602 300 Estimated IRR Seller: Accumulated dividends: USD 5 920 000 Estimated IRR Seller:

THE VESSELS THE VESSELS

Vessels name: MV Luengo Vessel name: MT Mucua

Type: LR Product Tanker Type: Product & Crude Oil tanker
DWT: 73 626 DWT: 114 000
Speed: Yard: New Times Shipbuilding Co. Ltd., China
Yard: New Century Shipbuilding Co in China Delivery: October 2008
Built: 2007 Class: ABS
Class: ABS Flag: Cyprus
Flag: The republic of Liberia
COMMERCIAL DETAILS
COMMERCIAL DETAILS
Corporate management: RS Platou Project Finance AS Expiry of CP: December 2015
Corporate management: RS Platou Project Finance AS BB rate per day: First year USD 16.500 less 2,50% Disponent owner: N/A BB rate per day year USD Year 1: 17,800
Project price: USD 47 000 000 Jul 2011 - Nov 2011 USD 16.000 less 2,50% Project price: USD 54 312 500 Year 2-5: 17,500
Paid in capital: USD 17 737 500 Thereafter USD 22.000 less 2,50% Paid in capital: USD 18 812 500 Bareboat charter: 5 year
Uncalled capital: USD 0 Bareboat charter: 5 years Uncalled capital: USD 2 000 000 Bareboat charterer: Sonangol Shipping Angola (Luanda) Limitada
Commencement of CP: July 2010 Bareboat charterer: Sonangol Shipping Angola (Luanda) LTDA Commencement of CP: December 2010
Expiry of CP: July 2015
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH Residual value end CP:
Estimated IRR for buyer:
Residual value end CP:
Estimated IRR for buyer:
CASHFLOW 2013 2014E 2015E
CASHFLOW 2013 2014E 2015E Operating revenue 8 541 000 8 541 000 7 815 600
Operating expenses -61 000 -78 000 -80 000
Operating revenue 7 829 000 7 829 000 3 882 000
Net operating cashflow 8 480 000 8 463 000 7 735 600
Operating expenses -80 000 -70 000 -72 000
Net operating cashflow 7 749 000 7 759 000 3 810 000
Sale of vessel 36 900 000
Interest earned 0 0 0
Interest earned 0 0 0
Interest expenses -1 088 000 -805 000 -588 000
Interest expenses -911 000 -754 000 -638 000
Drawdown/ Repayment long term debt -3 500 000 -3 500 000 -15 625 000
Paid in capital 0 0 0
Net financial items -4 588 000 -4 305 000 -16 213 000
Drawdown/ Repayment long term debt -4 000 000 -4 000 000 -19 500 000
Paid in capital by the investors 0 0 0
Net financial items -4 911 000 -4 754 000 -20 138 000
Purchase / sale of vessel 0 0 25 000 000
Net projected cash flow 3 569 000 3 709 000 24 497 600
Net Projected Cashflow 3 161 000 3 454 000 12 597 000
Estimated dividend -2 373 000 -3 755 000 -27 500 000
Estimated dividend -1 638 000 -6 300 000 -16 000 000

PROJECT BALANCE 01.07.2014 PROJECT BALANCE 01.07.2011

Cash balance 3 045 000 Cash 4 496 000

Impicit vessel value 14 510 000 Impicit vessel value 26 196 000
Total assets 17 555 000 Total assets 30 692 000
Outstanding debt 17 375 000 Outstanding debt 21 500 000
Short term payables 180 000 Short term payables 200 000
Sellers creditt 0 Sellers credit 0
Total outstanding debt 17 555 000 Total outstanding debt 21 700 000
Estimated project value 0 Estimated project value 0

FINANCING COMMENTS FINANCING COMMENTS

Mortgage: USD 30 500 000 The project is running as planned. Mortgage: USD 35 500 000 The project is running as planned.
Balloon: USD 13 000 000 Balloon: USD 15 500 000
Term: 5 years Term: 5 years
Semi-annually instalments: USD 1-20: 875 000 Quarterly instalments: USD 1 000 000
Interest: 100% of the loan 4,61%
Fixed for the entire bareboat period (incl. margin). Interest:
Libor plus margin 3%

48 PROJECTS PROJECTS 49
 SBS TORRENT KS SBS TYPHOON KS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen

Established: December 2005 Estimated share value per 1%: NOK 610 000 Latent tax liability vessel pr 1%: NOK -326 000 Established: January 2006 Estimated share value per 1%: NOK - Latent tax liability vessel pr 1%: NOK -
Paid in capital: NOK 17 869 000 Last reported sale per 1%: Jan 2011 NOK 450 000 Latent tax liability debt pr. 1%: NOK - Paid in capital: NOK 16 666 700 Last reported sale per 1%: N/A Latent tax liability debt pr. 1%: NOK -
Uncalled capital: NOK 10 000 000 Estimated IRR Buyer: 15% Uncalled capital: NOK 25 000 000 Estimated IRR Buyer: N/A
Accumulated dividends: NOK 40 700 000 Estimated IRR Seller: 19% Accumulated dividends: NOK 106 550 000 Estimated IRR Seller: N/A

THE VESSELS THE VESSELS

Vessel name: SBS Torrent Vessel name: SOLD SBS Typhoon

Type: PSV, 2 x 2030 Bkw, Type: PSV, 2 x 2030 Bkw,
VS 470 MK II VS 470 MK II, FIFI1, DP1
DWT: 3 800 DWT: 3 570
Speed: 14.5 knots Speed: 14 knots
Yard: Vyvorg yard, Russia Yard: Aker Aukra Yard, Norway
Built: 2006 Built: 2006
Class: DNV - 1A1 Class: DNV - 1A1
Flag: British Flag: NIS

COMMERCIAL DETAILS
COMMERCIAL DETAILS
Corporate management: RS Platou Project Finance AS Bareboat charter: 7.5 years
Corporate management: RS Platou Project Finance AS Bareboat charterer: SBS Marine Ltd
Disponent owner: Klaveness Marine Holding AS Bareboat charterer: SBS Marine Ltd
Disponent owner: Klaveness Marine Holding AS Commencement of CP: April 07
Project price: NOK 166 245 000 Commencement of CP: November 2006
Project price: NOK 145 175 000 Expiry of CP: October 14
Paid in capital: NOK 36 650 000 Expiry of CP: May 2014
Paid in capital: NOK 31 975 000
Uncalled capital: NOK 25 000 000
Uncalled capital: NOK 10 000 000
BB rate: Year 1-3: NOK per day: 60 000 net p.d.
BB rate: NOK 50.500 net p.d.
Year 4 - 5.5: NOK per day: 55 000 net p.d.
Bareboat charter: 7.5 years
Year 5.5 - 7.5: NOK per day: 53 000 net p.d.

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Residual value end CP: 150 000 000 Residual value end CP
Estimated IRR for buyer: 15% Estimated IRR for buyer:

CASHFLOW 2014E CASHFLOW 2014E

Operating revenue 13 786 000 Operating revenue 6 360 000
Operating expenses -658 500 Operating expenses -524 000
Net operating cashflow 13 127 500 Net operating cashflow 5 836 000

Interest earned 0 Interest earned 0

Interest expenses -3 713 000 Interest expenses -1 074 000
Drawdown/ Repayment long term debt -67 050 000 Drawdown/ Repayment long term debt -73 000 000
Net financial items -70 763 000 Net financial items -74 074 000
Purchase / Sale of vessel 120 000 000 Purchase / Sale of vessel 128 150 000
Net project cashflow 62 364 500 Net project cashflow 59 912 000
Estimated dividend 66 800 000 Estimated dividend 60 371 000

PROJECT BALANCE 01.07.2014

PROJECT BALANCE 01.07.2014
Cash 0
Cash 4 747 000 Implicit vessel value 0
Implicit vessel value 120 765 000 Total assets 0
Total assets 125 512 000 Outstanding debt 0
Outstanding debt 63 500 000 Short term payables 0
Short term payables 1 012 000 Total outstanding debt 0
Total outstanding debt 64 512 000 Estimated Project value 0
Estimated Project value 61 000 000

FINANCING COMMENTS
FINANCING COMMENTS
Mortgage: NOK 130 400 000 The purchase option has been declared and the vessel was delivered back to the charterer end of May.
Mortgage: NOK 113 200 000 The Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout Balloon: NOK 68 900 000 The return to the investors accumulated to an IRR of 20%.
Balloon: NOK 59 950 000 the bb period. Term: 7.5 years
Term: 7.5 years The charter has a purchase option starting from end of year 3 until the end of the fixed charter period. There is a Semi-annually instalments NOK 1-15: 4 100 000
Semi-annually instalments NOK 1-15: 3 550 000 65/35 profit split between the market value and the charterer optional price. Interest: 90% of the loan 5.32% Fixed to April 2014 (incl. Margin)
Interest: 5.31% The vessels present charterfree value is about NOK 150 mil. 10% of the loan Floating
The interest rate is fixed for the entire fixed charter period The base case scenario assume the purchase option being declared with profit split.

50 PROJECTS PROJECTS 51
 SEMINYAK DIS SENTOSA OFFSHORE DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson Corporate Manager: Benjamin Ryeng-Hansen

Established: September 2008 Estimated share value per 1%: USD 66 000 Latent tax benefit vessel pr 1%: USD 1 200 Established: July 2007 Estimated share value per 1%: USD 75 000 Latent tax liability vessel pr 1%: USD 13 400
Paid in capital: USD 32 618 000 Last reported sale per 1%: N/A Latent tax benefit debt pr. 1%: USD -15 400 Paid in capital: USD 8 300 000 Last reported sale per 1%: May 2013 N/A Latent tax liability debt pr. 1%: USD 1 300
Uncalled capital: - Estimated IRR Buyer: N/A Uncalled capital: USD - Estimated IRR Buyer: 16%
Accumulated dividends: - Estimated IRR Seller: N/A Accumulated dividends: USD 12 865 000 Estimated IRR Seller: 16%

THE VESSELS THE VESSELS

Vessel name: MT Sira MT Simoa Vessel name: Swiber Gallant Swiber Valiant Swiber Sandefjord SOLD Swiber Oslo
Type: Chemical Tanker Chemical Tanker Type: AHT AHT AHTS AHTS
DWT: 19 998 40 354 BHP: 5 000 5 000 5 000 5 000
Speed: 15.1 knots 13.5 knots Speed: 12 knots 12 knots 13.5 knots 13.5 knots
Yard: Japan Korea Yard: Malaysia / China Malaysia / China Malaysia / China Malaysia / China
Built: 2008 2004 Built: 2007 2007 2009 2009
Class: Nippon Kaiji Kyokai DNV Class: GL GL BV BV
Flag: Marshall Islands Marshall Islands Flag: Singapore Singapore Singapore Singapore

COMMERCIAL DETAILS COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS Corporate management: RS Platou Project Finance AS Paid in capital: USD 8 300 000
Disponent owner: Klaveness Marine Holding AS Disponent owner: Scantank AS Uncalled capital: USD 0
Project price: USD 105 750 000 Project price: USD 46 350 000 Bareboat charterer: Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
Paid in capital: USD 32 618 000
Uncalled capital: USD - Swiber Gallant Swiber Valiant Swiber Sandefjord Swiber Oslo

Pool: Navig8 Chemical pool Navig8 Handy pool BB rate: USD 3 650 pd USD 3 650 pd USD 5 050 pd USD 5 050 pd
Commencement of CP: April 2012 April 2012 Bareboat charter: 8 years 8 years 8 years 8 years
Expiry of CP: 3 months in advance 3 months in advance Commencement of CP: December 2007 December 2007 August 2009 November 2009
Expiry of CP: December 2015 December 2015 August 2017 November 2017
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Residual value end CP:
Estimated IRR: Residual value end CP: USD 15 000 000 18 000 000 21 000 000
Estimated IRR: -5% 18% 34%
CASHFLOW 2013 2014E
CASHFLOW 2013 2014E 2015E 2016E 2017E
Operating revenue 8 700 000 10 200 000
Operating expenses -6 500 000 -5 700 000 Operating revenue 6 351 000 5 423 000 4 486 000 1 848 000 1 202 000
Dry docking -1 400 000 -200 000 Operating expenses -228 000 -220 000 -222 000 -224 000 -226 000
Net operating cashflow 800 000 4 300 000 Net operating cashflow 6 123 000 5 203 000 4 264 000 1 624 000 976 000

Interest earned - - Interest earned 2 000 - 20 000 20 000 20 000

Interest expenses -1 600 000 -1 600 000 Interest expenses -1 542 000 -1 217 000 -795 000 -408 000 -270 000
Drawdown/ Repayment long term debt 0 -3 700 000 Drawdown/ Repayment long term debt -2 825 000 -9 350 000 -7 050 000 -775 000 -6 781 000
Net financial items -1 600 000 -5 300 000 Net financial items -4 365 000 -10 567 000 -7 825 000 -1 163 000 -7 031 000
Net project cashflow -1 200 000 -1 200 000 Sale of vessel - 11 500 000 10 000 000 - 8 000 000
Estimated dividend - - Net project cashflow 1 758 000 6 136 000 6 439 000 461 000 1 945 000
Estimated dividend 1 800 000 6 250 000 6 450 000 500 000 2 149 000
PROJECT BALANCE 01.07.2014
PROJECT BALANCE 01.07.2014
Cash 6 600 000
Cash 261 000
Implicit vessel value 37 650 000
Implicit vessel value 22 950 000
Total assets 44 250 000
Total assets 23 211 000
Outstanding debt 43 250 000
Outstanding debt 13 631 000
Short term payables 1 000 000
Short term payables 80 000
Sellers credit -
Sellers credit 2 000 000
Total outstanding debt 44 250 000
Total outstanding debt 15 711 000
Estimated project value 0
Estimated project value 7 500 000
FINANCING COMMENTS
FINANCING COMMENTS
Mortgage: USD 73 500 000
Sellers Credit: USD 16 920 000 Mortgage: USD 36 000 000 The charterer has purchase options from after year 5 to year 8 for Swiber Gallant and Swiber Valiant.
Balloon: USD 14 000 000 Sellers credit: USD 2 000 000 The charterer will purchase Swiber Oslo end of June 2014. Hire is being paid on time.
Term: USD 12 years Balloon: USD 13 400 000 The project is running well.
Quarterly instalments USD 1 239 583 Term: 8 years
Interest mortgage: Libor + 2.00% margin Quarterly instalments: USD 706 250
Interest sellers credit: 0.00% Interest mortgage: Average of 5.85% including 1.25% margin
Interest sellers credit: 3.50%

52 PROJECTS PROJECTS 53
 SINGAPORE OFFSHORE DIS SINGAPORE SUPPLY DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

Established: August 2006 Estimated share value per 1%: USD 75 000 Latent tax liability vessel pr 1%: - USD 50 500 Established: March 2012 Estimated share value per 1 %: USD 102 400 Latent tax benefit vessel pr 1%: USD 0
Paid in capital: USD 7 850 000 Last reported sale per 1%: April 2011 USD 97.500 Latent tax liability debt pr 1%: USD 5 100 Paid in capital: USD 10 240 000 Last reported sale per 1 %: USD 102 400 Latent tax benefit debt pr. 1%: USD 0
Uncalled capital: USD 0 Estimated IRR Buyer: 16% Uncalled capital : USD 8 580 000 Estimated IRR Buyer : N/A
Accumulated dividends: USD 8 615 000 Estimated IRR Seller: 16% Accumulated dividends: 0 Estimated IRR Seller : N/A

THE VESSELS THE VESSELS

Vessel name: Lewek Trogan SOLD Lewek Petrel Lewek Penguin SOLD Lewek Plover Lewek Kea Vessels name: Hull 1067 to be named
Type: AHTS, 18,000 BHP, Fifi 1, DP2 AHTS, 12,000 BHP, Fifi1, DP2 AHTS, 12,000 BHP, Fifi1, DP2 AHTS, 12,000 BHP, Fifi1, DP2 AHT, 8,000 BHP Type: STX PSV 09 Clean Design Platform Supply Vessel
DWT: 2800 2200 2200 2200 N/A DWT: 4 600
Total bollard pull (tonnes): 200 130 130 130 100 Speed: 14,5 knots
Delivery May 2008 June 2008 June 2007 November 2008 February 2008 Yard: ASL Shipyard Pte. Ltd
Yard: Pan-United, Singapore Pan-United, Singapore Pan-United, Singapore Pan-United, Singapore Cheoy Lee, China Built: 2013
Class: American Bureau of Shipping American Bureau of Shipping American Bureau of Shipping American Bureau of Shipping Lloyds Register of Shipping Class: DNV
Flagg: N/A
COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS BB rate: 37 490 net p.d. COMMERCIAL DETAILS
Disponent owner: Klaveness Marine Holding AS Bareboat charter: 8 years
Corporate management: RS Platou Project Finance AS Paid in capital: USD 10 240 000
Project price: USD 129 100 000 Bareboat charterer: Emas Offshore Pte. Ltd.
Disponent owner: Scantank AS Working capital / Stack up if delivered USD 1 200 000
Paid in capital: USD 7 850 000 Commencement of CP: June 2007
Project price (resale case): USD 43 240 000 Uncalled capital: USD 8 580 000
Uncalled capital: USD 0 Expiry of CP: December 2016

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH

RESIDUAL VALUE SENSITIVITY ON IRR
Residual value end CP:
Residual value end CP:
Estimated IRR:
Estimated IRR for buyer:

CASHFLOW 2014E
CASHFLOW 2014E
Operating revenue 13 680 000 Operating revenue N/A
Operating expenses -275 000 Operating expenses N/A
Net operating cashflow 13 405 000 Net operating cashflow N/A

Interest earned 1 000 Interest earned N/A

Interest expenses -3 871 000 Interest expenses N/A
Drawdown/ Repayment long term debt -6 606 000 Drawdown/ Repayment long term debt N/A
Net financial items -10 476 000 Net financial items N/A
Purchase of Vessel
Net project cashflow 2 929 000 Estimated dividend N/A
Estimated dividend 2 601 000
BALANCE 01.07.2014
PROJECT BALANCE 01.07.2014
Cash balance 280 000
Cash 3 208 000 Impicit vessel value 11 460 000
Implicit vessel value 86 032 000 Total assets 11 740 000
Total assets 89 240 000 Outstanding debt 0
Outstanding debt 61 187 000 Short term payables 0
Short-term payables 553 000 Sellers creditt 1 500 000
Sellers Credit 20 000 000 Total outstanding debt 1 500 000
Total outstanding debt 81 740 000 Estimated project value 10 240 000
Estimated project value 7 500 000
FINANCING COMMENTS
FINANCING COMMENTS
This is an asset play project based on the assumption that the vessel will be sold prior to delivery. Is sale is not
Mortgage: USD 100 000 000 The Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout concluded before delivery, Singapore Supply DIS, will take delivery and operate the vessel in the spot marked unill
Sellers credit: USD 20 000 000 the bb period. favourable offer has been received.
Term: 8 years The charter has a purchase option at end of the fixed charter period.In case the option is not declared, the sellers
Quarterly instalments: USD 1: 330 000 credit will be deleted.
USD 2: 495 000 Two vessels were sold in Q2 14. The data has not been updated after the transaction.
Interest: 90% of the morgage is fixed at 6,598% USD 3: 991 000
USD 4-31 1 651 000
USD 32: 31 600 000
USD 33: 10 600 000
USD 34: 10 300 000

54 PROJECTS PROJECTS 55
 SUDONG OFFSHORE DIS SOUTHERN CHEMICAL DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke

Established: October 2014 Estimated share value per 1%: USD 87 000 Latent tax benefit vessel pr 1%: -USD 8 300 Established: July 2007 Estimated share value per 1%: EUR 54 000 Latent tax liability vessel pr 1%: - EUR 13 700
Paid in capital: USD 8 200 000 Last reported sale pr 1%, April 2014: USD 85 250 Latent tax benefit debt pr. 1%: -USD 500 Paid in capital: EUR 16 350 000 Last reported sale per 1%: January 08 EUR 110 500 Latent tax benefit debt pr. 1%:: - EUR 1 000
Uncalled capital: USD 0 Estimated IRR Buyer: 15% Uncalled capital: EUR 5 000 000 Estimated IRR Buyer: 20%
Accumulated dividends: USD 350 000 Estimated IRR Seller: 15% Accumulated dividends: EUR 1 540 000 Estimated IRR Seller: -16%

THE VESSELS THE VESSELS

Vessels name: Alicudi M Lipari M Gelso M

Vessel name: Lewek Swan Type: Chemical Tankers 40,083 Dwt 3,400 Dwt 18,000 Dwt
Type: AHTS 12,240 BHP, FIFI1 Speed: 15 knots 15 knots N/A
DWT: 2 300 Yard: Korea Italy Turkey
Speed: 13 knots Built: 2004 2002 2008
Yard: Pan-Limited Shipyard Class: Registro Ialiano Navale Registro Ialiano Navale Registro Ialiano Navale
Built: 2006 Flag: Italian Italian Italian
Class: LR + 100A1
Flag: Singapore
COMMERCIAL DETAILS
COMMERCIAL DETAILS Corporate management: RS Platou Project Finance AS Paid in capital: EUR 10 350 000
Disponent owner: Bergshav Management AS Uncalled capital: EUR 10 000 000
Corporate management: RS Platou Project Finance AS BB rate pr day: USD 9200 / 4000
Project price: EUR 88 200 000 Bareboat charterer: Augusta DUE SRL
Disponent owner: Scantank AS Commencement of CP: October 2013
Project price: USD 26 000 000 Expiry of CP: October 2023/2025 Alicudi M Lipari M Gelso M
Paid in capital: USD 8 200 000 Bareboat charter: 10 + 2 years
Bareboat charterer: (a company nominated and guarented by Ezra Holdings PTE Ltd) Emas Offshore Pte Ltd Commencement of CP: October 2007 October 2007 June 2008
Uncalled capital: USD 0
Expiry of CP: October 2017 October 2017 June 2018
BB rate per day: EUR 9 750 EUR 4 950 EUR 7 800
RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Bareboat charter: 10 Years 10 Years 10 Years
Residual value end CP: USD 10 000 000 12 500 000 14 500 000 RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH
Estimated IRR: 14% 15% 16%
Residual value end CP: 10 000 000 15 000 000 20 000 000
Estimated IRR for buyer: -12% 20% 37%
CASHFLOW 2014 2015E 2016E
CASHFLOW 2013 2014E 2015E 2016E 2017E
Operating revenue 3 358 000 3 358 000 3 367 000
Operating revenue 4 561 000 4 561 250 5 110 000 5 124 000 4 045 000
Operating expenses -129 000 -132 000 -134 000
Insurance settlement MT Gelso
Net operating cashflow 3 229 000 3 226 000 3 233 000
Operating expenses -235 000 -202 000 -204 000 -206 000 -300 000
Net operating cashflow 4 326 000 4 359 250 4 906 000 4 918 000 3 745 000
Interest earned 0 0 0
Sale of vessels 15 000 000
Interest expenses -607 000 -598 000 -533 000
Paid in capital
Drawdown/ Repayment long term debt -1 668 000 -1 668 000 -1 668 000
Interest earned 0 0 0 0 0
Net financial items -2 275 000 -2 266 000 -2 201 000
Interest expenses -1 779 000 -1 655 000 -1 475 000 -1 309 000 -895 000
Purchase of Vessel
Drawdown/ Repayment long term debt -5 590 000 -2 490 000 -2 490 000 -2 490 000 -14 390 000
Net project cashflow 954 000 960 000 1 032 000
Net financial items -7 369 000 -4 145 000 -3 965 000 -3 799 000 -15 285 000
Estimated dividend 800 000 950 000 1 050 000
Net projected cash flow -3 043 000 214 250 941 000 1 119 000 3 460 000
Estimated dividend 0 -1 500 000 -1 000 000 -1 000 000 -6 600 000
PROJECT BALANCE 01.07.2014
BALANCE 01.07.2011
Cash 337 000 Cash 3 470 000
Implicit vessel value 25 122 000 Impicit vessel value 22 945 000
Total assets 25 459 000 Total assets 26 415 000
Outstanding debt 16 667 000 Outstanding debt 15 065 000
Short term payables 92 000 Short term payables 400 000
Sellers Credit 0 Sellers credit 5 550 000
Total outstanding debt 16 759 000 Total outstanding debt 21 015 000
Estimated project value 8 700 000 Estimated project value 5 400 000

FINANCING COMMENTS FINANCING COMMENTS

Mortgage: EUR 69 200 000 MT Gelso grounded March 2012. The vessel was declared constructive totale loss April 2012.
Mortgage: USD 15 000 000 The charterer is paying hire on time. Balloon: EUR 30 500 000 Insurance settlement was paid out October 2012.
Sellers Credit: USD 2 500 000 The market value of the vessel is about USD 26 mill. Term: EUR 10 years
Balloon: USD 0 Quarterly instalments EUR Alicudi M tranche 415 000
Term: 9 years EUR Lipari M tranche 207 500
Quarterly instalments: USD EUR Gelso M tranche N/A
Interest USD Interest rate fixed for the entire term of the loan (incl. margin):
The interest rate is fixed for the entire fixed charter period (incl.margin). The Alicudi M and Lipari M tranches 5,5125 % EUR 44 400 000
The Gelso M tranche N/A EUR 24 800 000
Sellers Credit: EUR 8 650 000 Free of interest
Term. Balloon payment at end charter parties

56 PROJECTS PROJECTS 57
 ULLSWATER SUBSEA DIS VESTLAND MARINE SEISMIC DIS
KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen KEY FIGURES (date of analysis: 30.06.2014) Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen

Established: May 2007 Estimated share value per 1%: USD 158 500 Latent tax liability vessel pr 1%: USD 38 500 Established: February 2014 Estimated share value per 1%: USD 15 500 Latent tax liability vessel pr 1%: N/A
Paid in capital: USD 12 820 000 Last reported sale per 1%: N/A Latent tax liability debt pr. 1%: USD 10 000 Paid in capital: USD 1 550 000 Last reported sale per 1%: N/A Latent tax liability debt pr. 1%: N/A
Uncalled capital: USD 5 000 000 Estimated IRR Buyer: 15% Uncalled capital: USD - Estimated IRR Buyer: 27%
Accumulated dividends: USD 9 438 400 Estimated IRR Seller: 13% Accumulated dividends: USD 100 000 Estimated IRR Seller: 20%

THE VESSELS THE VESSELS

Vessel name: SOV Ullswater Vessel name: Geo Searcher

Type: Dive support vessel, 2 x 2030kw, DP2 Type: 2D Seismikk research skip
DWT: 2 500 DWT: 1 083
Speed: 12 knots Speed: 12 knots
Yard: Pan United Shipyard, Singapore Yard: Salthammer Btbyggeri
Built 2009 Built: 1982
Class: ABS Class: RINA
Flag: Singapore Flag: Malta

COMMERCIAL DETAILS COMMERCIAL DETAILS

Corporate management: RS Platou Project Finance AS BB rate: USD 17 055 pd less 2% Corporate management: RS Platou Project Finance AS BB rate: USD 1 000 pd first 6 mths or until vessel is employed. Thereafter USD 2 000 pd + profit split.
Disponent owner: NFC Ullswater Subsea LLC Bareboat charter: 10 years Disponent owner: - Bareboat charter: 3 years
Project price: USD 48 820 000 Bareboat charterer: Hallin Marine Singapore Pte Ltd guaranteed by Superior Energy Services Project price: USD 1 550 000 Bareboat charterer: Grand Ocean Shipping Ltd guaranteed by Vestland Marine Sp. z.o.o.
Paid in capital: USD 12 820 000 (International Holdings) Limited Paid in capital: USD 1 550 000 Commencement of CP: 01.03.2014
Uncalled capital: USD 5 000 000 Commencement of CP: 05.02.2009 Uncalled capital: USD 0 Expiry of CP: 01.03.2017
Expiry of CP: 05.02.2019

RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH RESIDUAL VALUE SENSITIVITY ON IRR LOW BASE HIGH

Residual value end CP: USD 23 000 000 28 000 000 33 000 000 Residual value end CP: USD 1
Estimated IRR: 10% 15% 19% Estimated IRR: 27%

CASHFLOW 2013 2014E 2015E 2016E 2017E CASHFLOW 2014 2015E 2016E 2017E

Operating revenue 6 106 000 6 117 000 6 101 000 6 117 000 6 101 000 Operating revenue 489 000 913 000 915 000 147 000
Operating expenses -114 000 -127 000 -129 000 -131 000 -133 000 Operating expenses -630 000 -30 600 -31 000 -16 000
Net operating cashflow 5 992 000 5 990 000 5 972 000 5 986 000 5 968 000 Net operating cashflow -141 000 882 400 884 000 131 000

Interest earned - - - 10 000 10 000 Purchase / sale of vessel -950 000 - - 1

Interest expenses -1 800 000 -1 608 000 -1 450 000 -1 292 000 -1 126 000 Net project cashflow -1 091 000 882 400 884 000 131 000
Drawdown/ Repayment long term debt -2 350 000 -2 350 000 -2 350 000 -2 350 000 -2 350 000 Estimated dividend 450 000 885 000 885 000 136 000
Net financial items -4 150 000 -3 958 000 -3 800 000 -3 632 000 -3 466 000
Net project cashflow 1 842 000 2 032 000 2 172 000 2 354 000 2 502 000
Estimated dividend 1 900 000 2 050 000 2 175 000 2 355 000 2 500 000
PROJECT BALANCE 01.07.2014

PROJECT BALANCE 01.07.2014 Cash 7 000

Implicit vessel value 1 553 000
Cash 1 082 000 Total assets 1 560 000
Implicit vessel value 37 913 000 Outstanding debt 3 120 000
Total assets 38 995 000 Short term payables 10 000
Outstanding debt 23 075 000 Sellers credit 4 690 000,00
Short term payables 70 000 Total outstanding debt 10 000
Sellers credit 0 Estimated project value 1 550 000
Total outstanding debt 23 145 000
Estimated project value 15 850 000
FINANCING COMMENTS

FINANCING COMMENTS 100% equity. Financial lease.

Charterer has a purchase obligation at the end of the charter period to USD 1.
Mortgage: USD 36 000 000 The Charterer has purchase options from after year 5 to year 10.
Balloon: USD 12 500 000 The Charterer is paying hire in a timely manner.
Term: 10 years The Ullswater was valued to USD 52-54 million as at January 2014.
Quarterly instalments: USD 587 500
Interest mortgage: 6.805% including 1.30% margin

58 PROJECTS PROJECTS 59
 PLATOU SHIPINVEST I DIS
Asset Manager: Trond Hamre PROJECT PORTFOLIO, cont.

Established: October 2007 Project shares and diversication

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%
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
PROJECT PORTFOLIO 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%
VESSELS AND CHARTERS 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
Project No of vessels Segment Built Charterer Type charter End of charter European Venture III DIS USD 18,0% 57 200 1 029 600 2,0%
Global Cable KS USD 5,5% 35 000 192 500 0,4% Jul. 10
Bukit Timah Offshore DIS 3 AHTS-Offshore 2009/10 Swiber Holdings Ltd Bareboat 2019/20
Global Cable II DIS USD 14,0% 103 786 1 453 000 2,9% Feb. 14
Dongguan Chemical Tankers DIS 1 Chemical 2008 Dongguan Fenghai Ocean Shipping Co Bareboat 2016
Golden Kamsar DIS USD 20,0% 231 000 4 620 000 9,2%
European Venture DIS 2 AHTS-Offshore 2005/06 Grup Servicii Petroliere S. A. Bareboat 2015
Industrial Shipping DIS EUR 10,0% 57 500 575 000 1,1%
European Venture III DIS 1 AHTS-Offshore 1983 Grup Servicii Petroliere S. A. Bareboat 2014
Marineline Chemical DIS USD 10,0% 187 100 1 871 000 3,7%
Golden Kamsar DIS 1 Dry bulk 2010 Golden Ocean Group Ltd Bareboat 2020
Med Ethylene DIS USD 1,0% 67 000 67 000 0,1%
Industrial Shipping DIS 7 MPP-Dry bulk 1997-2000 TransAtlantic Short Sea Bulk AB Bareboat 2019
Multipurpose Bulkers DIS EUR 11,0% 68 227 750 500 1,9% May. 12
Marineline Chemical DIS 3 Chemical 2006/07/08 Hanjin Shipping Co Ltd Bareboat 2014
NFC Panamax DIS USD 10,5% 51 000 535 500 1,1% May. 08
Med Ethylene DIS 2 Ethylene/LPG 1989/90 Synergas SRL Bareboat 2014
Norwegian Product DIS USD 15,5% 108 500 1 681 750 3,3%
Norwegian Product DIS 2 Product tankers 1996/98 Pritchard-Gordon Tankers Ltd Bareboat 2014
Oceanlink Offshore I DIS USD 2,5% 26 500 66 250 0,1% Sep. 10
Orchard Offshore DIS 4 AHTS-Offshore 2007/08 Swiber Holdings Ltd Bareboat 2015/16
Oceanlink Offshore II DIS USD 4,5% 24 400 109 800 0,2% Sep. 10
Panda Chemical II DIS 1 Chemical 2004 Pritchard-Gordon Tankers Ltd Bareboat 2015
Oceanlink Offshore III DIS USD 10,0% 48 450 484 500 1,0% Oct. 13
SBS Torrent KS 1 PSV-Offshore 2006 SBS Marine Ltd Bareboat 2014
Oceanlink Reefer III DIS USD 6,0% 52 000 312 000 0,6% Dec 12
SBS Typhoon KS 1 PSV-Offshore 2006 SBS Marine Ltd Bareboat 2014
Orchard Offshore DIS USD 7,0% 90 000 630 000 1,2%
Southern Chemical DIS 2 Chemical 2002/04 Augusta Due SRL Bareboat 2017
Panda Chemical Oil DIS USD 32,5% 63 500 2 063 750 4,1% Jan. 14
Total 31
Panda Chemical II DIS USD 25,0% 18 150 453 750 0,9%
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%
SBS Typhoon KS NOK 20,0% 425 000 8 500 000 2,8%
Scandinavian Bulkers KS EUR 6,0% 63 250 379 500 1,0% Jan. 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%
Western Chemical DIS EUR 3,0% 106 000 318 000 0,8% Dec. 11
Total (USD equivalent) 50 478 951 100 %

SEGMENT DIVERSIFICATION (historic cost) CHARTER DUPRATION

Platou Shipinvest horizon

Product 8% Bukit Timah Offshore DIS

Dongguan Chem.Tankers DIS
European Venture DIS
Offshore 38% European Venture III DIS

Dry Bulk 28%

Golden Kamsar DIS
Industrial Shipping DIS
Marineline Chemical DIS
Med Ethylene DIS
Norwegian Product DIS
Orchard Offshore DIS
Chemical 26%
Panda Chemical II DIS
SBS Torrent KS
SBS Typhoon KS
Southern Chemical DIS
2014 2015 2016 2017 2018 2019 2020 2021

60 PROJECTS PROJECTS 61
 HEAD OFFICE CONTACTS
OSLO, NORWAY SINGAPORE OFFICE

RS PLATOU FINANS SHIPPING RS PLATOU PROJECT FINANCE R. S. PLATOU FINANS SINGAPORE PTE. LTD

PROJECT BROKERS CORPORATE MANAGERS PROJECT BROKER

Axel Moltzau Aas
Managing Director & Senior Partner
Dir tel.: +47 23 11 28 06
Mobile: +47 97 98 21 35
a.aas@platou.com
Benjamin Ryeng-Hansen David P. sterstrm
Managing Director Managing Partner
Dir tel.: +47 23 11 26 68 Dir. tel.: + 65 65 44 34 10
Mobile: +47 97 71 87 04 Mobile: + 65 97 11 55 30
b.hansen@platou.com d.osterstrom@platou.com.sg

Chris W. Svensson Eva Lise Bjerke Natalie Teh

Senior Partner Corporate Manager Accountant
Dir tel.: +47 23 11 28 07 Dir tel.: +47 23 11 26 05 Dir tel.: +65 65 44 34 16
Mobile: +47 95 18 96 49 Mobile: +47 90 96 37 57 Mobile: +65 96 63 00 31
OSLO, NORWAY SINGAPORE c.svensson@platou.com e.bjerke@platou.com n.teh@platou.com.sg

RS PLATOU FINANS SHIPPING AS
Haakon VIIs gate 10
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 20 00
Telefax: +47 23 11 23 27
E-mail: finans@platou.com
RS PLATOU PROJECT FINANCE AS
Haakon VIIs gate 10
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 20 00
Telefax: +47 23 11 23 27
E-mail: finans@platou.com
RS PLATOU INVESTOR SERVICES AS ARS
Haakon VIIs gate 10
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 20 00
Telefax: +47 23 11 23 27
E-mail: finans@platou.com
R. S. PLATOU FINANS SINGAPORE PTE. LTD Trond Hamre Erik Kristian Andresen
3 Temasek Avenue Senior Partner Corporate Manager
# 20-01 Centennial Tower Dir tel.: +47 23 11 28 09 Dir tel.: +47 23 11 26 54
Singapore, 039190 Mobile: +47 92 88 76 50 Mobile: +47 92 42 06 18
Phone: +65 6303 4950 t.hamre@platou.com ek.andresen@platou.com
Telefax: +65 6336 8740
E-mail: finans.singapore@platou.com Morten Astrup Elisabeth Relbo
Project Broker Secretary
Dir tel.: +47 23 11 28 05 Dir tel.: +47 23 11 26 56
Mobile: +47 92 45 80 62 Mobile: +47 99 42 17 06
m.astrup@platou.com e.relbo@platou.com
Truls Wiese Kolstad
Project Broker
Dir tel.: +47 23 11 28 15
Mobile: +47 93 04 84 33
t.kolstad@platou.com
Heidi Meyer Westby
Office Manager
Dir tel.: +47 23 11 26 55
Mobile: +47 93 40 20 02
h.westby@platou.com

Website: www.platou.com

RS PLATOU INVESTOR SERVICES AS

Asbjrn Wulfsberg
Managing Director
Dir tel.: +47 23 11 26 66
Fax: +47 23 11 23 27
Mobile: +47 91 81 83 50
a.wulfsberg@platou.com

62 HEAD OFFICE CONTACTS 63

MARKET REPORT
JULY 2014
 CONTENTS
Prologue ................................................................. 1
Projects per year .................................................... 1
2013 transaction market dominated
by mid size transactions ...................................... 4
Ensjsen Invest KS ............................................... 8
Fyrstikkalleen 17 Invest AS .................................... 9
Gamle Forusvei Invest AS ..................................... 10
Grterudveien 8 KS .............................................. 11
Hillevgsenteret Holding KS ................................ 12
Hvam Eiendomsinvest KS..................................... 13
Slependveien 54-58 Utvikling AS.......................... 14
Tverrveien Eiendom AS ........................................ 15
stensjveien 27 Holding AS ................................ 16
Contacts ............................................................... 17
PROLOGUE
DEAR INVESTORS AND BUSINESS ASSOCIATES,
2013 was dominated by mid-size transaction and the usual transac-
tion cycle where Q4 represented almost 50% of the overall transac-
tion market. RS Platou Real Estate AS took a major leap forward in
2013 and concluded transactions for a gross value of NOK 2.1 billion,
placing us as the second largest syndicate player in the Norwegian
Market.
The Transaction market was fuelled both by, stable low rents, more
lending capacity in the banks and an increase in the rent levels around
the larger cities. As predicted last year we see that both the investors
and the banks differentiate between newer modern buildings and old
buildings as well as macro and micro location all focusing on lock-
ing in the residual value risk. The effect is that the spreads between
prime CBD property and properties in the outskirts are increasing,
and giving great cash flow opportunities for investors willing to take
a higher residual risk.
RS Platou Real Estate continues with their core strategy to offer a wide
range of investment opportunities for professional and sophisticated
real-estate-investors. In 2013 we concluded projects with housing de-
velopment potentials (Slependveien), local shopping centers (Hille-
vg) as well as state-of-the-art office in Oslo (stensjveien). We, as
many others, experienced that foreign investors showed strength in
2013 and we expect them to be even more present in 2014.
Even though the first quarter in 2014 in general was slow, we see that
our way of sourcing deals through proactive work towards private real
estate owners procure us with a lot of interesting investment opportu-
nities that we hope to present to our clients throughout 2014.

PROJECTS PER YEAR

PROJECT NAME NO. OF UNITS FACILITATED SEGMENT ACQUISITION VALUE EQUITY

PROJECT EXECUTED 2013

Cecilie Thoresensvei 3 1 January 13 Retail NOK 140 000 000 NOK 42 000 000
Hillevgsenteret 1 June 13 Retail NOK 225 000 000 NOK 70 000 000
Landyveien 2 1 April 13 Retail NOK 110 000 000 NOK 33 000 000
Bygdy alle 1 June 13 Office NOK 80 000 000 NOK 24 000 000
Slependveien 54-58 1 June 13 Retail NOK 73 000 000 NOK 17 000 000
Vgsenteret 1 December 13 Retail NOK 70 000 000 NOK 21 000 000
Gamle Forusvei 17-21 2 November 13 Office NOK 425 000 000 NOK 70 000 000
stensjveien 27 1 November 13 Office NOK 452 500 000 NOK 131 000 000
Billingstadsletta 97 1 September 13 Office NOK 30 000 000 NOK 9 000 000
Retail box 1 June 13 Retail NOK 76 000 000 NOK 22 800 000
CBD project 1 December 13 N/A NOK 285 000 000 NOK 100 000 000

REAL ESTATE 1
 RS Platou Real Estate AS

RS Platou RS Platou Property

Real Estate Management

Project Finance Asset Management

Stian Nicolaus Tom Bhler

Managing Partner Managing Partner

Hans Martin Haug Thomas degrd

Senior Partner Managing Director

Pl Sandal Axel Olsen

Partner Facility Manager

Dag Straume
Senior Advisor

2 REAL ESTATE REAL ESTATE 3

 RS PLATOU REAL ESTATE

2013 TRANSACTION
MARKET DOMINATED BY
MID SIZE TRANSACTIONS
NORWEGIAN MARKET 2013
In 2013 Platou Real Estate concluded 12 projects with an in-
vestment value of NOK 2,1 billion making us the second larg-
est syndicate-player in the market. The total transaction market
ended up a bit below previous expectations, estimated at total
of NOK 38 billion, giving RS Platou Real Estate 5,5% of the
overall market. Primo 2013 consensus expected a transaction
volume above NOK 50 billion, but this did not happen due to
the absence of large single assets transactions and/or large cor-
porate finance real estate transactions.
ment with Agasti which is a one of the largest fund managers in
the Norwegian market. RS Platou Real Estate will, going for-
ward, focus on core strategy and scale on its existing platform.
Even though the overall transaction volume was below expecta-
tions, the activity in the transaction market was high with re-
gards to the number of transactions. The banks are more willing
to lend which in turn makes capital available to real estate inves-
tors. The bank margins have furthermore decreased approx. 25-
50 bps during 1H 2014, fueling the market activity.

During 2013 RS Platou Real Estate sold RS Platou Fund Man- During the year we have experienced that foreign investors have
agement to Agasti Holding ASA. A tightening regulatory frame- been more interested in the Norwegian market, many of them
work, most recently with the new AIFMD Directive, makes it making their first investment here. One of the largest new eq-
more difficult for mid/small size property funds. RS Platou uity investors in a RS Platou Real Estate projects is a UK based
Fund Managements assets are too small and were likely to see fund. Our view is that foreign investors want to have direct own-
several other smaller niche players will eventually realize the ership in the assets rather than indirectly through listed com-
same. Due to this, RS Platou Real Estate entered into an agree- panies. We register that our competitors as well structure new
buyers dominated by foreign capital. One of the largest stand-
alone deals so far in 2014 was bought by an American fund.
ANNUAL NORWEGIAN TRANSACTION VOLUME Hopefully we will see an increase in their investment appetite
the upcoming year.
Bill NOK
80
Like previous years, the equity market is dominated by profes-
sional investors. The investment scope has somewhat changed
60 through the year, from focusing on high-risk residential con-
version projects, to more focusing on yielding assets and
40 ordinary refurbishment projects. Low rents and reasonable
margins from the banks give a lot of investors a good running
yearly cash flow unless they invest in core CBD office. As we
20
communicated last year, the strong housing market over the
last years made many investors focus on residential conver-
0 sion projects with a potential higher return, and Platou Real
04 05 06 07 08 09 10 11 12 13
Estate was involved in several of that kind. The weaker outlook
Source: RS Platou in the residential market has however reduced the investment
stensjveien 27, Oslo. Nominated MIPIM Awards 2014: Best Innovative Green Building.
appetite, probably until we see a reduction in the construction
cost which has already started.
Going on, RS Platou Real Estate will focus on both yielding and
operational projects. Regarding yielding assets investors focus
on the annual equity dividend, and buildings of high quality
preferably future built. We seek operational projects were you
combine an underlying cash-flow with the opportunity to fur-
ther develop and/or refurbish.
FINANCING
The financing difficulties we experienced in 2012 were some
of Norways largest industrial real estate players did not get tra-
ditional bank financing, has come to an end. It looks like the
banks in general are more comfortable with the new EU regula-
tions regarding risk and equity. The improved financial climate
has resulted in a decrease in margins, given a solid ownership
structure. The LTV has however gone down, from the historical
70-75% average to a 60-70% average. This can in turn pose a po-
tential problem for syndicates established in the period 2005-
2008, with an ongoing LTV of 75-80%, which is refinancing the
coming year(s).
Bond financing is still an attractive financing alternative, and
can be competitive on price compared to traditional bank fi-
nancing, this applies primarily for large industrial real estate
companies e.g. Olav Thon and Norwegian Property. The vol-
ume of bond financing is however lower in 2013 due to more
competitive banks. RS Platou Real Estate has combined bank
and bond financing on one of the projects completed in Decem-
ber 2013 (stensjveien 27).

4 REAL ESTATE REAL ESTATE 5

6 REAL ESTATE REAL ESTATE 7
 ENSJSEN INVEST KS FYRSTIKKALLEN 17 INVEST AS

Asset manager Corporate manager Broker Report date 30.06.14 Asset manager Corporate manager Broker Report date 30.06.14
Name: Tom Bhler Thomas degrd Stian Nicolaus Status date 30.06.14 Name: Tom Bhler Thomas degrd Stian Nicolaus Status date 30.06.14
Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 954 86 066 / 23 11 26 72 Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 954 86 066 / 23 11 26 72
Mail: tobo@platou.com t.odegard@platou.com Stian.Nicolaus@platou.com Mail: tobo@platou.com t.odegard@platou.com Stian.Nicolaus@platou.com

COMPANY AND PROPERTY INFORMATION TENANTS 2014 COMPANY AND PROPERTY INFORMATION TENANTS 2014
Name Ensjsen Invest KS Name Average duration Gross rent Index Name Fyrstikkalleen 17 Invest AS Name Average duration Gross rent Index
Address co/ RS Platou Property Management AS Asian Food Import AS 3 720 037 100 % Address co/ RS Platou Property Management AS James Walker Norge AS 1 260 660 100 %
Founded October 2011 GS Bildeler AS 2 423 821 100 % Founded November 2012 Macsimum Design AS 283 152 100 %
Property location Grenseveien 97, Helsfyr, Oslo HC Andersen revisjon 703 109 100 % Property location Fyrstikkalleen 17, Helsfyr, Oslo Norske Grafikeres Verksted AS 406 176 100 %
Segment Office/Warehouse/Development residential Vega Partners AS 697 038 100 % Segment Industry Skintific AS 631 030 100 %
Plot N/A yvind Moen AS 685 918 100 % Plot HK Regnskap 408 400 100 %
Building area 12 229 Global Knowledge AS 593 850 100 % Building area 4 075 Ca. 3 years 2 989 418 100 %
Year of Construction 1965-95 Advokatfirmaet Hulaas & Co 461 900 100 % Year of Construction 1930-1939
Property tax value as per 31.12.2013 23 236 729 Akelius AS 672 765 100 % Property tax value as per 31.12.2013 2 537 676
Net Cash and receivables 4 293 000 Group of smaller tenants 2 233 493 100 % Net Cash and receivables 900 000
Shareholder tax value as of 30.06.2014 0 Apppr. 3,0 years 12 191 931 100 %

KEY POINTS KEY POINTS DESKTOP FORECAST 1.5 % 2.0 %

Initial yield 7.4 % DESKTOP FORECAST Initial yield 6,6 % 2012 2013E 2014E
Running yield 7.2 % 2014E 2015E Running yield 7,6 % Gross rent 3 300 000 2 989 418 3 034 259
Date of total initial payment 22.02.10 Gross rent 12 191 931 12 374 810 Date of total initial payment 22.02.10 Owners cost 8.0 % -264 000 -239 153 -242 741
Real estate purchase price (project price) 165 000 000 Owners cost (incl. common costs) -300 000 -304 500 Real estate purchase price (project price) 42 500 000 Net rent 3 036 000 2 750 265 2 791 519
Paid in equity 30 500 000 Net rent 11 891 931 12 070 310 Paid in equity 10 600 000 Corp. + development cost 30.0 % -990 000 -1 004 850 -1 024 947
Estimated IRR N/A Corporate management / auditor fee -600 000 -609 000 Estimated IRR N/A Net rent 2 046 000 1 745 415 1 766 572
Realized IRR N/A Net rent 11 291 931 11 461 310 Realized IRR 0% Net Interest -1 296 000 -1 296 000 -1 269 270
Uncalled capital 0% Net Interest -6 145 000 -6 330 000 Uncalled capital N/A Tax estimate -180 628 -96 464 -109 872
Gross rent per square meter incl. parking 997 Tax estimate -1 311 015 -1 306 641 Gross rent per square meter incl. parking - Installments 0 660 000 660 000
Estimated annual dev. cost (SD annual 1,5 mill) 2 000 000 Installments -2 000 000 -2 000 000 Estimated annual dev. cost (SD annual 975,000) 1 335 000 Estimated cash-flow 569 372 1 012 950 1 047 429
Estimated cash-flow 1 835 916 1 824 669 Estimated cash-flow in % of paid-in-equity 5.2 % 9.2 % 9.5 %
Estimated cash-flow in % of paid-in-equity 6,0 % 6,0 %
FINANCING FINANCING VALUE
Balance Date Rate ESTIMATED VALUE 30.06.2014 (BASIS FORECAST 2014 ) Balance Date Rate Yield sensitivity 6.75 % 7.25 % 7.75 %
Floating 88 250 000 01.06.14 1,69 % Yield sensitivity 7,00 % 7,50 % 8,00 % Floating 31 010 000 12.06.14 1,70 % Estimated real estate value 40 744 660 37 934 684 35 487 285
Fixed 5Y 38 250 000 01.12.16 3,18 % Estimated real estate value 169 884 729 158 559 080 148 649 138 Margin 2,20 % Tax disadvantage -3 904 963 -3 595 865 -3 326 651
Vendor note 7 000 000 01.12.16 9,00 % Tax disadvantage -16 131 280 -14 885 459 -13 795 365 Estimated interest rate incl. margin 3,90 % Net debt (incl. cash and receivables) -31 770 000 -31 770 000 -31 770 000
Margin 2,35 % Net debt (incl. cash and receivables) -129 207 000 -129 207 000 -129 207 000 Total 31 010 000 NAV 5 069 698 2 568 818 390 633
Estimated interest rate incl. margin 4,73 % NAV 24 546 449 14 466 621 5 646 773
Total 133 500 000 Estimated value fixed interest rate 0 0 0
Estimated value fixed interest rate -1 355 398 -1 355 398 -1 355 398 TRADING OF SHARES NAV incl fixed interest rate 5 069 698 2 568 818 390 633
NAV incl fixed interest rate 23 191 051 13 111 223 4 291 375 Last traded N/A NAV incl fixed interest rate per share 50 697 25 688 3 906
TRADING OF SHARES NAV incl fixed interest rate per share 231 911 131 112 42 914 Date last traded N/A Number of shares 100 100 100
Last traded N/A Number of shares 100 100 100 Seller on price N/A
Date last traded N/A Buyer on price N/A Real estate value per square meter 10 123 9 425 8 817
Seller on price N/A Real estate value per square meter 13 892 12 966 12 155 Implied leverage 86 % 93 % 99 %
Buyer on price N/A Implied leverage 85 % 91 % 97 %

COMMENTS COMMENTS

An ongoing development project where part of the land partitioned and development with approximately 150 Office and industrial property with current rental income which is scheduled converted to apartments and additional
apartments for sale. The construction of apartments is planned to start in mid-2015. spaces to a nearby school. An ongoing rezoning process is assumed completed in mid-2015 where the modification
can begin.

8 REAL ESTATE REAL ESTATE 9

 GAMLE FORUSVEI INVEST AS GRTERUDVEIEN 8 KS

Asset manager Corporate manager Broker Report date 30.06.14 Asset manager Corporate manager Broker Report date 30.06.14
Name: Tom Bhler Thomas degrd Hans Martin Haug Status date 30.06.14 Name: Tom Bhler Thomas degrd Pl Sandal Status date 30.06.14
Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 900 66 966 / 23 11 26 71 Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 938 80 083 / 23 11 26 73
Mail: tobo@platou.com t.odegard@platou.com hmh@platou.com Mail: tobo@platou.com t.odegard@platou.com pal.sandal@platou.com

COMPANY AND PROPERTY INFORMATION TENANTS 2014 COMPANY AND PROPERTY INFORMATION TENANTS 2014
Name Gamle Forusvei Invest AS Name Average duration Rent Index Name Grterudveien 8 KS Name Average duration Gross rent Index
Address co/ RS Platou Property Management AS Roxar 23 813 574 100 % Address co/ RS Platou Property Management AS Eltek ASA 8,25 7 153 788 100 %
Founded desember 2013 Total 9 years 23 813 574 100 % Founded fredag april 30, 2004 TeliaSonera Norge AS 9,75 21 000 100 %
Property location Gamle Forusvei 17-21 Property location Grterudveien 8 Total 8,25 7 174 788 100 %
Segment Office/Storage Segment Industry/office
Lot 5 000 Lot 17 009 (Freehold)
Building area 16 449 Building area 6 000
Year of Construction 1985-2010 Year of Construction 1985
Tax Value (estimated) 238 000 000 Tax Value (estimated) 29 947 173
Estimated net cash and receivables 2 903 989 Estimated net cash and receivables 2 372 000
Shareholder tax value as of 31.03.2014 0 Shareholder tax value as of 30.06.2014 0

KEY POINTS DESKTOP FORECAST 2,0 % KEY POINTS DESKTOP FORECAST 2,0 %
Initial yield 7,0 % 2014 2015E 2016 Initial yield 8,25 % 2014E 2015E 2016E
Running yield Gross rent 23 813 574 24 289 845 24 775 642 Running yield 9,5 % Gross rent 7 174 788 7 318 284 7 464 649
Date of total initial payment desember 2013 Ownership cost -950 000 -969 000 -988 380 Date of total initial payment fredag 30. april 04 Ownership cost 7,0 % -502 235 -512 280 -522 525
Real estate purchase price (project price) 335 000 000 Net rent 22 863 574 23 320 845 23 787 262 Real estate purchase price (project price) 55 000 000 Net rent 6 672 553 6 806 004 6 942 124
Paid in equity 67 500 000 Asset/Corp. management -356 000 -363 120 -370 382 Paid in equity 14 000 000 Asset/Corp. management 1,5 % -107 622 -109 774 -111 970
Paid out equity 0 Net rent 22 507 574 22 957 725 23 416 880 Paid out equity 8 390 000 Net rent 6 564 931 6 696 230 6 830 154
Estimated IRR 16,50 % Net interest -12 127 000 -12 127 000 -12 187 635 Estimated IRR N/A Net interest -2 205 264 -2 088 002 -1 961 042
Realized IRR N/A Tax estimate N/A N/A N/A Realized IRR N/A Tax estimate N/A N/A N/A
Uncalled capital 0 Installments 0 -1 340 000 -5 360 000 Uncalled capital 9 780 000 Installments -2 000 000 -2 000 000 -2 000 000
Gross rent per square meter incl. parking 1 448 Net cashflow from GF 11 500 000 500 000 0 Gross rent per square meter incl. parking 1 196 Estimated divided -2 000 000 -2 000 000 -2 000 000
Estimated cash-flow 10 880 574 9 990 725 5 869 245 Estimated cash-flow 359 667 608 228 869 112
Estimated cash-flow in % of paid-in-equity 16,1 % 14,8 % 8,7 % Estimated cash-flow in % of paid-in-equity 16,9 % 18,6 % 20,5 %

FINANCING
ESTIMATED VALUE 30.06.2014 FINANCING ESTIMATED VALUE 30.06.2014
Bank: Balance Date Rate
Floating 134 000 000 01.07.14 1,70 % Yield sensitivity 6,50 % 6,75 % 7,00 % Balance Date Rate Yield sensitivity 8,25 % 8,50 % 8,75 %
5Y Fixed 134 000 000 20.12.18 2,45 % Estimated real estate value 358 782 238 345 494 007 333 154 935 Floating 27 500 000 18.06.14 1,72 % Estimated value G8 82 497 017 80 070 634 77 782 902
Estimated development value 0 0 0 10Y fixed 18 500 000 30.12.21 3,56 % Estimated value G14 7 000 000 7 000 000 7 000 000
Margin 2,45 % Tax disadvantage (10%) -12 078 224 -10 749 401 -9 515 494 Margin 2,25 % Tax disadvantage (10,0%) -5 254 984 -5 012 346 -4 783 573
Estimated interest rate incl. margin 4,53 % Net debt (incl. cash and receivables) -265 096 011 -265 096 011 -265 096 011 Estimated interest rate incl. margin 4,46 % Net debt (incl. cash and receivables) -43 628 000 -43 628 000 -43 628 000
Total 268 000 000 4,53 %% NAV 81 608 003 69 648 595 58 543 431 Total 46 000 000 NAV 40 614 033 38 430 288 36 371 329

Estimated value fixed interest rate 0 0 0 Estimated value fixed interest rate -821 216 -821 216 -821 216
TRADING OF SHARES
NAV incl fixed interest rate 81 608 003 69 648 595 58 543 431 NAV incl fixed interest rate 39 792 817 37 609 072 35 550 113
TRADING OF SHARES NAV incl fixed interest rate per share 816 080 696 486 585 434 Last traded NOK pr. 0,5 %, 130 000 NAV incl fixed interest rate per share 397 928 376 091 355 501
Last traded N/A Number of shares 100 100 100 Date last traded September 2013 Number of shares 100 100 100
Date last traded N/A Seller on price N/A
Seller on price N/A Real estate value per square meter 21 812 21 004 20 254 Buyer on price N/A Real estate value per square meter 14 916 14 512 14 130
Buyer on price N/A Implied leverage 76 % 79 % 82 % Implied leverage 52 % 54 % 55 %

COMMENTS COMMENTS

Bare house lease agreement. The project price does not include Gamle Forus vei 11.The daily operation of the Single tenant building with Eltek ASA. The tenant has had a positive development, and the stock price have increased
property is going well and maintained mainly by Roxar. Roxar has put into operation the new test facility in which they from NOK 3,00 per share to NOK 9,00 per share over the last two years. They have signaled that they possibly want to
have invested approx. USD 2.2 mill. The asset manager has obtained an offer regarding replacement of the roofs and expand their premises. The company is being transformed from an unlimited to a limited partnership.
windows in the testing facility and this is estimated to cost approx. 340,000. Roxar is reporting positive growth and
many new employees. Roxars warehouse and production capacity in Gamle Forusvei 11 is stressed, consequently the
asset manager is in dialogue with Roxar to accommodate Roxars growing need for this type of areas.

10 REAL ESTATE REAL ESTATE 11

 HILLEVGSENTERET HOLDING KS HVAM EIENDOMSINVEST KS

Asset manager Corporate manager Broker Report date 30.06.14 Asset manager Corporate manager Broker Report date 30.06.14
Name: Tom Bhler Thomas degrd Pl Sandal Status date 30.06.14 Name: Tom Bhler Thomas degrd Hans Martin Haug Status date 30.06.14
Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 938 80 083 / 23 11 26 73 Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 900 66 966 / 23 11 26 71
Mail: tobo@platou.com t.odegard@platou.com pal.sandal@platou.com Mail: tobo@platou.com t.odegard@platou.com hmh@platou.com

COMPANY AND PROPERTY INFORMATION TENANTS 2014 COMPANY AND PROPERTY INFORMATION TENANTS 2014
Name Hillevgsenteret Holding KS Name Average duration Gross rent Index Name Hvam Eiendomsinvest KS Name Average duration Gross rent Index
Address co/ RS Platou Property Management AS Name Average duration Rent Index Address co/ RS Platou Property Management AS Eikmaskin AS 2 053 136 100 %
Founded September 2013 Elixia Nordics AS 3 762 379 100 % Founded 08.12.2011 GK Norge AS 2 437 872 100 %
Property location Hillevgsveien 25-33 Jula Norge As 4 268 219 100 % Property location Jogstadveien 25 Lubeco AS 1 454 468 100 %
Segment Retail Aske Rogaland AS 2 323 296 100 % Segment Logistics/industry/office Enghav (Garanti fra Domstein) 4 943 284 100 %
Lot 8 760 Helse Vest IKT 1 647 449 100 % Lot Leasehold Snap Drive AS 1 972 524 100 %
Building area 14 930 Stoff & Stil Norge AS 900 000 100 % Building area 11 826 Hvam Bilsenter (Leiegaranti fra Union) 2 174 384 100 %
Year of Construction 1987-2012 Stavanger Idrettsklinikk 620 623 100 % Year of Construction 2011 Total 9 years 15 035 668 100 %
Tax Value (estimated) 216 585 000 Others 3 020 542 100 % Tax Value (estimated) 137 000 000
Estimated net cash and receivables 4 873 969 Total 9 years 16 542 508 100 % Estimated net cash and receivables 9 904 980
Shareholder tax value as of 31.03.2014 0 Shareholder tax value as of 30.06.2014 0

KEY POINTS DESKTOP FORECAST 2,5 % KEY POINTS DESKTOP FORECAST 1,5 %
Initial yield 7,5 % 2014E 2015E 2016E Initial yield 8,0 % 2014E 2015E 2016E
Running yield 7,0 % Gross rent 16 542 508 17 409 635 18 630 612 Running yield 8,1 % Gross rent 15 035 668 15 261 203 15 490 121
Date of total initial payment September 2013 Ownership cost -1 100 000 -1 122 000 -1 144 440 Date of total initial payment 20.12.11 Ownership cost (incl. parkingrent) 10,0 % -1 503 567 -1 526 120 -1 549 012
Real estate purchase price (project price) 220 080 000 Net rent 15 442 508 16 287 635 17 486 172 Real estate purchase price (project price) 171 537 000 Net rent 13 532 101 13 735 083 13 941 109
Paid in equity 70 000 000 Asset/Corp. management -440 000 -448 800 -457 776 Paid in equity 43 000 000 Asset/Corp. management -500 000 -507 500 -515 113
Paid out equity 5 000 000 Net rent 15 002 508 15 838 835 17 028 396 Paid out equity 0 Net rent 13 032 101 13 227 583 13 425 996
Estimated IRR 12,20 % Net interest -6 400 000 -6 510 000 -6 730 000 Estimated IRR 17,00 % Net interest -6 143 878 -5 420 659 -5 271 047
Realized IRR N/A Tax estimate N/A N/A N/A Realized IRR N/A Tax estimate N/A N/A N/A
Uncalled capital 0 Installments -2 750 000 -5 500 000 -5 500 000 Uncalled capital 0 Installments -2 500 000 -3 000 000 -3 500 000
Gross rent per square meter incl. parking 1 108 Estimated cash-flow 5 852 508 3 828 835 4 798 396 Gross rent per square meter incl. parking 1 327 Estimated cash-flow 4 388 223 4 806 924 4 654 949
Estimated cash-flow in % of paid-in-equity 8,4 % 5,5 % 6,9 % Estimated cash-flow in % of paid-in-equity 10,2 % 11,2 % 10,8 %

FINANCING VALUE (BASIS FORECAST 2014 )

FINANCING ESTIMATED VALUE 30.06.2014
Balance Date Rate Yield sensitivity 7,25 % 7,50 % 7,75 %
Bank: Balance Date Rate Yield sensitivity 7,00 % 7,25 % 7,50 % Floating 62 750 000 22.06.14 1,70 % Estimated real estate value 189 449 417 183 134 436 177 226 874
Floating 160 000 000 01.07.14 1,75 % Estimated real estate value 249 802 457 241 188 579 233 148 960 7Y fixed 62 500 000 27.12.18 3,37 % Estimated development value 0 0 0
Estimated development value 0 0 0 Margin 2,30 % Tax disadvantage (7,0%) -3 671 459 -3 229 411 -2 815 881
Margin 2,25 % Tax disadvantage (10%) -24 980 246 -24 118 858 -23 314 896 Estimated interest rate incl. margin 4,81 % Net debt (incl. cash and receivables) -115 345 020 -115 345 020 -115 345 020
Estimated interest rate incl. margin 4,00 % Net debt (incl. cash and receivables) -155 126 031 -155 126 031 -155 126 031 Total 125 250 000 NAV 70 432 938 64 560 006 59 065 973
Total 160 000 000 4,00 % NAV 69 696 180 61 943 690 54 708 033
Estimated value fixed interest rate 0 0 0
Estimated value fixed interest rate 0 0 0 TRADING OF SHARES NAV incl fixed interest rate 70 432 938 64 560 006 59 065 973
TRADING OF SHARES NAV incl fixed interest rate 69 696 180 61 943 690 54 708 033 Last traded 460 100 NAV incl fixed interest rate per share 704 329 645 600 590 660
Last traded N/A NAV incl fixed interest rate per share 696 962 619 437 547 080 Date last traded 15.10.12 Number of shares 100 100 100
Date last traded N/A Number of shares 100 100 100 Seller on price N/A
Seller on price N/A Buyer on price N/A Real estate value per square meter 16 020 15 486 14 986
Buyer on price N/A Real estate value per square meter 16 732 16 155 15 616 Implied leverage 62 % 64 % 66 %
Implied leverage 69 % 71 % 74 %

COMMENTS COMMENTS

The project was acquired in September 2013 from Otium Nring AS. The majority owner, a local real estate investor, The company has experienced two bankruptcies, however guarantees from seller have secured continued cash-flow.
has the asset management of the property. The overall turnover is positive for the property, and the small vacant areas In final negotiations of signing a new lease with a large and solid tenant on the Hvam Bilsenter premises probably
are guaranteed by the Seller. One of the big housing developers in the region, Khlergruppen, is going to develop 400 signed in July. Two positive ongoing dialogues regarding the Enghav premises.
new appartements on the property next to Hillevgsenteret.

12 REAL ESTATE REAL ESTATE 13

 SLEPENDVEIEN 54-58 UTVIKLING AS TVERRVEIEN EIENDOM AS

Asset manager Corporate manager Broker Report date 30.06.14 Asset manager Corporate manager Broker Report date 30.06.14
Name: Tom Bhler Thomas degrd Hans Martin Haug Status date 30.06.14 Name: Tom Bhler Thomas degrd Hans Martin Haug Status date 30.06.14
Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 900 66 966 / 23 11 26 71 Phone: +47 906 61 187 / 23 11 26 74 +47 913 31 182 / 23 11 26 62 +47 900 66 966 / 23 11 26 71
Mail: tobo@platou.com t.odegard@platou.com hmh@platou.com Mail: tobo@platou.com t.odegard@platou.com hmh@platou.com

COMPANY AND PROPERTY INFORMATION TENANTS 2014 COMPANY AND PROPERTY INFORMATION TENANTS 2014
Name Slependveien 54-58 Utvikling AS Name Average duration Rent Index Name Tverrveien Eiendom AS Name Average duration Rent Index
Address co/ RS Platou Property Management AS All tenants 5 351 286 100 % Address co/ RS Platou Property Management AS Scana Offshore Vestby AS (kontor) 1 945 354 70 %
Founded June 2013 Total 4 years 5 351 286 100 % Founded juni-08 Scana Offshore Vestby AS (industrihaller) 4 489 697 100 %
Property location Slependveien 54-58 Property location Tverrveien 4 Scana Offshore Vestby AS (kaldt lager) 451 022 100 %
Segment Office/Retail Segment Logistics/industry Scana Parkering / 20 stk 27 289 100 %
Lot 8 166 Lot 37 948 Qualified Logistics 2 718 263 100 %
Building area 3 700 Building area 11 577 Dan Cargo AS 1 356 375 100 %
Year of Construction N/A Year of Construction From 1996 Total 1,0 year 10 988 000 95 %
Tax Value (estimated) 21 883 344 Tax value 46 808 087
Estimated net cash and receivables 785 500 Net Cash and receivables 9 838 000
Shareholder tax value as of 30.06.2014 0

KEY POINTS DESKTOP FORECAST 2,0 % KEY POINTS DESKTOP FORECAST

Initial yield 6,6 % 2014E 2015E 2016E Initial yield 7,2 % 2014E 2015E
Running yield 6,6 % Gross rent 5 351 286 5 458 312 5 567 478 Running yield 7,6 % Gross rent 10 988 000 11 152 820
Date of total initial payment November 2013 Ownership cost -544 144 -555 027 -566 127 Real estate purchase price (project price) 138 500 000 Ownership cost 3,50 % -384 580 -390 349
Real estate purchase price (project price) 73 000 000 Net rent 4 807 142 4 903 285 5 001 351 Paid in equity 36 700 000 Net rent 10 603 420 10 762 471
Paid in equity 13 000 000 Asset/Corp. management -554 000 -565 080 -576 382 Paid out equity 0 Asset/Corp. management -524 555 -532 423
Paid out equity 0 Net rent 4 253 142 4 338 205 4 424 969 Estimated IRR N/A Net rent 10 078 865 10 230 048
Estimated IRR 20,00 % Net interest -2 394 136 -2 417 876 -2 361 813 Realized IRR N/A Net Interest -6 040 252 -5 880 826
Realized IRR N/A Tax estimate N/A N/A N/A Uncalled capital 0 Tax estimate -606 561 -693 532
Uncalled capital 0 Installments -1 500 000 -1 500 000 -1 500 000 Gross rent per square meter incl. parking 949 Installments -2 100 000 -2 100 000
Gross rent per square meter incl. parking 1 446 Estimated cash-flow 359 006 420 329 563 156 Estimated cash-flow 1 332 052 1 555 690
Estimated cash-flow in % of paid-in-equity 2,8 % 3,2 % 4,3 % Estimated cash-flow in % of paid-in-equity 3,6 % 4,2 %

FINANCING ESTIMATED VALUE 30.06.2014 FINANCING VALUE (BASIS FORECAST 2014 )

Balance Date Rate Yield sensitivity 6,25 % 6,50 % 6,75 % Bank: Balance Date Rate Yield sensitivity 8,00 % 8,25 % 8,50 %
Floating 53 875 000 03.07.14 1,74 % Estimated real estate value 78 452 557 75 435 151 72 641 257 1Y Fixed 86 425 000 01.07.15 5,99 % Estimated real estate value 134 530 891 130 454 198 126 617 309
Margin 2,50 Estimated development value 0 0 0 Estimated development value 0 0 0
Total 53 875 000 4,24 % Tax disadvantage (7,0%) -6 222 613 -5 890 699 -5 583 370 Tax disadvantage 10% -7 272 280 -6 864 611 -6 480 922
Net debt (incl. cash and receivables) -53 089 500 -53 089 500 -53 089 500 Margin 0,95 % Net debt (incl. cash and receivables) -76 587 000 -76 587 000 -76 587 000
NAV 19 140 444 16 454 953 13 968 386 Estimated interest rate incl. margin 6,94 % NAV 50 671 611 47 002 587 43 549 387
TRADING OF SHARES Total 86 425 000
Last traded N/A Estimated value fixed interest rate 0 0 0 Estimated value fixed interest rate -961 253 -961 253 -961 253
Date last traded N/A NAV incl fixed interest rate 19 140 444 16 454 953 13 968 386 NAV incl fixed interest rate 49 710 358 46 041 334 42 588 134
TRADING OF SHARES NAV incl fixed interest rate per share 12,56 11,64 10,76
Seller on price N/A NAV incl fixed interest rate per share 191 404 164 550 139 684
Buyer on price N/A Number of shares 100 100 100 Last traded N/A Number of shares 3 956 964 3 956 964 3 956 964
Date last traded N/A
Real estate value per square meter 21 203 20 388 19 633 Seller on price N/A Real estate value per square meter 11 621 11 268 10 937
Implied leverage 74 % 76 % 79 % Buyer on price N/A Implied leverage 61 % 62 % 64 %

COMMENTS COMMENTS

An ongoing development project. In a positive dialogue with the municipality of Brum regarding a potential Industrial and office property. Scana is the main tenant - an international industrial company. Scana has recently sold
conversion from retail to residential. parts of the business to Aqua Marine Subsea AS. Negotiations for new and extended leases expected to be completed by
the end of 2014.

14 REAL ESTATE REAL ESTATE 15

 STENSJVEIEN 27 HOLDING AS

Name:
Phone:
Mail:
Asset manager
Tom Bhler
+47 906 61 187 / 23 11 26 74
tobo@platou.com
Corporate manager
Thomas degrd
+47 913 31 182 / 23 11 26 62
t.odegard@platou.com
Broker
Stian Nicolaus
+47 954 86 066 / 23 11 26 72
Stian.Nicolaus@platou.com
Report date
Status date
30.06.14
30.06.14
CONTACTS
COMPANY AND PROPERTY INFORMATION TENANTS 2014
Name stensjveien 27 Holding AS Name Average duration Gross rent Index RS PLATOU REAL ESTATE AS RS PLATOU PROPERTY MANAGEMENT AS
Address co/ RS Platou Property Management AS NCC Construction AS 17 964 438 100 %
Founded December 2013 AS Norsk Dentaldepot AS 4 376 912 100 % Stian Nicolaus Tom Bhler
Property location stensjveien 27 Wifa AS 2 466 631 100 % Managing Partner Managing Partner
Segment Office Mysof AS 2 189 250 100 % Dir. tel.: +47 23 11 26 72 Dir. tel.: +47 23 11 26 74
Lot 5 083 NCC Property Development AS - Rental Guarantee (Empty premises) 1 585 334 100 %
Building area 16 091 Constructor Norge AS 1 209 235 100 %
Mobile: +47 95 48 60 66 Mobile: +47 90 66 11 87
Year of Construction 2013 NCC Porperty Development AS 233 200 100 % sni@platou.com tobo@platou.com
Tax Value (estimated) 320 000 000 Total 9,5 years 30 025 000 322 130 %
Estimated net cash and receivables 9 030 000 Hans Martin Haug Thomas degrd
Shareholder tax value as of 30.06.2014 0
Senior Partner Managing Director
Dir. tel.: +47 23 11 26 71 Dir. tel.: +47 23 11 26 62
KEY POINTS DESKTOP FORECAST 2,0 %
Mobile: +47 90 06 69 66 Mobile: +47 91 33 11 82
Initial yield 6,4 % 2014E 2015E 2016E
Running yield 6,4 % Gross rent 30 025 000 30 625 500 31 238 010
hmh@platou.com t.odegard@platou.com
Date of total initial payment November 2013 Ownership cost -901 000 -919 020 -937 400
Real estate purchase price (project price) 457 500 000 Net rent 29 124 000 29 706 480 30 300 610 Pl Sandal Axel Olsen
Paid in equity 131 000 000 Asset/Corp. management -450 000 -459 000 -468 180 Partner Facility Manager
Paid out equity 0 Net rent 28 674 000 29 247 480 29 832 430
Estimated IRR 12,40 %
Dir. tel.: +47 23 11 26 73 Dir. tel.: +47 23 11 29 20
Net interest -13 820 000 -13 498 000 -13 407 000
Realized IRR N/A Tax estimate N/A N/A N/A Mobile: +47 93 88 00 83 Mobile: +47 97 66 39 52
Uncalled capital 0 Installments -2 750 000 -2 750 000 -2 750 000 psan@platou.com axel.olsen@platou.com
Gross rent per square meter incl. parking 1 866 Estimated cash-flow 12 104 000 12 999 480 13 675 430
Estimated cash-flow in % of paid-in-equity 9,2 % 9,9 % 10,4 %
Dag Straume
Senior Advisor
FINANCING ESTIMATED VALUE 30.06.2014
Mobile: +47 90 50 77 16
Bank: Balance Date Rate Yield sensitivity 6,30 % 6,40 % 6,50 %
Floating 136 812 500 01.07.14 1,73 % Estimated real estate value 471 531 429 464 163 750 457 022 769
dag.straume@platou.com
5Y fixed 136 812 500 01.10.18 2,37 % Estimated development value 0 0 0
Margin 1,79 % Tax disadvantage (7,0%) -10 607 200 -10 091 463 -9 591 594
Estimated interest rate incl. margin 3,81 % Net debt (incl. cash and receivables) -315 595 000 -315 595 000 -315 595 000
NAV 145 329 229 138 477 288 131 836 175
Bond: Balance Date Rate
Floating 51 000 000 17.06.14 1,72 % Estimated value fixed interest rate 0 0 0
Margin 4,00 % NAV incl fixed interest rate 145 329 229 138 477 288 131 836 175
Estimated interest rate incl. margin 5,72 % NAV incl fixed interest rate per share 1 453 292 1 384 773 1 318 362
Total 324 625 000 Number of shares 100 100 100

Real estate value per square meter 29 304 28 846 28 402

TRADING OF SHARES
Implied leverage 68 % 70 % 71 %
Last traded N/A
Date last traded N/A
Seller on price N/A
Buyer on price N/A

COMMENTS

stensjveien 27 is a state-of-the-art office building nominated as one of the worlds best Innovative Green Buildings
at MIPIM 2014. The building was completed for the tenants possession ultimo december 2013. The final completion,
including finalizing of outdoor area, is estimated to 30. June 2014. So far, all progression is accoridng to plans and
timetable.

In the beginning og 2014 there was still approximately 460 sqm office space vacant and some areas of wearhousing in
the basement. The vacant office space is rented out to Akelius on a 5 year agreement with an 5 option on equal terms.
The leaseagreement should be signed in the beginning of June.

16 REAL ESTATE REAL ESTATE 17