Market Report December 2015

Transkript

1 Bolt Communication AS Market Report December 2015 NRP Finans AS Haakon VIIs gate 1 Postbox 1358 Vika 0113 Oslo Telephone: Telefax: nrp@nrp.no Homepage: Markedsrapport-omslag.indd

2 The NRP Group of companies Project & Corporate Finance Asset Management NRP Finans AS NRP Asset Management AS Project arrangement & Syndication Corporate finance and M&A advisory Management of Alternative Investment Funds and individual portfolios Corporate Management Services NRP Business Management AS Aker Eiendomsdrift AS AS Procurator Corporate management, accounting, tax, consulting and depositary Real estate management Corporate management, accounting, tax and consulting

3 Table of contents 1. Introduction Sold projects Real estate Status real estate market in Norway and Sweden by Newsec AS (in Norwegian) Key figures real estate portfolio Real estate projects overview Real estate projects Berger Terminal DIS Brønnøysund Kontorbygg AS Dagligvarelogistikk AS E-Logistikk AS Etterstad Utvikling DIS Finlog AS Fokserødsenteret Nord AS Fredenborgveien Eiendom AS Gasolin Handelseiendom DIS Hoffsveien Kontorbygg AS Holmsbu Invest KS Hovfaret 4 DIS Hvalstad Forretningsbygg AS Kongholm Invest KS Kristiansund Handelseiendom AS KS Torggata Bad AS Lillestrøm Logistikkbygg AS Lilleby Eiendom AS Logistikk og Lagershop AS Lørenskogveien 75 Holding AS Majorstuen Kontorbygg DIS Martodden Utbygging KS Maskinveien Kontorbygg AS Moa Handelseiendom Holding II AS Nydalen Kontorbygg AS Nydalen Kontorbygg II AS Nye Alfasetveien DIS Nye Berghagan Næringseiendom AS Nässjö Logistikkbygg AS Pottemakerveien Kombibygg AS Ringeriksveien 2012 DIS Rud Fryserlager AS Stadion Utbygging KS Statens Hus Lillehammer KS Sydsvenskan Lager & Handel AS Sørenga Utvikling KS Tangen Havnelager AS Teknikstaden Utvikling AS TFGS Kombi AS Torslanda Lagerbygg AS Vestby Logistikk AS Wilfast i Torslanda AB Wilfast Mølndal AB NRP Finans AS - Market Report December 2015 Page 3 Page

4 Wilfast Mölnlycke Holding AB Økernveien Kontorbygg AS Shipping & offshore Shipping & offshore market comments Key figures shipping & offshore portfolio Shipping & offshore projects overview Shipping & offshore projects Arca Shipping DIS BB Troll DIS Beta DIS Bulk Avanti DIS Bulk Transloading DIS Cresco Shipping DIS Eastern Reefer II DIS Gjende DIS Inter Carib II DIS Jupiter Bulker DIS KUO DIS Mount Lyderhorn LLC Neptune Seismic DIS Olympic Kombiskip KS Olympic Master KS Olympic Octopus KS Spero DIS Stril Offshore DIS TDSC Opportunity AS UACC Bergshav Tanker DIS UACC Ross Tanker DIS Explanation of procedures and key figures Ness, Risan & Partners AS and companies controlled by Ness, Risan & Partners AS («NRP Group») have a restrictive policy regarding owning financial instruments. The NRP Group can participate as a general partner in companystructures where NRP Finans is the arranger of the project. The NRP Group is also allowed to invest in open-ended funds managed by NRP Asset Management, in bond funds, or in treasury bills as part of the liquidity management in certain group companies. Companies in the NRP Group only own financial instruments linked to the business. Employees in the NRP Group and their close relatives will from time to time own shares in projects arranged by NRP Finans, or in funds and companies managed by NRP Asset Management. A list of shares owned by employees in the NRP Group is available upon request to Ness, Risan & Partners Compliance Officer. This market report has been prepared by NRP Finans AS, having endeavoured to present a consistent and correct picture of our projects. The information contained herein has been obtained from sources believed to be reliable and in good faith. NRP can however not guarantee or be held financially or legally responsible for the accuracy, completeness or correctness of the information contained in this market report. We underline that investing in real estate and shipping/offshore projects is associated with risk. All investors must be prepared that such investments might result in monetary losses. Anyone who uses this report as a basis for purchasing shares at a later time, must make sure that all relevant and updated information is obtained. The information in this market report is only valid per date of preparation. Possible investors are encouraged to go through the projects thoroughly before investing. All documentation and analyses can be explained by contacting our office. Page 4 NRP Finans AS - Market Report December 2015

5 1. Introduction It is a great pleasure to present a new market report from NRP Finans. In this report, you will find a brief update of the current world economy as we see it, valuations of the projects in our portfolio, market information on real estate, shipping and offshore, as well as key figures for our portfolio. We have also highlighted the main happenings in NRP Finans over the last six months since our last market report. General market status Market growth is gradually picking up in advanced economies and in the US in particular. There is a growing expectation that the Federal Reserve (FED) will start raising interest rates within shortly, due to factors such as strengthened labor market and robust services growth. The Euro area is also experiencing modest recovery, driven by monetary easing and improving confidence in the labor market. Emerging markets are on the other hand facing stagnating growth. The Chinese economy is slowing, and countries such as Brazil and Russia are struggling to escape recession. Commodity prices are falling, and the export growth is weak. Ongoing currency turmoil will probably also be reinforced when US interest rates start rising, as a stronger dollar tends to depress the value of emerging market currencies. Global growth is projected at 3.1 percent in 2015, which is marginally lower than in 2014 (0.3%), according to the IMF World Economic Outlook of October Growth in the Euro area is forecast to 1.5%, growth in the USA to 2.6%, while the emerging markets growth is projected to be 4%. In our June report, we wrote about the turmoil in the oil-industry and the weakening of the NOK. These two happenings have been reinforced over the last six months, as the NOK has continued to weaken, in line with the fall in the oil-price. The Brent oil spot price is currently below USD 50/barrel. The weaker NOK has been an important counterweight to help stimulate the Norwegian economy in a time with significantly less activity in the oil-industry. The Norwegian key policy rate has also been cut over the last year, from 1.5% to current 0.75%, to help stimulate growth. However, a record-low key interest rate and a weak NOK has not been enough to prevent the unemployment-rate from rising over the last year, and the unemployment rate is now 4.6% according to SSB. Expected growth for Norway in 2015 is modest and around 1%. Market status real estate and shipping/offshore The transaction market within real estate in Norway is on fire. Never before have such volumes of real estate been traded, and it is reasonable to believe that the transaction volume will break NOK 100 billion for This is significantly higher than last year s record high level of around NOK 70 billion, where the listing of Entra is included. Foreign investors have entered the market with great fanfare, and stand for about 50% of the transaction volume in Norway this year. Prime yield is also record-low of 4%. However, there are clouds on the horizon. Because of the lower activity in the oil-sector and the subsequent reduced need of office-space, the rent-levels have started falling and the vacancy rates are increasing. This is especially true for areas heavily exposed to the oil-industry. At Lysaker, every fourth square meter is now vacant. In Oslo, commercial buildings will most likely get property tax from 2017, following the municipal election in September. The basis value for calculating the tax will be re-estimated for all properties, and the calculation-rate will start at 0.2% and probably increase in the years to come. How the tax will be divided between the tenant and the owner depends on the lease-contracts, but it is reasonable to believe that both tenant and owner will indirectly take some of the cost. The shipping and offshore-market is still turbulent. While the tanker rates are at its highest since 2008, the offshore sector is bleeding. Earnings in the dry cargo segment are at historically low levels, and this will most likely persist for still some time. Yet we believe the timing to do dry cargo projects is approaching. The container-shipping segment was good during the summer, but the earnings have dropped over the last couple of months. However, we still believe the timing to do container-feeder projects is good, as containervessels currently are trading well below historic newbuilding parity. The challenge is to find containervessels in good condition, with preferred specifications. Securing debt financing also remains tough, as the larger banks prefer corporate lending to their existing clients. NRP Finans AS - Market Report December 2015 Page 5

6 The offshore-market has been a disaster this year, and we believe 2016 will be even tougher. The ship-owning companies who understand the severity of this ongoing crisis, and take the necessary steps to prepare for what is still ahead, are the ones who are going to survive. NRP Finans is more than happy to assist in this strategic planning, and have the competence to do so. Direct investments NRP Finans So far this year, we have established real estate projects for 2.4 billion in NRP Finans. Since the summer, we have presented two projects, Nydalen Kontorbygg III and Sørlandsparken Terminal AS. Nydalen Kontorbygg III AS was newly established to purchase a modern office building centrally located in Nydalen, with a 9.5 year remaining lease-contract to the Ministry of Justice and Public Security/PST. Sørlandsparken Terminal AS has purchased a logistics property in Kristiansand, on an 11 year triple net lease agreement to Bring Cargo AS (Posten Norge AS). We are currently in the process of establishing several other solid real estate projects, on long leases to solid tenants, as well as selling a couple of our projects. In other words, the end of 2015 will be extremely hectic and exciting for NRP Finans. We have also sold two projects earlier this year, Nye Bergen Lagerbygg and Gasolin Eiendom AS, in addition to 14 gas stations in the project Gasolin Handelseiendom AS. The shipping-team is working to establish a containerproject, which we hope to conclude within shortly. Since the summer, our core focus has been on marketexposed container-feeder projects with partners primarily from Greece and Germany, as we feel the timing is good for such projects. We are constantly working to create more liquidity in our projects, in order to attract a broader group of investors. Please contact Thor Mjør, Erlend Torsen or Anne Elisabeth Næstvold if you have questions regarding second hand transactions. Return for the NRP Finans portfolio Return for our real estate portfolio over the last year is 24.9% p.a. The real estate portfolio has given a return of 22.5% p.a. from the end of 2000 and up to today. Return for our shipping/offshore portfolio the last year is -21.7% p.a. The shipping/offshore portfolio has given a return of 7.9% p.a. from the end of 2000 and up to today. The total portfolio return is up 14.3% p.a. the last year. The return of the NRP Finans total portfolio of both real estate and shipping/offshore projects is up 15.5% p.a. since the establishment in This high return shows that direct investments is an asset class that should be part of an investor s portfolio. Return: Real estate portfolio 24.9% 22.5% Shipping/offshore portfolio -21.7% 7.9% Total portfolio 14.3% 15.5% Our focus is to achieve the highest risk-adjusted return for all our projects, as well as securing a good return on our overall portfolio. We are also constantly working to identify and facilitate new good projects within real estate, shipping and offshore. The project Feedermate DIS was sold this summer, which gave a good return on investment for the participants. Second hand market transactions We have sold shares in the second hand market so far in 2015 for approximately NOK 350 million. This is more than twice as much as at the same time last year. We are very proud of this development, which shows that we are able to create liquidity to our investors in these types of assets. We are experiencing good interest for our real estate projects with long contracts to good counterparts, and we believe the second hand market will continue being active in time to come. Page 6 NRP Finans AS - Market Report December 2015

7 1800 Development NRP Finans portfolio vs Oslo Stock Exchange benchmark Weighted NRP portfolio (1 535) OSEBX (330) Jan 2001 Jan 2002 Jan 2003 Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Dec 2015 On behalf of NRP, we would like to take this opportunity to confirm to our investors and business associates our commitment to deliver the best longterm risk adjusted return, combined with a positive and personal follow-up of high quality. We would also like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. Oslo 1. December 2015 Best regards, NRP Finans AS NRP Finans AS - Market Report December 2015 Page 7

8 2. Sold projects continues Property: Shipping: Project Established IRR since project start Project Established IRR since project start China Bulker KS % p.a. Shipping: China Cape DIS % p.a. Project Established IRR since project start Containership Invest KS % p.a. Maud Reefer KS % p.a. European Container DIS % p.a. Multipurpose 2000 KS % p.a. European Container II DIS % p.a. Finn RoRo KS % p.a Indian Tanker KS % p.a. Kapitan Korotaev Shipping Ltd % p.a. Property: Mesa Invest DIS % p.a. Project Established IRR since project start Nye Northeast Chemical Carrier KS % p.a. Skarvenesveien 3 KS % p.a. Olympia DIS % p.a. Rem Balder DIS % p.a.* Shipping: Rem Fortress DIS % p.a.* Project Established IRR since project start Rem Forza DIS % p.a.* Tofelino Shipping KS % p.a. Rem Fosna % p.a.* Kapitan Rudnev Shipping Ltd % p.a. Rem Odin DIS % p.a.* Northeast Chemical Carrier KS % p.a. Rem Provider DIS % p.a.* Rem Songa DIS % p.a.* 2004 Ross Container DIS % p.a. Scandinavian RoRo KS % p.a. Property: Sir Matt Reefer DIS % p.a. Project Established IRR since project start TDS Containership II KS % p.a. Fornebuveien KS % p.a. Karihaugen Kombibygg KS % p.a. *Not taken into account paid in capital in tranches Nye Skarvenesveien 3 KS % p.a Shipping: Project Established IRR since project start Property: North Reefer KS % p.a. Project Established IRR since project start Banebakken 38 AS % p.a Helsingborg Kjøpesenter AS % p.a. Kombibygg Invest I AS % p.a. Property: Lillsjøvegen Invest AS % p.a. Project Established IRR since project start Preståsen Park KS % p.a. Alfasetveien 11 Eiendom KS % p.a. Pueblo Amistad DIS % p.a. Datavegen 27 AS % p.a. Hotvedtveien 6 KS % p.a. Shipping: Valløveien 3 KS % p.a. Project Established IRR since project start Selga Kombinasjonsbygg AS % p.a. Asian Tanker DIS % p.a. BOP 15 DIS % p.a. Shipping: Dynasty DIS % p.a. Project Established IRR since project start Eagle Shipping DIS % p.a. Eastern Chemical Carrier KS % p.a. Ivory Ace DIS % p.a. Gram Chemical Carrier DIS % p.a. Rem Norway DIS % p.a. Korean Chemical Carrier KS % p.a. Southern Chemical Tanker DIS % p.a. Lake Eva DIS % p.a. Lake Maya DIS % p.a Sir Matt Reefer KS % p.a Property: Project Established IRR since project start Property: Shipping: Project Established IRR since project start Project Established IRR since project start Akersgaten 16 Invest KS % p.a. Chem VI DIS % p.a. Berghagan Næringseiendom KS % p.a. Inter Carib DIS % p.a. Entreprenørbygg Invest KS % p.a. Med Cruise DIS % p.a. Finnestadveien 44 ANS % p.a. TDS III DIS % p.a. Hvamveien 1 KS % p.a. Kyrre Grepps gt. 19 KS % p.a. Moss Holmestrand Nærsenter KS % p.a. Nye Alfasetveien 11 KS % p.a. Nygaard Brygge Invest KS % p.a. Scandigade 8 AS % p.a. Page 8 NRP Finans AS - Market Report December 2015

9 Property: Property: Project Established IRR since project start Project Established IRR since project start Buskerud Handelseiendom DIS % p.a Shipping: Project Established IRR since project start Shipping: American Bulker KS % p.a. Project Established IRR since project start Eastern Chemical Tankers III KS % p.a. M-Tanker DIS % p.a* Indian Chemical Tanker DIS % p.a. Atlantic Seismic DIS % p.a Peg Chemical Carrier DIS % p.a. Perrine DIS % p.a* Default/bankruptcy project Default/bankruptcy project Established IRR since project start Chem Lily DIS % p.a.* Oceanlink Reefer II DIS % p.a* Handy Container DIS % p.a.* TDS Containerships V DIS % p.a* MPP Container DIS % p.a.* Swetank DIS % p.a.* 2014 Swetank III DIS % p.a.* Swetank IV DIS % p.a.* Property: Project Established IRR since project start * Including paid in uncalled capital Alingsås Lager og Handel DIS % p.a. Berger Kombibygg AS % p.a Borås Logistikk AS % p.a. El Logistikk DIS % p.a. Property: Finlogistikk DIS % p.a. Project Established IRR since project start Gøteborg Logistikk DIS % p.a. Ringeriksveien KS % p.a. Halmstad Logistikk AS % p.a. Vestfold Kombibygg DIS % p.a. Prime Logistikk DIS % p.a. Shipping: Shipping: Project Established IRR since project start Project Established IRR since project start China Ropax DIS % p.a. BB Troll (before refinancing) % p.a Indian Bulker DIS % p.a.* E-Tanker DIS % p.a Pacific Bulker DIS % p.a.* Eastern Reefer DIS (now refinanced) % p.a Ross Container II DIS % p.a. Default/bankruptcy project Established IRR since project start Default/bankruptcy project Gram LPG DIS % p.a.* Indian Chemical Tanker II DIS % p.a.* * Including paid in uncalled capital * Including paid in uncalled capital Property: Property: Project Established IRR since project start Project Established IRR since project start Gasolin Eiendom DIS* % p.a Alingsås Handel AS % p.a. Nye Bergen Lagerbygg AS* % p.a Hallsberg Logistikk DIS % p.a. Nye Nordahl Brunsgate 10 KS % p.a. *Waiting for final settlement Shipping: Shipping: Project Established IRR since project start Project Established IRR since project start Arendal Offshore DIS % p.a. Feedermate % p.a Longa DIS % p.a. Inter Carib III DIS % p.a.* United Cape DIS % p.a.* * Including paid in uncalled capital Property: Project Established IRR since project start Haugenstua Butikksenter AS % p.a. Shipping: Default/bankruptcy project Established IRR since project start Oceanlink Reefer DIS % p.a* TDS Containerships IV DIS % p.a* * Including paid in uncalled capital 2012 NRP Finans AS - Market Report December 2015 Page 9

10 3. Real estate Page 10 NRP Finans AS - Market Report December 2015

11 E 2016 E 2017 E 2018 E 2019 E 3.1 Status eiendomsmarkedet i Norge og Sverige ved Newsec AS (in Norwegian) Kontor- og logistikkeiendom 1.0 Norge Veksten i BNP Fastlands-Norge har vært jevn gjennom de fire siste kvartalene og til sammen knapt 1 %. Dette er vesentlig lavere enn trendveksten i økonomien og fjerde kvartalet på rad med vekst under trend, som anslås til 2,25 %. Det forventes svak utvikling gjennom resten av året og at veksten i BNP Fastlands-Norge blir 1,2 % i år. Den relativt beskjedne sysselsettingsveksten kombinert med en relativt høy økning i arbeidsstyrken førte til at arbeidsledigheten økte i 2. kvartal i år. Sysselsettingsvekst på 0,2 % er vesentlig lavere enn den årlige gjennomsnittlige veksten på vel 1 % de siste to årene. Arbeidsledigheten målt med Arbeidskraftsundersøkelsen (AKU) har økt med personer fra 2. kvartal 2014 til mai juli 2015, som gir en arbeidsledighet som ved sommeren 2015 var kommet opp i 4,5 %. Arbeidsledigheten har økt jevnt fra 3,2 % våren Den underliggende prisutviklingen målt ved veksten i konsumprisindeksen ligger nå nær inflasjonsmålet på 2,5 %. Kronesvekkelsen bidrar trolig til at inflasjonen tar seg noe opp ut året. Lave strømpriser de siste månedene bidrar imidlertid til å dempe veksten i de samlede konsumprisene som husholdningene står overfor. Kronesvekkelsen reverseres trolig noe neste år. Sammen med fall i råvarepriser, lav inflasjon i utlandet og lav lønnsvekst vil det bidra til å dempe den underliggende inflasjonen framover. Veksten i KPI vil trolig øke noe i 2016, som følge av økte kraftpriser. Veksten i boliginvesteringene fortsatte å øke i andre kvartal, men noe mindre enn anslått i forrige rapport. Både salg og igangsetting av nye boliger holder seg oppe, men oljeprisfallet siden i fjor sommer demper aktiviteten i enkelte områder. 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,0-1,0-2,0 % Økonomiske indikatorer Norge I september satte Norges Bank styringsrenta ned til rekordlave 0,75 %. Pengemarkedsrenta er for øyeblikket litt over 1 %. Boligprisene steg sesongjustert med 1,4 prosent fra 1. kvartal til 2. kvartal og var da 6,6 prosent høyere enn i 2. kvartal i fjor ifølge Statistisk sentralbyrås boligprisindeks. Prisene har steget i seks kvartaler på rad, men veksttakten er nå avtakende. Hvordan påvirker dette eiendomsmarkedet? Oljeprisfallet bremser norsk økonomi BNP-vekst 1,2 % (Trendvekst 2,25 %). Stigende arbeidsledighet 4,5 % (3,2 % våren 2014). Randsonene vil rammes hardest. Lav, men fortsatt positiv sysselsettingsvekst 0,2 % (1 % i gjennomsnitt siste to år) reduserer behovet for mer næringsareal. Kontorledigheten vil stige i alle større byer, med størst utfordringer i Stavanger. 8,38 % ledighet i Stor-Oslo p.t. Økende grad av fremleie er et faresignal. Leieprisene faller utenfor indre sentrum av Oslo grunnet økende ledighet. Lave swaprenter, dog fører usikkerhet knyttet til norsk økonomi og høy etterspørsel til økende innlånskostnad for bankene som igjen vil ramme låntagerne. KPI BNP Arbeidsledighet 3 mnd Nibor Source: Newsec NRP Finans AS - Market Report December 2015 Page 11

12 1.1 Kontormarkedet i Oslo Ledigheten har vært meget stabil i Oslo de siste kvartalene. Vår ferskeste tellingen viser at det er totalt m² ledig i Oslo, en marginal nedgang på m² fra forrige kvartal. Etter et meget høyt nivå på hele m² ledig i 1. kvartal har ledigheten sunket marginalt de to siste kvartalene og er i øyeblikket på 8,38 %. Hvorvidt de marginale fallene i ledighet de siste kvartalene er tegn på at ledigheten skal fortsette nedover er tvilsomt. Newsec forventer at ledigheten skal fortsette å stige opp mot 8,75 % i 2016 i Oslo. Det er blitt skrevet flere store kontrakter i inneværende kvartal, blant annet flytter Wikborg Rein til eget bygg i Dronning Mauds gate 11 sommeren Det er inngått en 10 årskontrakt med leienivå omkring kr/ m² hvor advokatfirmaet opptar m² av totalt m². Et annet advokatfirma som flytter er Steenstrup Stordrange, som flytter til Cort Adelers gate hvor de skal leie m². leie for kortere perioder enn de ordinære leieperiodene (5/10 år). Advokatene fortsetter å samle seg i de beste lokalene i Vika med fokus på egne bygg og med svært høy standard. Transaksjonsmarkedet er fortsatt veldig aktivt, så lønningene hos advokatene er fortsatt så bra at de kan betale for de beste lokalene. Flere totalrenoveringsprosjekter er nå løst og blir gjennomført, nettopp grunnet advokatenes ønske om «eget hus». Vi forventer at ledigheten skal forsiktig opp og at leienivået holder seg stabilt de kommende kvartalene. Gjennomsnittlig leiepris (nominelle kroner) er ifølge Arealstatistikk på 1880kr/m². CBD og indre by sentrum viser en positiv utvikling siden forrige kvartal. A-Kategori stiger i gjennomsnitt 5 % fra forrige kvartal til kr/m². A-kategori er et gjennomsnitt for de 15 % dyreste kontraktene som er signert. Er utleiemarkedet like kaldt og grått som sommeren var i år? Vel, det avhenger av hvor man var i landet (eller i utlandet). Nå som vi nærmer oss slutten av 3. kvartal, ligner det mye på slik 1. kvartal var relativt stille. Heldigvis var det bra fart i utleiemarkedet i våres, og 2. kvartal endte bra for mange. Det har kommet flere søk i markedet etter sommeren, og en god del av disse har søk med forfall/innflytting våren Arealstørrelsene er ca m². Dette er for noen case nesten to år frem i tid hva kan dette tyde på? 1. Søkemeglere er mer på, for å finne oppdrag de kan få løst (selv om mange ikke er beslutningsklare ennå)? 2. Leietakere er ute etter å reforhandle og starter å presse prisene allerede nå (i en mulig kommende reforhandling)? De store leieforfallene kommer ikke før , så det er fortsatt begrenset aktivitet for de store prosjektene. Olje/gass-virksomhet er fortsatt preget av usikkerhet. En del selskaper snakker om ytterligere nedbemanninger, noe som kan føre til ytterligere fremleie. Andre selskaper snakker om å samlokalisere i en by, og da gjerne komme seg vekk de store byene. IT ser ut til å være en sektor som klarer seg ganske bra. Her hører vi ofte fra leietakers side at de kommer til å vokse de nærmeste årene. Noen vokser såpass fort at de ikke klarer å estimere hvor mange de vil være de neste 6-18 månedene frem i tid. Fremleiecase kan for mange av disse selskapene være en god løsning, da man kan Til tross for at leiemarkedet har vist svakhetstegn de siste kvartalene, og volumet er relativt lavt, ser vi gode nivåer på leieavtaler som blir signert. Ledigheten har vært stigende de siste månedene, men synker dette kvartalet. Hvorvidt dette er tegn på at ledigheten skal fortsette nedover er tvilsomt. Til tross for de marginale fallene de siste kvartalene mener vi utviklingen vil være annerledes på lang sikt. Page 12 NRP Finans AS - Market Report December 2015

13 Etter et fall i leienivået i indre by sentrum og CBD i begynnelsen av 2015 har prisene tatt seg opp igjen og er nå henholdsvis kr/m² og kr/m². Samtidig ser vi relativt høye leienivåer på for eksempel Skøyen og Lysaker, men disse er fallende og har sunket gradvis gjennom hele Som vi har påpekt tidligere er det ekstra viktig å se bak tallene i disse områdene. Gjennomsnittlig leienivå på Skøyen og Lysaker hadde mest sannsynlig vært lavere dersom de mindre gode lokalene hadde blitt leid ut. Sannheten er at mindre gode lokaler ikke blir leid ut og drar dermed ikke ned gjennomsnittlig leienivå, men ligger «gjemt» i ledigheten som er henholdsvis 9 % og 19 % på Skøyen og Lysaker. Dette gir et unaturlig høyt gjennomsnittlig leienivå i disse områdene. Vi forventer en økende ledighet og fall i leienivå i disse områdene i kvartalene som kommer. 1.2 Ledighet i Oslo Newsecs analytikere gjennomfører en omfattende telling av kontorledigheten i Oslo, Bergen, Stavanger og Trondheim hvert kvartal. Dette datamaterialet danner grunnlaget for flere av våre analyser. I oversikten nedenfor viser vi ledighetsutviklingen i de ulike bydelene i Oslo. Ledighets % 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Ledighet kontor Oslo Q Q4 14 Q1 15 Q2 15 Q3 15 Indre By Indre By Skøyen Lysaker Oslo Ytre Sentrum Vest Bryn Helsfyr Oslo Ytre Sør Oslo Ytre Nydalen Øst Kilde: Newsec Newsec regner alle kontorarealer over 100 kvadratmeter som har en annonse på finn.no som ledig, dersom lokalene er innflyttingsklare innen ett år. Enkelte eiendommer regnes som kombinasjonsbygg, altså både kontor og lager/logistikk. Newsec regner ikke ledigheten for lager- og logistikkeiendom. Kun arealer som er regnet som kontor er inkludert i tellingen. Totalt kontorareal for hver bydel justeres når bygningsmassen vokser eller synker. Dette innebærer at Newsec også følger nøye med på nybyggprosjekter og konverteringscaser som blir registrert i egne databaser. Dersom det er kjent at et byggeprosjekt med kontorarealer har ferdigstillelse og er innflyttingsklart innen ett år, regnes dette som ledig areal. Kvm Nybygg - Absorpsjon - Ledighet Oslo - Asker/Bærum Ledighet 10,00% 9,50% 9,00% 8,50% 8,00% 7,50% 7,00% 6,50% 6,00% 5,50% 5,00% Konverterin g Prognose nybygg Netto absorpsjon Sikre nybygg Ledighets% (høyre akse) Source: Newsec Til tross for at ledigheten har hatt en marginal nedgang det siste kvartalet har vi grunn til tro at den skal stige de kommende årene. Vi regner på det fremtidige behovet for nye arealer ved å identifisere forholdet mellom vekst i sysselsetting i Oslo, Asker og Bærum og tilførsel av nye arealer i samme område. Dette gir oss en indikasjon på hvorvidt det blir et underskudd eller overskudd av arealer i ovennevnte område. Til tross for at tilførselen av arealer er relativt lav ser vi at det mest sannsynlig blir et overskudd av kvadratmeter når man ser dette opp mot hva behovet for arealer blir i I beregningene har vi forutsatt at en ansatt opptar 20 kvm (BTA). Ledigheten har en klar sammenheng med leieprisene. Som vi har vært vitne til har leieprisene falt den siste tiden, særlig i utsatte områder som Lysaker og Skøyen. Vi tror på økt ledighet de kommende kvartalene, og at den økte ledigheten vil presse leieprisene enda mer. Effekten vil nok ikke bli så stor i de sentrale strøkene som CBD og sentrum hvor ledigheten er lav, men områder som blant annet Bryn Helsfyr, Lysaker, Skøyen og Oslo Ytre Øst kan derimot forvente en enda større nedgang i leienivå. NRP Finans AS - Market Report December 2015 Page 13

14 CBD Indre by sentrum Vi definerer CBD som Aker Brygge, Vika, Tjuvholmen og noen adresser rundt rådhuset. Det har vært en økning i ledigheten i CBD de siste kvartalene. Forrige kvartal steg ledigheten med m² og i inneværende kvartal forsetter ledigheten å stige med m². Det er nå totalt m² ledig i CBD. Blant eiendommene med flest kvadratmeter ledig i området finner vi Roald Amundsens gate 6, Støperigata 1, Tordenskiolds gate 6 B, Rosenkrantzgate 20 og Munkedamsveien 45. Gjennomsnittlig leiepris i CBD i inneværende kvartal er 2 850kr/ m², mens gjennomsnitt de siste fire kvartalene er kr/ m². Videre faller snittleie for A-kat i CBD dette kvartalet til ca og er 4630 kr/ m² i snitt de fire siste kvartalene. Det er blitt inngått flere store kontrakter i CBD de seneste ukene. Advokatfirmaet Kvale har blitt enig med Storebrand om å leie kvadratmeter i Haakon VIIs gate 10 også kalt «Epleskrotten». Leienivået er kr/ m², og partene har blitt enige om en 10 årskontrakt med oppstart i 3. kvartal Hele eiendommen skal totalrehabiliteres innen den tid. Kvale flytter fra Fridtjof Nansens plass 4 som også er en del av CBD. Arntzen de Besche som per dags dato holder til i samme eiendom som Haavind har valgt å bli i Bygdøy alle 2. Advokatfirmaet blir i bygget til 2022 og leier over kvadratmeter. I Indre by sentrum (innenfor ring 1) går ledigheten ned fra forrige kvartal og er nå 6,48 %. Det er totalt m² som står ledig indre by sentrum, en nedgang på m² fra forrige kvartal. Ledigheten i området har vært meget stabil de siste årene på rundt 6,5 %. Dronning Mauds gate 11 var eiendommen med fleste ledige kvadratmeter i bydelen før advokatfirmaet Wikborg Rein signerte kontrakt her. Andre eiendommer i området som har store ledige arealer er Langkaia 1, Tollbugata 8 og Stenersgata 8. Gjennomsnittlig leienivå i området er kr/m² hvilket er noe over gjennomsnittet for de siste fire kvartalene. Gjennomsnittlig leie for A-kategori fortsetter å stige og er nå kr/m². Leverandør av AV-løsninger, Bravo Audiovisual AS, har signert kontrakt på leie av m² i Grev Wedels plass 9. Her betaler de kr/ m², men dette inkluderer en investering på MNOK 5 i lokalene. Oppstart av kontrakten er i inneværende kvartal. Wergelandsveien 15, også kjent som «Lektorenes Hus» har fått konsulentselskapet Making Waves som ny leietaker som skal leie m² i bygget. Det er Utdanningsforbundet som eier eiendommen som skal totalrehabiliteres før leietaker flytter inn i 2. kvartal Konsulentselskapet flytter fra Kristian IVs gate 13. Videre har betalingsløsningsselskapet Klarna AS flyttet fra Kronprinsgate 6 til Entra-eide Biskop Gunnerus gate 14 (Posthuset). Her flytter de inn i 26. etasje. Leieavtalen er 5-årig og leienivået er over kr/ m². IT-selskapet Sopra Steria som holder til i samme eiendom har forlenget sin avtale og utvidet arealet med m². Page 14 NRP Finans AS - Market Report December 2015

15 Indre by Skøyen Indre by (mellom ring 1 og ring 2) har lenge hatt lav ledighet som nå er 4,92 %. Ledigheten har steget noe i området de siste kvartalene som var på rekordlave 4,46 % i begynnelsen av I vår ledighetsliste er det registrert m² ledig i området i inneværende kvartal. Det er m² opp fra forrige kvartal. Blant eiendommene med flest ledige kvadratmeter i området finner vi Sørkedalsveien 8 på Majorstuen, også kjent som «Ampere», Fridtjof Nansens vei og Hagegata 22. Gjennomsnittlig leienivå de siste fire kvartalene har holdt seg stabilt rundt kr/ m². Den største kontrakten som er signert i området er Manpower. Leieavtalen på m² i Sundkvartalet har en planlagt ferdigstillelse i slutten av Oppstart av kontrakten er i begynnelsen av 2017 og har en varighet på 7 år med opsjon på forlengelse. Ledigheten på Skøyen har vært rundt 10 % de siste kvartalene og faller forsiktig til 9,39 % dette kvartalet. Det er totalt m² ledig på Skøyen, og Hoffsveien 1 C, Verkstedveien 1 (Monier) og Karenslyst Alle 6 er blant eiendommene med flest ledige kvadratmeter. Gjennomsnittlig leienivå på Skøyen i inneværende kvartal er kr/m². Snittleien var på hele kr/ m² i begynnelsen av 2015 har falt gradvis siden. Verkstedveien 1, også kjent som Monier, har vært eiendommen med flest ledige kvadratmeter på Skøyen de siste kvartalene. Tidligere har både management consulting-selskapet P.A. Consulting, Sektor Gruppen og Statens pensjonskasse flyttet hit. Nå er det kjent at også Helsedirektoratet blir ny leietaker i Monier-bygget og leier rundt m² fra og med november Leieavtalen er på ca. 5 år, men leienivået er foreløpig ukjent NRP Finans AS - Market Report December 2015 Page 15

16 Lysaker Oslo ytre øst Lysaker er bydelssegmentet med desidert høyest ledighet i Stor-Oslo, med hele 19,76 %. Ledigheten på Lysaker har steget gradvis helt siden 3.kvartal Den gang var ledigheten på 14,5 %. Den svært høye ledigheten skyldes hovedsakelig at mange virksomheter i området er oljerelaterte virksomheter, som nå nedbemanner. Det er totalt m² som står ledig i området og Professor Kohts vei 9 som ligger rett ved Lysaker stasjon, Drammensveien 260 og Drammensveien 288 er noen av leieobjektene som har flest kvadratmeter ledig på Lysaker. Gjennomsnittlig leienivå for de fire siste kvartalene er kr/ m². Leienivået forventes å falle kommende kvartal(er). Gjennomsnittlig leienivå synker noe i Oslo Ytre øst til kr/ m². Gjennomsnittlig leienivå i området de fire siste kvartalene er kr/ m². Ledigheten holder seg stabil på rundt 14 % og det er totalt m² ledig i denne bydelen. Den største kontrakten som er blitt inngått i området siden forrige kvartal er Staples som har signert en leieavtale med ABN. Partene har blitt enige om oppføring av et nybygg på m² som blir hovedsentralen for kontorrekvisitaselskapet. Eiendommen vil hovedsakelig bestå av lagerarealer men også noe kontor. Leiebeløpet som foreløpig er ukjent skal være til markedsvilkår. Page 16 NRP Finans AS - Market Report December 2015

17 Bryn Helsfyr Oslo ytre vest I likhet med Lysaker er det svært høy ledighet på Bryn Helsfyr som også opplever en oppgang i ledigheten fra forrige kvartal. Ledigheten på Bryn Helsfyr var i overkant av 10 % i begynnelsen av 2014, og har nå steget til hele 14,86 %. Det er nå totalt m² ledige kontorarealer i området, en økning på m² fra forrige kvartal. Gjennomsnittlig leienivå på kontrakter som ble inngått i området i forrige kvartal er kr/ m². Dette er en klar økning fra forrige kvartal, mens gjennomsnittet for hele året er kr/m². Ledigheten har tradisjonelt vært særs lav i området og fortsetter å falle også dette kvartalet. Ledigheten er nå lave 4,68 %. Det er totalt m² ledig i denne bydelen fordelt på kun 11 eiendommer. Gjennomsnittlig leienivå i Oslo ytre vest er kr/m². Nydalen Det er flere gjengangere i våre ledighetslister, og blant annet Fredrik Selmers vei 2, Helsfyr Atrium og Strømsveien 102 er eiendommer som har hatt store ledige arealer lenge. Det positive er at leietakere på Bryn og Helsfyr har vist seg å være trofaste til området og flytter ofte til andre eiendommer i samme området dersom de har et ekspanderingsbehov eller må bytte eiendom av andre grunner. Blant annet forlenget Brynseng Eiendom kontrakten med Hørselshemmedes Landsforbund som også utvidet arealet med ca. 600 m² i sommer. Videre har SCA Hygiene Products inngått avtale med Entra i Grenseveien 92. Lokalene på ca m² skal oppgraderes før innflytting skjer i desember. Lokalene blir selskapets nye HQ i Norge og leietiden er åtte år. NRP Finans AS - Market Report December 2015 Page 17

18 Ledigheten på Nydalen er like under 10 %. Ledigheten har vært stabil gjennom hele 2015, etter et kraftig fall i begynnelsen av Leienivået stiger i 3. kvartal til kr/m². Dette er basert på signerte kontrakter i området. Gjennomsnittlig leienivå de siste fire kvartalene er kr/ m². Videre fortsetter snittleie for A-kat å stige og er kr/ m². Store deler av Nydalsveien 28, det gamle EVRY-bygget, er nå utleid men det er fortsatt ledighet i eiendommen. Andre eiendommer i området med høy ledighet er Sandakerveien 130 og Nydalsveien 33. Sistnevnte eiendom befinner seg rett over t-banestasjonen, rett ovenfor BI-bygget. Eiendommen som også omtales som Torgbygget blir totalrenovert og skal etter planen stå klart i begynnelsen av De ledige kontorlokalene er i byggets 3, 4 og 5. etasje. 1.4 Logistikkmarkedet 1.4.a Generelt Leienivåene ovenfor er basert på informasjon fra leieeksempler som vi har kjennskap til i markedet samt tilgjengelig i vår database. Lager- og logistikksegmentet representerer ca. 7 % av det totale transaksjonsvolumet hittil i 2015 og vi forventer at årets volum overstiger fjorårets som var ca. 7 mrd. NOK. Det har vært et tydelig yieldfall i transaksjonsmarkedet for lager- og logistikkeiendom siden Q Da var prime yield 6,25 %, 50 pkt. over dagens nivå 5,75 %. I fjor registrerte Newsec 25 transaksjoner i logistikk- og lagersegmentet. Nivået hittil i år er noe lavere enn dette. Transaksjonsvolumet for logistikkeiendom var over 3 mrd. i første kvartal 2015, men har sunket gradvis i 2. og 3. kvartal. I transaksjonsmarkedet er det kjent at Falkenborgvegen 32 i Trondheim er til salgs. Lagereiendommen på nesten kvadratmeter blir mest sannsynlig et boligkonverteringscase for en eventuell kjøper. Eiendommen ligger rett ved E6, og rett ovenfor Leangen travbane som ble plukket opp av Koteng Bolig AS for nøyaktig ett år siden. Tomten på 120 mål ble i utgangspunktet kjøpt i samarbeid med Anton Jenssen & Co og Sparebank 1 SMN for drøye MNOK 600. Sparebank 1 SMN måtte imidlertid trekke seg ut av dealen grunnet kritikk fra storkundene deres samt utbyggerne OBOS, Selvaag og Veidekke. Rett etter at dealen var bekreftet opplyste kjøpergrupperingen at eiendommen skal omreguleres til bolig, og etter planene vil den nye bydelen stå ferdig rundt Dermed er det nærliggende å anta at også Falkenborgvegen 32 vil bli konvertert til bolig. Området vil mest sannsynlig et attraktivt boligområde på lang sikt. For noen måneder side plukket KLP opp det som den gang var igjen av Aberdeen eiendomsfond 2. Denne porteføljen besto av flere gode logistikkeiendommer. Blant disse finner vi Søren Bulls vei 2 som er en sentralt beliggende kombi-eiendom på Furuset i Oslo. Furuset ligger nært opptil Alnabru, som er et etablert storhandelsområde langs E6. Eiendommen ligger profilert mot E6 og det er gode av- og påkjørings-muligheter både i nordgående og sydgående retning. Da dette var et porteføljekjøp er kjøpesummen ukjent, men det er grunn til å anta at prisen lå i overkant av MNOK 200. Videre lå Fløisbonnveien 2-4 i denne porteføljen. Kombieiendommen på totalt kvm. er hovedsakelig en lagereiendom med noe kontorarealer. Eiendommen har en god beliggenhet i et industriområde på Kolbotn kun 10 minutter syd for Oslo. Bergerveien 12 på Billingstad lå også i denne porteføljen. Staples har lenge vært på søk etter så mye som kvadratmeter logistikk/lager. Det er nå kjent at Anthon B. Nilsen og Staples har inngått kontrakt på Lahaugmoen som blir Staples nye hovedkontor i Norge. Dette er en kombinasjonseiendom på hele kvadratmeter. Videre er det kjent at Norgesdekk har tegnet en 10 års kontrakt med Oxer Eiendom i Enebakk. Eiendommen skal ferdigstilles i I takt med Oslos utvikling presses logistikkeiendommer lenger ut av byen. Logistikkeiendom kjennetegnes ved at beliggenheten ofte er ved knutepunkter og langs synlige hovedfartsårer som E6 og E18. Logistikkbrukere er i hovedsak avhengig av effektiv transport på veien og da er beliggenhet svært avgjørende for det totale regnskapet. Logistikken for av- og påkjøring til og fra lokalene, lokalenes funksjonalitet som takhøyde, om det er søylefritt, form på bygg, antall kjøreporter m.m er svært viktige parametere for logistikkaktørene. Dette vil nok resultere i at utvikling av næringsparker og Page 18 NRP Finans AS - Market Report December 2015

19 logistikkeiendommer skyves ut fra sentrum, men likevel utvikles langs sentrale knutepunkter og hovedfartsårer. Et eksempel på dette er Holtskogen næringspark hvor utbyggere i Østfold har planer om en gigantutbygging av Holtskogen næringspark i Hobøl kommune. Det kan bygges opp mot kvadratmeter næring på tomten. Holtskogen Næringspark har direkte avkjøring og god profilering fra E18 og sees på som en god mulighet til å komme seg inn i logistikkmarkedet til en rimelig pris. 1.5 Transaksjonsmarkedet 1.5.a Generelt Det er fortsatt full fart i transaksjonsmarkedet. Da vi oppsummerte før sommeren var anslaget vårt på volum YTD på ca. 45 MRD. Nå har det vokst til nærmere 75 MRD. Vi tror tresifret milliardbeløp er innen rekkevidde for året for første gang, ny all-time high blir det uansett. Eiendomsmarkedet kom styrket ut av sommeren, med like god tilgang på likviditet som før sommeren og noe lavere renter. Derimot har nesten alle brede børsindekser falt nesten 10 % fra i sommer til nå. Vi ser et eiendomsmarked som stadig løsriver seg fra fundamentale økonomiske parametere, som stigende arbeidsledighet og fallende BNP. MRD Registrert Aksjesalg Prognose Kilde: Newsec Federal Reserve har hatt en rente på 0,25 % siden desember Det ble for første gang på nesten 7 år indikert at renten skulle opp, nå i september. Det ville i så fall være den første indikasjon på at tidenes lavrenteregime var over. Men uro i finansmarkedene i sommer og fortsatt for inflasjon i USA førte nok en gang til en utsettelse. Nå virker det som om frykten for en stagnerende økonomi igjen er økende. KPI holder seg ennå overaskende høy i Norge, rundt 2 %. Men i resten av den vestlige verden er KPI stadig lav. Markedet søker derfor stadig mer aggressivt lang og sikker kontantstrøm med inflasjonssikring. Vi tror ikke vi har sett slutten på denne trenden og forventer stadige prisrekorder utover vinteren. Blant de store objektene som er i markedet nå finner vi Oslo City kjøpesenter og DNB midtbygget i Bjørvika. Videre er Statoil på Fornebu og G.C. Rieber bygget i Solheimsviken (DNB sitt hovedkvarter i Bergen) også i markedet, og det forventes yielder rundt 5 %- tallet på begge. Like før sommeren ble Aberdeen Fond 2 kjøpt av KLP, samt at KLP fikk closet Lysaker Torg 35 (til NPRO) og det ryktes at de fikk bud/aksept på Lundin-bygget (Strandveien 4-8 som Ferd har utviklet). KLP trakk seg fra sistnevnte transaksjon grunnet «vedlikehodsetterslep i garasjen» som er den offisielle uttalelsen fra Ferd Eiendom. KLP har likevel vektet seg sterkt opp på Lysaker. Yielden er ned mot 5-5,2 % på alle eiendommene. Syndikatmiljøene opplever nå mer enn tidligere at bankene har begynt å stramme inn. DNB, Nordea. Handelsbanken og Danske Bank er mer restriktive nå enn tidligere til å fylle på kapital i et, etter deres syn, overpriset marked. BN Bank ansatte fikk nærmest på dagen beskjed om at virksomheten innenfor næringseiendom skulle legges ned. Banken hadde ca. 32 MRD i engasjementer og har vært en av de store utlånerne til mindre syndikatstrukturer. Fremover vil det bli vesentlig for syndikatene å få med eiere med eksisterende relasjon til bankene for å i det hele tatt få lån. Videre vil rene syndikatlån bli dyrere, bankene vil sette opp marginene igjen. Dette vil videre føre til vesentlig likviditetsbegrensning og antakeligvis underbygge trenden med lang og sikker kontantstrøm. Syndikatstrukturene greier som regel ikke å hevde seg i segmentet ned mot og under 5 % yield, grunnet høy finanskost. Spørsmålet blir da om ikke B-beliggende eiendom på korte kontrakter og eiendom utenfor store byer blir mindre likvid igjen, grunnet begrenset finansieringsevne, mens kombi- og lagereiendommer med lange kontrakter vil bli enda skarpere priset. 1.5.b Verdiutvikling Grafen under er basert på verdivurderinger utført av Newsec fra Grafen viser utviklingen i verdi fra kvartal til kvartal og inneholder ikke løpende avkastning. Vi ser at verdiutviklingen i Oslo har vært solid og drevet av leieprisvekst samt yieldnedgang på sentrale kontoreiendommer. Vi satt ned prime-yield i Oslo til 4,25 % etter flere representative transaksjoner. I den forbindelse har vi også skrevet opp verdiene i CDB de tre siste kvartalene. NRP Finans AS - Market Report December 2015 Page 19

20 E 2016 E 2017 E 2018 E 2019 E 2.0 Sverige Makroøkonomi Svak underliggende vekst Gjennom 2014 var den økonomiske veksten i Sverige bredt basert, med positive bidrag fra så vel offentlig og privat konsum som eksport og investeringer. 1.5.c Veiledende yieldnivåer Newsec Quality Board har gitt følgende veiledende yieldnivåer for verdivurderingen for Q Hver eiendom vil imidlertid undergå individuelle vurderinger med hensyn til beliggenhet, leiekontraktenes lengde og kvalitet. Siden 1. kvartal i år har imidlertid investeringene falt noe tilbake og eksportveksten tilnærmet stoppet opp. I 2. kvartal var BNP-veksten på hele 4 % regnet som årlig rate. Årsaken er et kraftig fall i importen grunnet den svake investeringsutviklingen og at den svenske kronen har svekket seg med i overkant av 10 % siden begynnelsen av fjoråret. Den underliggende veksten i svensk økonomi er derfor betydelig svakere enn det 2. kvartalstallet for BNP skulle tilsi. Ekspansiv pengepolitikk og økt etterspørsel internasjonalt vil trolig bidra til at veksttakten holder seg oppe de neste årene. 10,0 8,0 6,0 4,0 % Økonomiske indikatorer Sverige KPI BNP 2,0 0,0-2,0 Arbeidsledi ghet STIBOR 3M -4,0-6,0 Source: Newsec Arbeidsledigheten har siden oktober 2014 falt fra 8 % til 7,3 %. Konsumprisene har imidlertid ikke steget på over to år og inflasjonen var svakt negativ i juni. Som følge av dette valgte Sveriges Riksbank å kutte styringsrenta i sommer med nye 0,1 %-poeng til -0,35 %. Ved samme anledning kjøpte Riksbanken statsobligasjoner for ytterligere SEK 45 mrd. til totalt 135 milliarder svenske kroner. Riksbanken har signalisert at ytterligere pengepolitiske tiltak vil kunne bli iverksatt. Markedsprisingen indikerer forventninger om at Riksbanken holder styringsrenten uendret fram til siste halvår Vi venter moderat økonomisk vekst i Sverige i inneværende år, og at veksten deretter tar seg forsiktig opp med drahjelp fra en moderat internasjonal oppgangskonjunktur. 2.1 Kontormarkedet i Stockholm 2.1.a Stockholms kontormarked I tillegg til CBD og resterende områder i indre by består Stockholms kontormarked av en rekke store Page 20 NRP Finans AS - Market Report December 2015

21 kontorområder i de nærliggende forstedene. I hovedsak er kontorporteføljene lokalisert i kommunene Upplands Väsby, Jarfalla, Sollentuna, Sundbyberg, Solna, Danderyd, Stockholm og Nacka. Kista Frösunda Solna Station Solna Business Park Sundbybergs Centrum Solna Strand Alvik Marievik Globen Hammarby Sjöstad Nacka Strand Innerstadens kontorsmarknad Newsec anslår det totale kontorarealet i Stor-Stockholm til ca. 12,0 millioner m². Stockholm CBD er ansett å være det mest attraktive kontorområdet med ca. 1,9 millioner m². Stockholm indre by, unntatt CBD, utgjør ca. 4,3 millioner m². De viktigste kontorområdene i Stor- Stockholm finner man i kommunene Stockholm, Solna, Sundbyberg, Nacka, Sollentuna, Järfälla, Danderyd og Upplands Väsby. 2.1.b Leiemarkedet I motsetning til det norske eiendomsmarkedet er det en stabil stigning i leienivået i Stockholm. I september 2015 var gjennomsnittlig leienivå SEK/m², opp med 100 SEK/m² fra forrige kvartal og opp hele 300 SEK/m² fra januar Samtidig ser vi en stigende ledighet i hovedstaden, hvor ledigheten har økt 50 pkt. fra forrige kvartal og utgjør nå 4,5 % til sammenligning med Oslo som ligger på ca. 8,5 %. Område Markedsleie (kr/kvm) Toppleie (kr/kvm) Ledighet Prime Yield CBD ,50 % 4,75 % Innerstaden ,25 % 5,00 % Gamla Stan ,50 % 5,25 % Sødermalm ,50 % 5,25 % Kungsholmen ,75 % 5,25 % Østermalm ,25 % 5,00 % Kista ,25 % 6,50 % Frøsunda ,25 % 6,25 % Solna Business Park ,50 % 6,25 % Arenastaden ,00 % 6,00 % Den positive utviklingen i markedsleienivået fortsetter i de sentrumsnære områdene i Stockholm. Et høyt prisnivå kombinert med relativt sett lav ledighet og lite nybygging i CBD presser prisene oppover og Newsec forventer at den positive prisutvikling vil vedvare de kommende kvartalene. 2.1.c Ledighet Byggingen av kontoreiendom i Stockholm har variert svært mye de seneste årene. I 2011 ble det oppført kun kvm, for så å øke i 2012 til hele kvm. I 2013 sank nivået til kvm. mens det i fjor ble oppført hele kvm, men dette har riktignok ikke påvirket ledigheten i stor grad og det meste har blitt absorbert av markedet. Newsec forventer at ledigheten vil holde seg stabil de kommende kvartalene og dette skyldes hovedsakelig den lave aktiviteten i byggingen av kontor i inneværende år. Det estimerte tallet for hele 2015 er rett i overkant av kvm. Mye av dette er allerede blitt absorbert. 2.2 Kontormarkedet i Gøteborg Stockholm CBD Markedsleie Ledighet Yield (Sek/kvm) ,50 % 4,10 % Videre stiger toppleien som når nye toppnivåer. Det er blitt signert leiekontrakter på opp mot SEK/m² i Stockholm CBD. NRP Finans AS - Market Report December 2015 Page 21

22 2.2.a Gøteborgs kontormarked Det kommersielle kontormarkedet i Göteborg-regionen består av ca. 4,8 millioner m², dette inkluderer også nærliggende kommuner som Mölndal og Partille. Dette er også inkludert nybyggene som er forventet å bli oppført i løpet av Kontorområdene for Gøteborg er klassifisert i henhold til kartet over. Områdene innenfor CBD huser totalt ca m² med kontor og inkluderer Lilla Bommen, Inom Vallgraven, en del av Gullbergsvass, Norstaden og Avenyn. 2.2.b Leiemarkedet Markedsleienivået i Göteborg CBD er naturligvis lavere enn i Stockholm CBD, men Gøteborg opplever den samme positive utviklingen som hovedstaden. Gjennomsnittlig markedsleie stiger 100 SEK/m² fra forrige kvartal i CBD Gøteborg til SEK/m². Gøteborg CBD Markedsleie Ledighet Yield (Sek/kvm) ,90 % 4,40 % Toppleie i Gøteborg CBD har utviklet seg markant fra til SEK/m² siden forrige kvartal. Videre beveger toppleienivået forsiktig opp for både Innerstaden og Norra Alvstranden. Område Markedsleie (kr/kvm) Toppleie (kr/kvm) Ledighet Prime Yield CBD ,90 % 5,50 % Innerstaden ,50 % 6,20 % Norra Alvstranden ,90 % 6,50 % Hisingen ,50 % 8,50 % Mølndal ,90 % 8,20 % 2.2.c Ledighet Ledigheten i Göteborg CBD normaliserer seg nå etter å ha vært på et rekordlavt nivå forrige kvartal på 3,75 %, og er nå 4,9 %. Dette er litt høyere enn både Oslo og Stockholm som begge ligger på ca. 4,5 %. Ledigheten fortsetter å falle både i Innerstaden og Norra Alvstranden, mens Hisingen har en flat utvikling og holder seg på høye 9,5 %. Byggingen av kontoreiendom i Gøteborg er på et langt høyere nivå enn tidligere år, og er på hele kvm. mot ca kvm. i både 2013, 2014 og Kontormassen har dermed økt markant i Gøteborg i inneværende år. Blant de største nybyggene i Gøteborgområdet er blant annet Platzer Gårda ett av de største prosjektene som nærmer seg ferdigstillelse. Det blir oppført totalt kvm. med Forsikringkassan som største leietaker. Videre ferdigstilles det såkalte SCA-huset på Mølndal i 2016 som er på m². Dette blir SCA sitt nye hovedkontor. 2.3 Logistikkmarkedet Sverige Vi har vært vitne til flere store logistikktransaksjoner i det svenske markedet de siste månedene. Den aller største transaksjonen i dette segmentet hvor Nordic Real Estate Partners (NREP) er selger består av totalt 28 logistikkeiendommer i Sverige, Danmark og Finland, hvorav 21 av eiendommene er lokalisert i Sverige. Dette er Nordens største logistikktransaksjon noensinne. Den totale transaksjonssummen for eiendommene lokalisert i Sverige er i underkant av SEK 4,5 Mrd. Hele logistikkporteføljen består av totalt kvm, hvorav eiendommene i Sverige representerer i overkant av kvm. De involverte aktørene har ikke ønsket å kommunisere yieldnivået til markedet, men Newsec har grunn til å anta at direkteyielden ligger i overkant av 6,1 %. Videre solgte Er-Ho bygg 7 logistikkeiendommer i Malmøregionen til Tribona tidligere i år. Transaksjonssummen var omkring MSEK 250. Totalt utgjorde eiendomsmassen ca kvm. Ellers har Catena ervervet tre logistikkeiendommer, gjennom tre separate transaksjoner. Den største av disse var en logistikkeiendom i Angelholm som ble solgt av Acrinova for omkring MSEK 115. De andre er lokalisert i Jønkøping og Borås og ble solgt av henholdsvis Pensionsfastigheter Sverige AB og Posti Group/Itella Logistics. Leienivået i logistikksegmentet har hatt en svak vekst stort sett helt siden 2008 i både Stockholm, Gøteborg og Malmø. Dette bekrefter at logistikksegmentet er mindre volatilt enn kontormarkedet med hensyn til både leienivå, ledighet og yieldnivå. Samtidig ser vi yieldnivået har falt markant de siste årene i takt med utviklingen i kontormarkedet. Tilbud og etterspørsel Per september 2015 er det totale transaksjonsvolumet i Sverige på hele Mrd. 91,4 SEK, en økning fra i fjor (YTD). Logistikksegmentet representerer ca. 14 % av det totale transaksjonsvolumet. Lager- og logistikkeiendom sin andel av transaksjonsvolumet (transaksjoner 100 MSEK) var 13 % i 2013, men falt markant i Stor-Gøteborg er Sveriges største logistikkmarked med 1,5 mill. m² lager- og logistikkarealer. For øyeblikket er Page 22 NRP Finans AS - Market Report December 2015

23 de største logistikkbesitterne i Sverige Castellum, Sagax, Catena, Prologis, Kilenkrysset, Sveareal, Nordic Real Estate Partners (NREP), Søderport Fastigheter, Hemfosa, Corem og Tribona. Intelligent Logistik publiserer årlig listen over Sveriges beste logistikkområder. Kriterier som nærhet til forbrukere og marked, samt kvaliteten på infrastrukturen i området er de mest sentrale i kåringen. Listen er basert på den faktiske etablering av logistikkanlegg i form av sentrallager og anlegg av tredjeparts logistikk for distribusjon av forbruksvarer primært til Sverige, men også øvrige deler av Norden. Nedenfor følger rankingen for 2015, med forrige års ranking i parentes, Informasjonen er gjengitt fra Intelligent Logistiks nettside. Stor- Gøteborg dominerer denne kåringen med begrunnelsen at området har Nordens største import-/eksporthavn, korte avstander og lett tilgjengelighet til lager- og logistikkbygg. 1. Stor-Göteborg (1) (Business Region Göteborg +Borås) 2. Östgötaregionen (3) (Norrköping, Linköping, Mjölby, Motala) 3. Örebroregionen (3) (Örebro, Hallsberg, Arboga, Kumla, Askersund) 4. Jönköpingsregionen (3) (Jönköping, Nässjö, Vaggeryd) 4. Arlandaregionen (5) (Sigtuna, Uppl V, Enköping, Håbo, Bro, Knivsta) 6. Helsingborgsregionen (6) 7. Eskilstuna/Strängnäs (7) 8. Västerås/Köping (8) 9. Malmöregionen (9) (Malmö, Landskrona, Lund) 10. Halmstadsregionen (10) 11. Stockholm Syd (11) (Södertälje, Nykvarn, Botkyrka, Haninge, Nynäshamn) 12. Mellansvenska regionen (12) (Gävle, Sandviken, Borlänge Falun) 13. Skaraborgsregionen (13) (Falköping, Skara, Skövde, Lidköping, Götene) 14. Växjöregionen (14)15. Nyköping/Oxelösund (15) 16. Katrineholm (16) 17. Hässleholm/Kristianstad/Åhus (17) 18. Värnamo/Gnosjö/Gislaved (18) 19. Karlshamn/Karlskrona (19) 20. Trollhättan/Vänersborg/Uddevalla (21) 21. Trelleborg/Ystad (20) 22. Karlstad (22) 23. Umeåregionen (23) 24. Sundsvallsregionen (24) 25. Uppsala 2.3.c Logistikkmarkedet i Stockholm Stockholmregionen havner bak Gøteborgregionen i kåringen ovenfor, og sistnevnte område har lenge vært dominerende i logistikksegmentet i Sverige. Stockholmregionens klare utfordringer er knapphet på gode tomter i sentrale strøk. Dermed blir det vanskelig å utnytte den klare fordelen av å ha nær tilgang til konsumentene. Arlandaregionen har de siste årene hatt en rekke store logistikketableringer. Nærheten til Arlanda, landets største logistikkarbeidsplass samtidig som nærhet til konsumentene gjør at dette området blir sett på som en av de beste logistikklokasjonene i Sverige. Leienivået har historisk utviklet seg med inflasjonen. Det har vært en sterkere vekst i 2015 sammenlignet med veksten fra 2013 til Forventet leienivå for logistikkeiendom karakterisert som A-beliggenhet i 2015 er 850 SEK/m². Yieldnivået fortsetter å falle også i 2015 i dette segmentet. Forventet prime yield for 2015 for A- eiendommer er 35 basispunkter lavere enn fjorårets nivå. Samtidig ser vi at ledigheten har utviklet seg negativt og øker til hhv. 5 % og 10 % for a- og B- beliggende logistikkeiendommer i Stockholmsregionen i 3. kvartal Leienivå Logistikk Stockholm A beliggenhet (SEK/ m²) B beliggenhet (SEK/ m²) Yield Logistikk Stockholm A beliggenhet (SEK/ m²) 6,25 % 5,90 % B beliggenhet (SEK/ m²) 7,25 % 6,75 % Ledighet Logistikk Stockholm Q A beliggenhet (SEK/ m²) 5,00 % B beliggenhet (SEK/ m²) 10,00 % 2.3.b Logistikkmarkedet i Gøteborg Gøteborg blir regnet som det fremste logistikkområdet i Sverige. Stor-Gøteborg har toppet Intelligent Logistik`s kåring helt siden kåringens oppstart i Gøteborg har Nordens største import og eksporthavn og opplever fortsatt en stor vekst i logistikketableringer. Bl. a. ferdigstilles prosjektet Mølnlycke Føretagspark på hele kvm utenfor Gøteborg i januar Det er Veidekke Bygg Vest som er utvikler med Rosemount Tank Radar som leietaker. Leienivået for logistikkeiendom i Gøteborg har hatt en flat utvikling de to siste årene, og har ligget stabilt på NRP Finans AS - Market Report December 2015 Page 23

24 700 SEK/m². Leienivået på de gode objektene er forventet å øke forsiktig i 2015 til 710 SEK/m². Samtidig ser vi at logistikkeiendom med B-beliggenhet opplever samme leienivåutvikling. Newsec forventer en forsiktig økning i leienivået også i 2016 i denne regionen. Yielden falt i 2014 sammenlignet med 2013 både for A- og B- beliggende logistikkeiendommer i dette området. Fallet var riktignok på marginale 5 basispunkter. I 2015 ser vi et langt mer markant fall. Ledigheten i området er uendret fra i fjor. Leienivå Logistikk Gøteborg A beliggenhet (SEK/ m²) B beliggenhet (SEK/ m²) Yield Logistikk Gøteborg A beliggenhet 6,45 % 6,00 % B beliggenhet 6,70 % 6,25 % Ledighet Logistikk Gøteborg Q A beliggenhet 2,00 % B beliggenhet 5,00 % 2.3.c Logistikkmarkedet i Malmø Med nærhet til et stort marked, både lokalt og i Danmark og god infrastruktur, er Malmø blitt en naturlig lokasjon for logistikkeiendom. Intelligent Logistik rangerer Malmøregionen (Malmø, Landskrona, Lund) på 9. plass og Helsingborgs-regionen på 6. plass i 2015, hvilket er de samme plasseringene som i I likhet med Gøteborg vokser leieprisene svakt også i Malmøregionen. Gjennomsnittlig leienivå for A- beliggende eiendom var 670 SEK/m² i både 2013 og Gjennomsnittlig leienivå for de gode objektene er for øyeblikket 680 SEK/m². Newsec tror på en fortsatt flat utvikling for logistikkmarkedet framover i regionen hva angår leieprisene. Yielden i Malmøregionen falt marginalt med 5 basispunkter i fjor, og faller markant til 6,50 % i Ledigheten er 9 % og 13 % for henholdsvis A-beliggende og B-beliggende eiendommer, og begge kategoriene har et fall fra forrige kvartal. Leienivå Logistikk Malmø A beliggenhet (SEK/ m²) B beliggenhet (SEK/ m²) Yield Logistikk Malmø A beliggenhet 6,95 % 6,50 % B beliggenhet 7,70 % 7,50 % Ledighet Logistikk Malmø Q A beliggenhet 9,00 % B beliggenhet 13,00 % 2.4 Transaksjonsmarkedet Transaksjonsvolumet i Sverige er i likhet med Norge svært høyt i år. Per september 2015 er det totale transaksjonsvolumet i Sverige på hele Mrd. 91,4 SEK, en økning fra i fjor (YTD). Til sammenligning er det totale volumet i Norge Mrd. 75 NOK, hvorav lagersegmentet representerer 7 % av totalvolumet. I Sverige representerer logistikksegmentet en langt høyere andel av volumet, ca. 14 %. Per 3. kvartal er det gjennomført 197 transaksjoner (>MSEK 100). På samme tid i fjor var dette tallet 185. Videre ser vi at de utenlandske investorene fortsetter å øke sin andel av det totale transaksjonsvolumet i Sverige, som nå er på hele 30 %. Dette er et resultat av at mange svenske aktører er avventende som en følge av det høye prisnivået på de beste objektene. I Norge er denne andelen ca. 45 %, opp fra fjorårets nivå på 25 %. Mange svenske aktører, deriblant Hemfosa, har kjøpt for store summer i Norge, hvilket fortsetter å presse prisene i Norge oppover. Antall transaksjoner (Pr Q3 2015) Transaksjonsvolm (Mrd. kr) Utenlandske investorer (andel) ,4 30 % ,2 13 % Kontor- og handelssegmentet utgjør ca. 52 % av det totale transaksjonsvolumet hittil i Kontorsegmentets andel av totalvolumet er stabilt mens handel har vokst kraftig. Denne utviklingen ser vi også i Norge. Transaksjonsmarkedet i Sverige er Stockholmsbasert, og i overkant av 40 % av transaksjonsvolumet skjer i Stockholm. Page 24 NRP Finans AS - Market Report December 2015

25 3.2 Key figures real estate portfolio Jan NRP Finans real estate portfolio vs Oslo Stock Exchange benchmark Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan NRP Finans real estate Index (1 766) Jan Jan Jan OSEBX (330) Dec % 60 % 40 % 20 % 0 % Yearly return NRP Finans real estate portfolio vs Oslo Stock Exchange 70 % 72 % 73 % 65 % 48 % 39 % 41 % 33 % 30 % 24 % 23 % 19 % 18 % 12 % 13 % 11 % 11 % 22 % 25 % 15 % 9 % 12 % 12 % 4 % 12 % -20 % -14 % -12 % -40 % -60 % -31 % -38 % -54 % -80 % NRP Finans real estate portfolio Return OSEBX Development in number of real estate projects Projects established (left axis) Sold projects (left axis akse) Projects in portfolio end of year (right axis) NRP Finans AS - Market Report December 2015 Page 25

26 mnok Value NRP Finans real estate portfolio NRP's current real estate portfolio has a cost price of NOK 11.2 billion Current segment distribution NRP Finans real estate portfolio 9 % 1 % 10 % 42 % Logistics Office The diagram shows the distribution of the different segments in NRP Finans current portfolio. Retail Hotel 38 % Housing Arranged NRP Finans real estate projects in mnok* Logistics Office Retail The diagram shows arranged real estate projects in NOK from 2000 and up to today. In total, NRP Finans has arranged projects worth NOK 22.9 billion, including NLP and fund Hotel Housing Fund Industry NLP* Page 26 NRP Finans AS - Market Report December 2015

27 3.3 Real estate projects overview Projects real estate Estimated value per 1% Established IRR since established Return 2015*** Berger Terminal DIS NOK p.a. % 36 % Brønnøysund Kontorbygg AS** N.A 2005 N.A N.A Dagligvarelogistikk AS NOK % 3 % E-Logistikk AS** N.A 2013 N.A N.A Etterstad Utvikling DIS NOK % 4 % Finlog AS* EUR N.A N.A Fokserødsenteret Nord AS NOK % 8 % Fredensborgveien Eiendom AS* NOK N.A N.A Gasolin Handelseiendom DIS NOK % 20 % Hoffsveien Kontorbygg AS NOK % 29 % Holmsbu Invest KS NOK % -8 % Hovfaret 4 DIS NOK % 83 % Hvalstad Forretningsbygg AS NOK % 1 % Kongholm Invest AS** N.A 2005 N.A N.A Kristiansund Handelseiendom AS NOK % 17 % KS Torggata Bad AS** N.A 2011 N.A N.A Lillestrøm Logistikkbygg AS* NOK N.A N.A Logistikk og Lagershop AS** N.A 2014 N.A N.A Lørenskogveien 75 Holding AS NOK % 22 % Majorstuen Kontorbygg DIS NOK % 71 % Martodden Utbygging KS NOK % 28 % Maskinveien Kontorbygg AS NOK % -9 % Moa Handelseiendom Holding II AS** N.A 2011 N.A N.A Nydalen Kontorbygg AS NOK % 44 % Nydalen Kontorbygg II AS** N.A 2014 N.A N.A Nye Alfasetveien DIS EUR % 18 % Nye Berghagan Næringseiendom AS NOK % -23 % Nässjö Logistikkbygg AS SEK % 6 % Pottemakerveien Kombibygg AS NOK % -16 % Ringeriksveien 2012 DIS NOK % 38 % Rud Fryselager AS NOK % 62 % Stadion Utbygging KS NOK % -6 % Statens Hus Lillehammer KS** N.A 2006 N.A N.A Sydsvenskan Lager & Handel AS SEK % 6 % Sørenga Utvikling KS NOK % 11 % Tangen Havnelager AS EUR % 18 % Teknikstaden Utvikling AS** N.A 2007 N.A N.A TFGS Kombi AS SEK % -20 % Torslanda Lagerbygg AS* NOK % 20 % Vestby Logistikk AS NOK % 30 % Wilfast i Torslanda AB** N.A 2009 N.A N.A Wilfast Mølndal AB SEK % 14 % Wilfast Mölnlycke Holding AB* SEK N.A N.A Økernveien Kontorbygg AS NOK % 32 % * The project has not existed long enough to calculate IRR on equity ** The project has been suspended *** Return is equivalent to change in value from NRP Finans AS - Market Report December 2015 Page 27

28 Berger Terminal DIS Contact: Knut Ekjord Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm (without discount): Sensitivity Yield net rent ,00 % 7,50 % 7,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 9,5 % 8,4 % 7,4 % Yield at end of project (2017)**** 7,2 % 7,2 % 7,2 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax. IRR based on a residual value of NOK **** The yield is based on rent without discount (2018 rent), and residual value of NOK Company information Property information Business management: NRP Business Management AS Property type: Terminal, Logistics and Office Location: Berger, Skedsmo Lettable area (sqm): Initial cost of property: Plot size: Paid in capital: Construction year: 2001/2004/2006 Established: November 2012 Occupancy rate: 100 % Yield rent without discount 2018: Tenant: DHL Express (Norway) AS Lease agreement: Owner responsible for own administration Lease period: Number of gates: 155 Estimated cash flow ( 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,03 % p.a.* Cost of ownership Mortgage tranche ,06 % p.a.** Net operating income Total Interest income Interest expense Value of interest rate swap per : Net finance Sale of property Net cash flow Dividend/capital repayment *No instalments first 5 years. Has entered into an interest rate swap agreement until with 5.03% p.a. interest including margin. **No instalments first 5 years. The interest rate on the loan is adjusted with the forward curve. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-2) Total debt Lease runs until , with an option to extend for 10 years. NAV after dividend and tax Page 28 NRP Finans AS - Market Report December 2015

29 Brønnøysund Kontorbygg AS Contact: Knut Ekjord Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Originally paid in participant loan: Outstanding participant loan: Repaid interest on participant loan: Average rent/sqm: Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** Yield at end of project (2020) * Including market value of plot **Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Byggtech AS Location: Brønnøysund City Center Lettable area (sqm): sqm Initial cost of property after deferred tax: Construction year: 1979, 1984, 1994 and 2000 Paid in capital: Occupancy rate: 100 % Guarantee from investors: Tenants: Brønnøysundregistrene / Participant loan: (The State / Department of Justice) (99%) Established: 13. December 2005 Brønnøy Blikk AS (0,6%) Yearly rent 2016: Lease period: Brønnøysundregisterne: Adjustment of rent: 80% of CPI Brønnøy Blikk AS: Continuing Estimated cash flow (assumed 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2020 Rental income Mortgage tranche ,15 % p.a Cost of ownership Mortgage tranche ,32 % p.a Net operating income Mortgage tranche ,15 % p.a Interest income Participant loan ,11 % p.a Interest expense Shareholder loan ,11 % p.a Interest participant loan Total Interest shareholder guarantee Instalments mortgage Value of interest rate swap per : Net finance Tax payable Project cost Net cash flow NOK 65 mill. is fixed to interest of 5.32% p.a. including margin from until with yearly instalments of NOK 6 mill. The rest of the loan has floating interest rate. Estimated balance (31.12) When purchasing shares in the project, pro rata share of the participant loan and pro rata share of the shareholder guarantee are transferred to new owner. Brønnøysundregistrene has decided on a newbuilding-alternative, where parts of the current property/land will be used. NRP Finans AS - Market Report December 2015 Page 29

30 Dagligvarelogistikk AS Contact: Christian Ness Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Outstanding participant loan: 0 Repaid instalments and interest on participant loan: Average rent/sqm. (combination building): 716 Average rent/sqm. (office): Sensitivity Yield ,75 % 7,50 % 7,25 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging agreement (73%) Share price per 1% ** IRR share price*** 13,1 % 12,1 % 11,3 % Yield at end of project (2017) 8,1 % 7,8 % 7,6 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: 2 combination buildings and one office building Location: Sandnes and Lier Initial cost of property after deferred tax: Lettable area (sqm): sqm warehouse and sqm office Sales price Lagerveien: Construction year: Paid in capital: Occupancy rate: 100 % Participant loan: Tenants: Asko Rogaland AS ( ), Asko Drammen AS ( ) Established: 31. March 2006 Kiwi Minidrift AS ( ) Yearly rent 2016: Lease agreement: Tenant is responsible for all internal and Adjustment of rent: Fixed 2.35% (combi) and 100% of CPI (office) external maintenance (barehouse) Estimated cash flow (assumed 2.5 CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2017 Rental income Mortgage tranche ,48 % p.a Cost of ownership Mortgage tranche ,98 % p.a Net operating income Mortgage tranche ,00 % p.a Interest mortgage (tranche 1-3) Total Instalments mortgage (tranche 1-3) Net finance Value of interest rate swap per : Sale of property Tax payable Net cash flow Dividend/capital repayment Mortgage tranche 1 has fixed interest of 6.48% p.a. until July Mortgage tranche 2 has fixed interest of 5.98% p.a. until April Mortgage tranche 3 has floating interest rate. Estimated balance (31.12) Working capital Properties Total assets Mortgage (tranche 1-3) Total debt NAV after dividend and tax The two combination buildings are located in Lier and Sandnes. Norgesgruppen is guarantor of the leases with Asko. The office building is located in Lier, where Kiwi Minidrift AS is tenant. Pett Kjede and Servicekontor AS are guarantors for the lease contract. The tenants have options to extend the tenancy 10 years at a time. Rent for Asko Drammen will increase by 15% from August 2017, and their first 10 year option has been changed to a 2*5 year option. The first option has been declared. Lagerveien in Stavanger was sold in 2014 for NOK 75 mill. Page 30 NRP Finans AS - Market Report December 2015

31 E-Logistikk AS Contact: Knut Ekjord Share price 1 % Share price per 1% (SEK)*: Key figures (SEK) 100 % Paid in capital: Accumulated dividends: Average rent/sqm: 485 Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value Market value hedging (78%) Share price per 1% * IRR share price** Yield at end of project (2031) * Adjusted for hedging agreement swap ** After tax Company information Property information Business management: NRP Business Management AS Property type: Logistics (75%), Office (25%) Technical management: Wilfast Forvaltning AB Location: Viared, south of Borås, Sweden Lettable (sqm.): Initial gross property value: SEK Construction year: Varies, approx Paid in capital: SEK Occupancy rate: 100 % Mortgage: SEK Tenant: Ellos AB Established: Lease agreement: Owner responsible for insurance and own administration Yield rent 2016: Lease period: Logistics-part: , Office: Adjustment of rent: 100% of CPI Estimated cash flow (assumed 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2031 Rental income Mortgage tranche ,78 % p.a.* Cost of ownership Mortgage tranche ,65 % p.a.** 0 Net operating income Total Interest expense Instalments mortgage Value of interest rate swap per : Net finance Tax payable Net cash flow Dividend/capital repayment * Tranche 1 has fixed interest of 3.78% p.a. including margin from until ** Tranche 2 has floating interest adjusted with the forward curve. The loan runs until 2Q Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-2) Total debt NAV after dividend and tax The tenant has options to extend for 5+5 years at the same terms as todays rent. The options must be declared 36 months before expiry of contract. The tenant has given a bank guarantee equal to 2 years rent, and has an option to buy back the property given certain conditions if property is to be sold. Ellos will expand and rehabilitate the office-space within April An additional agreement between owner and tenant has therefore been signed, and the cost for the expansion and rehabilitation will be paid by the tenant Ellos. Sales process initiated. NRP Finans AS - Market Report December 2015 Page 31

32 Etterstad Utvikling DIS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: 0 Average rent/sqm (rented space): Sensitivity Yield ,00 % 7,75 % 7,50 % Property value Property value afte deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 20,7 % 19,2 % 17,9 % Yield at end of project (2017)**** 8,1 % 8,1 % 8,1 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax ***/**** Assuming a residual value of NOK 110 mill. in all the three sensitivities of IRR, where the development potential is valued to NOK 10 mill. Yield at end of project is based on a property value of NOK 100 mill. Company information Property information Business management: NRP Business Management AS Property type: Retail/Office/Warehouse/Development Technical management: Aker Eiendomsdrift AS Location: Etterstad, Oslo Lettable area (sqm.): Initial cost of property after deferred tax: Construction year: 1960 and 1997 Paid in capital: Occupancy rate: Approx. 90% Established: 28. February 2008 Tenant: Rema 1000 AS, Lighthouse Company, Varoma Yearly rent 2016: and approx. 15 smaller tenants Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance, insurance and own administration Lease period: Varies, mainly 2 and 3 year contracts Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2017 Rental income Mortgage tranche ,00 % p.a Cost of ownership Mortgage tranche ,07 % p.a Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Mortgage tranche 1 has floating interest. Tax payable Upgrading costs/ Feasibility study Mortgage tranche 2 has fixed interest of 7.07% p.a. including margin until Sale of property Net cash flow Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-2) Total debt NAV after dividend and tax Development potential of approx sqm. The residual value in the project is adjusted for a development potential of sqm. The plan is to build apartments. Dialogue with the Planning and Building Services is initiated. Owner has contributed with a loan of NOK 1.5 mill to Rema 1000 in conjunction with rehabilitation. The loan will be paid back over a 15 year period, with yearly rent of 7.0%. Efforts are being made to attract new tenants. Page 32 NRP Finans AS - Market Report December 2015

33 Finlog AS Contact: Knut Ekjord Share price 1 % Share price per 1%: (EUR) Key figures (EUR) 100 % Paid in capital: Accumulated dividends/repayments: - Average rent/sqm: 59 Sensitivity Yield ,50 % 6,25 % 6,00 % Property value Property value after deferred tax Price/sqm Tax-based value* Market value hedging (78%)** Share price per 1% IRR share price*** 12,5 % 11,6 % 10,7 % Yield at end of project (2026) 8,9 % 8,6 % 8,2 % * Awaiting final confirmation on the tax-value of the property ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Logistics Technical management: Wilfast Forvaltning AB Location: Helsinki, Tampere, Oulu and Kuopio, Finland Lettable area excl. Prikkala (sqm.) Initial gross property value: Lettable area incl. Prikkala (sqm.) Paid in capital: Construction years: Mainly newer buildings, Established 2015 Occupancy rate: 100 % Yearly 2016 rent: Tenant: Posti Real Estate, guaranteed by Posti Group OY Plc. Adjustment rent: 100% CPI, minimum 1,0% 2017 Lease agreement: Triple net lease Lease period: Estimated cash flow (assuming 2.0% CPI) Financing ( ) 2015* Principal Inst. 16 Interest Balloon 2026 Rental income Mortgage tranche ,03 % p.a Cost of ownership Mortgage tranche ,75 % p.a Net operating income Mortgage tranche ,75 % p.a.* Interest expense Total Instalments mortgage Investment in property Value of interest rate swap per : New loan Net finance Net cash flow Dividend/ capital repayment *project-start Q Tranche 1 has fixed interest until Tranche 2 has floating interest rate. * New mortgage of approximately EUR 9 mill. in 2016, due to the purchase of the property in Pirkkala. Estimated balance (31.12) 2015* Working capital Property value Total assets Debt Total debt The purchase of the property in Pirkkala is assumed financed through a new mortgage and cashflow in the project. Should the project need more money in order to purchase the property, the investors are obliged to pay the needed amount. Maximum purchase price for the property is EUR 13.2 mill. NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 33

34 Fokserødsenteret Nord AS Contact: Knut Ekjord Date of analysis Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm office: Average rent/parking space outside: Average rent/parking space inside: Sensitivity Yield ,50 % 7,25 % 7,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 12,3 % 11,5 % 10,8 % Yield at end of project (2024) 9,1 % 8,8 % 8,5 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Hjertnes Eiendom AS Location: Sandefjord, Norway Area including parking (sqm): Initial gross property value: Number of parking spaces: 300 Paid in capital: Construction year: 2009 Established: 22. December 2011 Occupancy rate: 100 % Yearly rent 2016: Tenant: Agility Projects AS Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance, technical installations, insurance and own administration Lease period: 1. December 2024 Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,75 % p.a Cost of ownership Mortgage tranche ,93 % p.a.* Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Tax payable Net cash flow Dividend/ capital repayment * Tranche 2 runs without instalments, and has fixed interest rate of 4.93% including margin. Estimated payment (31.12) Working capital Property value Net operating income Debt (tranche 1-2) Total debt The property is located at Fokserød, close to Torp airport in Sandefjord. There are 3 integrated buildings on the property, and with small adjustments the buildings can serve more than one tenant. Bank guarantee equal to 1 year rent, in addition to parent company guarantee issued by Wood Group PSN Limited. NAV after dividend and tax Page 34 NRP Finans AS - Market Report December 2015

35 Fredensborgveien Eiendom AS Contact: Erlend Torsen Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: - Average rent/sqm: Sensitivity Yield ,90 % 5,75 % 5,60 % Property value Property value after deferred tax Price/sqm Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 10,8 % 10,1 % 9,5 % Yield at end of project (2030) 8,6 % 8,4 % 8,2 % * Including market value of plot ** Including 13.5% value for loss carried forward of approx. NOK 43 mill *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office, education and grocery store Technical management: Aker Eiendomsdrift AS Location: Fredensborgveien 24B, Oslo Lettable area (sqm.) Initial gross property value: Construction year: 1876 Paid in capital: Occupancy rate: 100 % Established Tenant: Diakonova, Hudpleieakademiet (Dermanor), Rema 1000, Q-Park Yearly yield rent 2016: Lease agreement: Owner responsible for maintenance of technical installations, Adjustment rent: 100% of CPI insurance and own administration Lease period: Weighted 15 years Estimated cash flow (assuming 2.5% CPI) Financing ( ) 2015* Principal Inst. 16 Interest Balloon 2030 Rental income Mortgage tranche ,20 % * Cost of ownership Mortgage tranche ,20 % Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Other costs Net cash flow Dividend/ capital repayment * Project-start * Mortgage 1 has a swap agreement from , with an interest rate of 3.76% including margin. Estimated balance (31.12) 2015* Working capital Property value Total assets Debt (tranche 1-2)) Total debt Diakonova's contract lasts until , and Stiftelsen Diakonova guarantees the lease contract. Option for 10 years at same terms. Rema 1000 has a contract until , and pays 2.75% rent out of total sales (currently not effective). Option for 15 years at market terms. Hudpleieakademiet's contract lasts until but with exit option in NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 35

36 Gasolin Handelseiendom DIS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,75 % 7,50 % 7,25 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 10,4 % 9,8 % 9,3 % Yield at end of project (2022) 9,1 % 8,8 % 8,5 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Retail Technical management: Aker Eiendomsdrift AS Location: 47 gas stations primarily located south in Norway Lettable area (sqm.): Initial gross property value: Occupancy rate: 100 % Paid in capital: Tenant: Reitan Convenience Norway AS, Established: 6. September 2010 Scandinavian Fuel Infrastructure, Uno-X Automatic, YX Service station. Yearly rent 2016: Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI property tax, ground rent, insurance and own administration Lease period: 31. December 2022 Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Interest Balloon 2022 Rental income Mortgage % p.a.* Cost of ownership Net operating finance * weighted average of four interest rate swaps: Interest income Swap-agreement of 5.79% incl. margin until Interest expense Swap-agreement of 5.76% incl. margin until Instalments mortgage Swap-agreement of 5.18% incl. margin until Net finance Swap-agreement of 5.62% incl. margin until Sale of property Tax payable Value of interest rate swaps per : Net cash flow The project has an overhedging on the loan of NOK Dividend/ capital repayment Extraordinary repayment on floating loan in 2015 due to sale of property. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt NAV after dividend and tax The lease agreement with Reitan Convenience Norway AS, Scandinavian Fuel Infrastructure, Uno-X Automatic and YX-Service stations run until 31. December Other tenants stand for 4% of the rent. The expiry of the lease agreements to the other tenants vary from gas stations have been sold so far in Of the remaining 47 stations in the project, 38 are 7-Eleven stores combined with Shell gas stations, 2 stations are YX-gas stations/stores, the remaining 7 are Uno-X gas stations. 16 of the gas stations are located on leasehold properties. The properties have an average size of sqm. The buildings are owned by Gasolin Handelseiendom DIS, while the gas infrastructure is owned by the tenants. A dividend payment of NOK 50 mill will be paid out shotly to the investors, due to sale of gas stations. Page 36 NRP Finans AS - Market Report December 2015

37 Hoffsveien Kontorbygg AS Contact: Erlend Torsen Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm office: Average rent per parking lot: Sensitivity Yield ,25 % 6,00 % 5,75 % Property value Property value after deferred tax Price/sqm excl. parking Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 11,3 % 10,3 % 9,4 % Yield at end of project (2024) 7,7 % 7,5 % 7,2 % * Including market value of plot ** Adjusted for hedging agreement *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Aker Eiendomsdrift Location: Hoffsveien 70 B & C, Smestad, Oslo Lettable area (sqm.): Initial gross property value: Parking spaces: 194 Paid in capital: Construction year: 2001 Established Occupancy rate: 100 % Yearly rent 2016: Tenant: Lindorff, Metier, Texas Instruments, Gas Secure, Gemalto Adjustment rent: 100% of CPI Lease agreement: Owner responsible for maintenance of technical installations, part of Smestaddammen, insurance and own administration Lease period: Weighted, 8 years Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2024 Rental income Mortgage tranche ,65 % p.a.* Cost of ownership Mortgage tranche ,65 % p.a.** Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Net cash flow Dividend/ capital repayment * The mortgage has been refinanced and now has annual ammortisation of NOK 5 mill. ** Tranche 2 runs without instalments. The interest rate is fixed from until with interest rate of 3.375% p.a. excluding margin. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1) Debt (tranche 2) Total debt NAV after dividend and tax The project owns two properties, Hoffsveien 70 B and C. Hoffsveien 70 B is 100% leased to Lindorff until However, Lindorff can move out in 2019 if they pay a compensation of one years rent and notifies 12 months in advance. Metier can terminate their lease agreement from against 6 months penalty. Metier has first priority on vacant space in Hoffsveien 70 C. The property is recently upgraded. There was initially a rental guarantee from the seller (Nordea Liv), however the property has been fully let, and only minor guarantee amount is paid. As the proposed property tax is still unclears, this cost has not been included in the budget. NRP Finans AS - Market Report December 2015 Page 37

38 Holmsbu Invest KS Contact: Christian Ness Share price 1 % Share price per 1%: Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: 407 Sensitivity Yield ,25 % 7,75 % 7,25 % Property value (after deferred tax) Price/sqm Share price per 1% IRR share price 23,4 % 18,8 % 15,8 % Yield at end of project (2018)* 8,0 % 8,0 % 8,0 % * The residual value is calculated based on 8.0% yield on expected net operating income in 2018, and adjusted for profit split to the operations manager Company information Property information Business management: NRP Business Management AS Property type: Hotel Location: Holmsbu, Hurum Initial cost of property after deferred tax: Lettable area (sqm):* Paid in capital: Construction year: 2002/2003 Uncalled capital: 0 Occupancy rate: 100 % Tenant: Holmsbu Spa & Resort AS Established: 19. October 2005 Lease agreement: Owner responsible for insurance and own administration Yield-rent: Adjustment of rent: 100% of CPI * of the sqm consists of 42 cabins and boathouses and 26 apartments, which are not owned but leased for eternity with a user-right 9 months per year. Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2018 Rental income Mortgage tranche ,25 % p.a Cost of ownership Total Net operating income Interest expense Instalments mortgage Net finance Refinancing costs Net cash flow Loan was refinanced The mortgage has floating interest rate of 4.25% including margin. Quarterly instalments of NOK from October Estimated balance (31.12) Working capital Property Total assets Debt Total debt The competition between hotels offering spa-services is tough, and this is affecting the income for Holmsbu SPA Hotel. The actual income for the project could be higher or lower than the estimates in our analysis. If the operating company generates profit, an additional rent equal to 50% of the profit before tax shall be paid. Holmsbu Invest KS owns 50% of the operating company that leases the hotel. NAV after dividend and tax Page 38 NRP Finans AS - Market Report December 2015

39 Hovfaret 4 DIS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,25 % 6,00 % 5,75 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% IRR share price** 17,6 % 16,0 % 14,5 % Yield at end of project (2017) 7,5 % 7,2 % 6,9 % * Including market value of plot ** Before tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Aker Eiendomsdrift AS Location: Skøyen, Oslo Lettable area (sqm.): Initial gross property value: Construction year: 1925/1944 Paid in capital: Occupancy rate: 80 % Established: 4. December 2012 Tenant: Zalaris AS, Norco Interiør, Agria Dyreforsikring, 2Clean AS, Yearly rent 2016: Dibs AS, Sitma AS, Panorama Design AS et al. Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for maintenance, caretaker, insurance and own administration Lease period: Varies Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,30 % p.a Cost of ownership Mortgage tranche ,48 % p.a Net operating income Total Interest income Interest expense Value of interest rate swap per : Instalments mortgage Net finance Upgrading costs Sale of property Net cash flow Dividend/capital repayment Estimated tax for participants The mortgage was refinanced Instalments from Mortgage tranche 1 has floating interest. Mortgage tranche 2 has fixed interest until Estimated balance (31.12) Working capital Property value Total assets Debt Total debt The property is located at Skøyen in Oslo. Rehabilitation of the property is initiated. Fully leased after rehabilitation, the rent is assumed to be approx. NOK 10.3 mill per NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 39

40 Hvalstad Forretningsbygg AS Contact: Morten Berg Share price: 1 % Share price per 1%: Key figures 100 % Paid in capital: Accumulated dividends: Average rent/sqm: Sensitivity Yield ,75 % 7,50 % 7,25 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Share price per 1% IRR share price** 8,0 % 7,8 % 7,7 % Yield at end of project (2018) 8,1 % 7,9 % 7,6 % * Including market value of plot ** After tax Company information Property information Business management: NRP Business Management AS Property type: Office and retail Technical management: Aker Eiendomsdrift AS Location: Hvalstad, Asker Parking: 95 spaces Initial gross property value: Lettable areal (sqm): Paid in capital: Construction year: 1978 Established: Occupancy rate: 100 % Yield rent 2016: Tenants: Norgesgruppen AS (Kiwi), 4Subsea AS, Jakt og Friluft AS Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior mainenance, insurance and own administration Lease period: Weighted remaining 5.5 years Estimated cash flow (assumed 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2018 Rental income Mortgage tranche ,75 % Cost of ownership Total Net operating income Interest income Interest expense Instalments mortgage Net finance Other costs Net cash flow New loan in the project , and the interest rate of 2.75% incl. margin is floating. Hvalstad Forretningsbygg has a claim equal to the loan amount on Enebakkveien 117 AS and Krogsrud Invest AS. Estimated balance (31.12) Working capital Property value Claim Total assets Debt (tranche 1-3) Total debt The project has three tenants: 4Subsea AS, Norgesgruppen AS (Kiwi) and Jakt og Friluft AS. The lease with Norgesgruppen expires , the lease with 4Subsea AS lasts until , and the lease with Jakt og Friluft AS lasts until NAV after divivend and tax Page 40 NRP Finans AS - Market Report December 2015

41 Kongholm Invest KS Contact: Knut Ekjord Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Initial paid in participant loan: Outstanding participant loan: 0 Paid back instalments and interest on participant loan: Average rent/sqm office: 409 Average rent/sqm apartments: Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value* Share price per 1% ** IRR share price*** Yield at end of project (2016) * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: 1 commercial property and 1 residential block/ apartment hotels (42 apartments) Initial cost of property after deferred tax: Location: Holmestrand / Kongsberg Paid in capital: Lettable area (sqm.): sqm. and sqm. (GFA) Uncalled capital: 0 Construction year: 2005 and 1999 Established: 15. September 2005 Occupancy rate: 90 % Yearly rent 2016: 0 Tenant: Statsped, Police/Bailiff, et al. Adjustment of rent: 100 % Lease agreement: Short-time rental on the apartments Statsped: 2020, Police/Bailiff: 2020 Operational responsibility for the apartments, limited responsibility for the commercial properties Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Ballon 2016 Mortgage ,00 % p.a Total The mortgage has floating interest rate of 3.00% including margin. Estimated balance (31.12) The project consists of apartments in Kongsberg and office/commercial property in Holmestrand. Around sqm office space is vacant in Holmestrand. NRP Finans AS - Market Report December 2015 Page 41

42 Kristiansund Handelseiendom AS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: - Average rent/sqm: Sensitivity Yield ,75 % 7,50 % 7,25 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 12,9 % 12,0 % 11,1 % Yield at end of project (2023) 9,2 % 8,9 % 8,6 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Retail Technical management: LL Holding AS Location: Løkkemyra, Kristiansund Lettable area (sqm.): Initial gross property value: NOK Construction year: 2012 Paid in capital: NOK Occupancy rate: 100 % Established: Tenant: COOP Orkla Møre AS, Jula Norge, G-Sport, Ekstra Leker Yearly rent 2016: Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: Weighted approx Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,95 % p.a Cost of ownership Mortgage tranche ,79 % p.a Net operating income Mortgage tranche ,13 % p.a Interest income Mortgage tranche ,68 % p.a Interest expense (tranche 1-4) Total Instalments mortgage Net finance Value of interest rate swaps per : Other costs Tax payable Net cash flow Dividend/capital repayment All tranches have quarterly instalments. Tranche 1 has floating interest rate adjusted with the forward curve. Trance 2-4 have fixed interest for 10, 5 and 3 years respectively. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-4) Total debt The property is located at Løkkemyra Handelspark right next to the main highway to Kristiansund, close to the airport. The store composition in Løkkemyra has been well received by the market, and the expected yearly revenue is around NOK 300 mill. NAV after dividend and tax Page 42 NRP Finans AS - Market Report December 2015

43 KS Torggata Bad AS Contact: Christian Ness Share price 1 % Share price per 1%: - Key figures 100 % Paid in capital: Uncalled capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value* Share price per 1% IRR share price** Yield at the end of project (2021) * Including market value of plot ** Before tax (tax is paid by the participants of the project) Company information Property information Business management: NRP Business Management AS Property type: Serving, health, retail, office, entertainment and training Technical management: Aker Eiendomsdrift AS Location: Oslo, Norway Lettable area (sqm): Initial gross property value: Construction year: 1925 Paid in capital: Occupancy rate: Approx. 93% Uncalled capital: Tenant: Auditorium AS, Torggata Bad & Treningssenter AS, Established: 25. March 2011 Oslo Bowling AS, Hans & Olaf Fysioterapi AS, and several smaller tenants Yield rent: Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: Varies Estimated cash flow (assuming 2.5% CPI) Refinancing Principal Inst. 15 Interest Balloon 2020 Rental income Mortgage tranche ,00 % p.a Cost of ownership Total Net operating income Interest income Interest mortgage Instalments mortgage Net finance Net cash flow Loan refinanced May 2015, with floating interest and annual instalments of NOK Estimated balance (31.12) Working capital Property value Total assets Debt Total debt The property has 6 large tenants, and several smaller tenants. The project is suspended due to ongoing upgrading activity resulting in uncertain costestimates, need of additional financing and current rent discounts. NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 43

44 Lillestrøm Logistikkbygg AS Contact: Morten Berg Share price 1 % Share price per 1%: Key figures 100 % Paid in capital Accumulated dividends/repayments: - Average rent/sqm: 658 Sensitivity Yield ,00 % 6,50 % 6,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Share price per 1% IRR share price** 15,2 % 12,6 % 10,8 % Yield at the end of project (2018) 7,3 % 6,8 % 6,3 % * Including market value of plot ** After tax Company information Property Business Management: NRP Business Management AS Property type: Logistics Technical Management: Aker Eiendomsdrift AS Location: Lillestrøm Lettable area (sqm.): Initial cost of property after deferred tax: Construction years: 1983/1987 Paid in capital: Occupancy rate: 100 % Established: Tenant: DSV Road AS Yearly rent 2016: Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance, property tax and own administration Lease period: Estimated cash flow (assuming 2.5% CPI) Financing ( ) 2015* Principal Inst.16 Interest Balloon Rental income Mortgage tranche ,80 % p.a Cost of ownership Total Net operating income Interest income The mortgage has floating interest rate. Interest expense Instalments mortgage (tranche 1-2) Net finance Other cost Net cash flow * project start Estimated balance (31.12) 2015* Working capital Property value Total assets Debt Total debt Parent company, DSV Road Holding AS, guarantees NOK 9.5 mill of the rent. NAV after dividend and tax Page 44 NRP Finans AS - Market Report December 2015

45 Lilleby Eiendom AS - residential development project Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital: Accumulated dividends/repayments: - Key data Base case Share price per 1% Land price per sqm (based on BRAS) Estimated IRR* 16-19% p.a. * After tax, depending on leverage construction costs (80-90%) Company information Property Business Management: Veidekke Eiendom AS Property type: Apartments/townhomes Technical Management: Veidekke Eiendom AS Location: Lilleby, Trondheim Projected built sqm (BRAS): Sum budgeted sales revenue: 5.16 billion Plot size: Sales period residential: Planned residential units: Sales start first building stage: Last sale start Ladebekken 2: 14. October 2015 : Estimated progress The land plot has been regulated. Detailed regulation has been completed for half the plot. Remaining detail regulation is under progress. The analysis is based on the project being realized through 10 annual building stages all at approx. 100 units each. Sales rate and financing 3 stages of a total of 147 units have been laid out for sale so far. 100% of Konsul Lorcks Hage, 76% of Ladebekken 1 and 38% of Ladebekken 2 is sold so far. The plot is financed through 60% loan and 40% equity. Estimated 10-20% equity requirement on construction cost. Balance Plot Cash and cash equivalents Value commercial land Activated development costs Receivables Total Assets Equity Land loan Payables Deferred tax Total debt Total equity and debt The average salesprice used is NOK per sqm. Building cost is approx. NOK per sqm. Infrastructure cost estimated to NOK per sqm. 3.0% market risk allocation. Other costs based on Veidekke practice. Dividends assumed paid out as free cashflow is available. NRP Finans AS has an agreement with Lilleby Eiendoms AS to make valuations of the project and assist in 2. hand transactions. NRP Finans AS - Market Report December 2015 Page 45

46 Logistikk og Lagershop AS Contact: Knut Ekjord Share price 1 % Share price of 1%: (SEK)* Key figures (SEK) 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: 525 Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value Market value hedging (78%) Share price per 1% * IRR share price** Yield at end of project (2023) * Adjusted for hedging agreement swap ** After tax Company information Property information Business management: NRP Business Management AS Property type: Logistics Technical management: Wilfast Forvaltning AB Location: Helsingborg and Linkøping Lettable area (sqm): Initial cost of property after deferred tax: SEK Construction years: 2009, 2012 Paid in capital: SEK Occupancy rate: 100 % Established: Tenants: PostNord Logistics TPL AB, NetOnNet AB Yield rent: Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI technical installations, insurance and own administration Lease period: PostNord Logistics TPL AB: , NetOnNet: Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,14 % p.a Cost of ownership Mortgage tranche ,25 % p.a Net operating income Total Interest expense (tranche 1-2) Instalments mortgage Value of interest rate swap per : Net finance Tax payable Net cash flow Tranche 1 has fixed interest of 4.14% p.a. including margin until Yearly instalments of SEK Dividend/capital repayment Tranche 2 has floating interest rate adjusted according to the forward rate. Yearly instalments of SEK Estimated balance (31.12) Additional Information Working capital Property value Total assets Debt (tranche 1-2) Total debt NAV after dividend and tax The project consists of two properties, a PostNord warehouse in Helsingborg and a NetOnNet shop in Linkøping. A NetOnNet shop in Umeå was sold September Distribution to investors from sale of the property in Umeå is SEK 24.8 mill. The property in Helsingborg is sqm, located right by E4/E6 and E20, approx. 10 km northeast of Helsingborg. The property in Linkøping is sqm. The lease contract can be terminated 5 years before expiry of the contract. Sales process initiated. Page 46 NRP Finans AS - Market Report December 2015

47 Lørenskogveien 75 Holding AS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: 0 Average rent/sqm: 850 Sensitivity Yield ,75 % 7,50 % 7,25 % Property value Property value after deferred tax Price/sqm (average): Tax-based value* Market value hedging (73%): Share price per 1% ** IRR share price*** 13,7 % 12,7 % 11,7 % Yield at end of project (2017) 7,9 % 7,7 % 7,4 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Logistics/office Technical management: Aker Eiendomsdrift AS Location: Lørenskogveien 75, Lørenskog Lettable area (sqm.): Initial cost of property after deferred tax: NOK Construction year: 1987/1993/1997 Paid in capital: NOK Occupancy rate: 100 % Establishment: 21. September 2007 Tenant: Gummiservice Produksjon AS, Schiedel Skorsteiner AS, Yearly rent 2016: Anticimex AS, Heidenreich AS et al. Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance, ground rent, property tax, insurance and own administration Lease period: Varies Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2017 Rental income Mortgage tranche ,05 % p.a Cost of ownership Mortgage tranche ,48 % p.a Net operating income Mortgage tranche ,05 % p.a Interest income Total Interest expense (tranche 1-3) Instalments mortgage Value of interest rate swap per : Net finance Tax payable Other costs Sale of property Net cash flow Tranche 1 has floating interest, and has quarterly instalments of NOK Tranche 2 has fixed interest of 7.48% p.a. including margin until , and no instalments. Tranche 3 has floating interest rate and quarterly instalments of NOK Estimated balance (31.12) Working capital Property value Total asset Debt (tranche 1-3) Total debt Additonal information In the municipal plan, the area where the property is located is allocated to large-scale commerce, which is positive for the project. NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 47

48 Majorstuen Kontorbygg DIS Contact: Erlend Torsen Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Uncalled capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,25 % 5,00 % 4,75 % Property value Property value after deferred tax Tax-based value* Price/sqm (average): Share price per 1% ** IRR share price*** 9,9 % 8,0 % 6,6 % Yield at end of project period (2018) 5,9 % 5,7 % 5,4 % * Including market value of plot ** Not included premium/discount of any fixed interest *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Furuholmen Eiendom AS Location: Majorstuen, Oslo Lettable area (sqm.): Initial cost of property after deferred tax: Construction year: 1996 Paid in capital: Occupancy rate: 98 % Uncalled capital: Tenant: Nordea, Help, NHO, Atferdssenteret, Capus Established: Lease agreement: Owner responsible for exterior maintenance, Yearly rent for yield: technical installations, insurance and own administration Net operating income for yield (see additional information): Lease period: Average length is approx. 5 years Adjustment for rent: 100% of CPI Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,00 % p.a.* Cost of ownership Total Net operating income Interest income Interest expense Instalments mortgage Net finance Net cash flow Tax payable/ upgrade costs Dividend/capital repayment Tranche 1 runs for 5 years, with quarterly instalments of NOK The interest rate is floating. Financing is currently under negotiation due to upgrade costs related to new lease contracts. Estimated balance (31.12) Working capital Property value Total asset Debt Total debt Rent for 2016 will be lower due to lease discounts and vacancy during refurbishment. A new 7 years contract with Help Forsikring has been signed for approx sqm Refurbishment costs are under discussion with lender, and financing parameters will therefore probably be altered. NAV after dividend and tax Page 48 NRP Finans AS - Market Report December 2015

49 Martodden Utbygging KS - construction/sale of apartments in Hamar Contact: Morten Berg (m.berg@nrp.no) Date of analysis Share price 1 % Share price per 1%: Key figures 100 % Paid in capital: Uncalled capital: 0 Accumulative dividends: Sensitivity BASE CASE Selling price per sqm (housing)* Estimated share price 1% IRR estimated share price** 22,5 % IRR estimated share price after tax *** 16 % * Incl. garage for the block of flats ** Project completion estimated to 2019 *** After tax is based on purchase at estimated share price, or that received potential tax losses are fully used by owner. Company information Property information Business management: NRP Business Management AS Property type: Residential development Project leader: Backe Prosjekt AS Location: Hamar Projected built sqm: Approx sqm Sum budgeted revenue: Sum budgeted project cost: Budgeted builder margin: 10,9 % Projected number of apartments: Ca.180 Paid in capital: Uncalled capital: 0 Lot size (sqm): Established: 10. November 2006 Projected completion (estimate): Estimated cash flow (assuming 2,5% CPI) Budgeted homes completed Budgeted revenue Budgeted expenses Cash flow before loan property Sale and financing All townhouses in the first phase of the project are sold and completed (23). 13 of the 30 townhouses in phase 2 are sold. Regarding the apartments, phase 1 is completed and all 22 are sold. Phase 2 was completed in June 2014, and also all of these 22 apartments are sold. Phase 3 consists of 32 apartments, and 19 are sold. Loan for the project is secured. Dividend/capital repayment Estimated balance (31.12) Additonal information For more information regarding the project, visit: The analysis is only adjusted for the time effect since the last analysis NRP Finans AS - Market Report December 2015 Page 49

50 Maskinveien Kontorbygg AS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,50 % 8,25 % 8,00 % Property value Propert value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 16,8 % 15,6 % 14,5 % Yield at end of project (2021) 9,6 % 9,3 % 9,1 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office(70%), Warehouse/simulator (30%) Technical management: Ferrum AS Location: Forus, Stavanger Lettable area (sqm.): Initial cost of property after deferred tax: NOK Construction year: 2009 Paid in capital: NOK Occupancy rate: 100 % Established: Tenant: MHWIRTH AS Yearly rent 2016: Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2020 Rental income Mortgage tranche ,24 % p.a.* Cost of ownership Mortgage tranche ,20 % p.a.** Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Tax payable Other costs Net cash flow Dividend/capital repayment * Tranche 1 has fixed interest rate of 4.24% p.a. including margin until ** Tranche 2 has floating interest rate. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-2) Total debt MHWIRTH AS has an option to extend the lease agreement for 5 years at Fair Market Rent. NAV after dividend and tax Page 50 NRP Finans AS - Market Report December 2015

51 Moa Handelseiendom Holding II AS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** Yield at end of project (2023) * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Retail Technical management: Aker Eiendomsdrift AS Location: Moa Handelsområde, Ålesund Lettable area (sqm.): Initial gross property property: Construction year: 2008 Paid in capital: Occupancy rate: 100 % Established: 23. Feb 2011 Tenant: Jula Norge AS, Lefdal Elektromarked AS, Ikea AS Yield rent: Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: Jula and Lefdal Sept. 2023, IKEA Oct Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,35 % p.a Cost of ownership Mortgage tranche ,44 % p.a Net operating income Total Interest income Interest expense Value of interest rate swap per : Instalments mortgage Net finance Other cost Net cash flow Dividend/capital repayment Mortgage tranche 1 has floating interest rate. Tranche 2 has fixed interest rate of 6.44% p.a. including margin until 15. April Estimated balance (31.12) Working capital Property value Total assets Debt Total debt NAV after dividend and tax The tenants have options to extend the lease agreements for 5 years at equal terms. New lease agreement with IKEA for the Kvik and Modena premises from IKEA can terminate their lease agreement from , with one years notice. Sales process initiated. NRP Finans AS - Market Report December 2015 Page 51

52 Nydalen Kontorbygg AS Contact: Erlend Torsen Share price 1 % Share price per 1%: * Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity: Yield ,80 % 5,60 % 5,40 % Property value Estimated total value** Price/sqm excl. parking Market value hedging (73%) Share price per 1% * IRR share price*** 9,9 % 9,2 % 8,6 % Yield at end of project (2024) 7,4 % 7,2 % 6,9 % * Adjusted for hedging agreement ** After deduction of deferred tax of 15% *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Avantor Drift AS Location: Nydalen, Oslo Lettable area (sqm.): Initial gross property value: Parking spaces: 219 Paid in capital: Construction year: 2000 Established: 1. September 2013 Occupancy rate: 100 % Yearly rent 2016: Tenant: Ministry of Justice and Public Security Net operating income for yield: Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI technical installations, insurance and administration Valuation of capital element: Lease period: 21. August 2024 Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,74 % p.a.* Cost of ownership Mortgage tranche ,75 % p.a.* Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Net cash flow Tax payable Dividend/capital repayment *Tranche 1 has fixed interest of 4.74% p.a. incl. margin until Tranche 2 has floating interest. The loan is structured so that 70% of the loan is fixed at all times. The margin was reduced by 50 basis points from summer The loans have increasing quarterly instalments, starting with NOK 30 mill yearly and increasing to NOK 41 mill yearly. Estimated balance (31.12) Working capital Property value and capital lease Total assets Debt (fixed) Debt (floating) Total debt NAV after dividend and tax Part of the rent is considered capital lease in conjunction with investments in the building. No assumed residual value on the investments. The capital lease was reduced with approx mill due to reduced final costs on refurbishments. The capital lease is valued to approx. 4.70% yield before tax. The tenant has an option to extend the lease period for 7 years at equal terms (only the ground rent), where the contract in the option-period runs with 24 months termination option for tenant. Deferred tax for the property and capital lease is 15%. This high deductible is due to unfavourable tax-rate on the capital lease. The deferred tax rate will be reduced towards market rate as the duration of the capital lease shortens. As the proposed property tax is not yet final, no costs have been included in the budget. Page 52 NRP Finans AS - Market Report December 2015

53 Nydalen Kontorbygg II AS Contact: Erlend Torsen Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm office: Average rent per parking lot: Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm excl. parking Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** Yield at end of project * Including market value of plot ** Adjusted for hedging agreement *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office Technical management: Aker Eiendomsdrift AS Location: Maridalsveien 323, Oslo Lettable area (sqm.) / Office: / Initial gross property value: Parking spaces: 178 Paid in capital: Construction year: 2001 Established Occupancy rate: 100 % Yearly rent 2016: Tenant: Get AS, Boots Norge AS, Konica Minolta AS Adjustment rent: 100% of CPI Lease agreement: Owner responsible for maintenance of technical installations, part of Nydalen Gårdeierforening, insurance and own administration Lease period: Weighted, 11 years Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2024 Rental income Mortgage tranche ,95 % * Cost of ownership Realkredit ,80 % ** Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Net cash flow Tax & other costs Dividend/ capital repayment * The mortgage has a maturity date until june 2018, with annual instalments of NOK 3 mill. ** The mortgage has a maturity date 20 years from drawdown, but the instalmentfree period is only 5 years, and must be renewed thereafter. A swap agreement runs for 115 mill. from at an interest rate of 2.479% excluding margin. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1) Debt (tranche 2) Total debt NAV after dividend and tax Get AS has a contract until , but can exit fully, or floor by floor, in exept for approx sqm. Boots Norge AS has a contract until Get will take over the Boots area from and have signed a contract for this area until without any exit option. Konica Minolta Business Solutions AS has a contract until As the proposed property tax is not yet final, no costs has been included in the budget. NRP Finans AS - Market Report December 2015 Page 53

54 Nye Alfasetveien DIS Contact: Knut Ekjord Share price 1 % Share price per 1%(EUR): ** Key figures 100 % Paid in capital (EUR): Accumulated dividends/repayments (EUR): Average rent/sqm: EUR 122 Sensitivity Yield ,25 % 8,00 % 7,75 % Property value Property value after deferred tax Price/sqm Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 15,9 % 14,9 % 14,1 % Yield at end of project (2017) 8,5 % 8,2 % 7,9 % * Including market value of plot ** Adjusted for hedging agreement swap *** Before tax (tax is paid by the participants of the project) Company information Property information Business management: NRP Business Management AS Property type: Warehouse and office Technical management: Aker Eiendomsdrift AS Location: Alnabru, Oslo Lettable area (sqm.): Initial cost of property after deferred tax: EUR Construction year: 1980 Paid in capital: EUR Occupancy rate: 100 % Established: 31. March 2009 Tenant Elektroskandia AS Yearly rent 2016 (EUR): Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: 31. December 2017 Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Ballong 2017 Rental income Mortgage tranche ,06 % p.a.* Cost of ownership Mortgage tranche ,00 % p.a.** Net operating income Mortgage tranche ,00 % p.a.** Interest expense (tranche 1-3) Total Instalments mortgage Net finance Value of interest rate swap per : Sale of property Net cash flow Dividend/ capital repayment Est. tax for participants* *tax will be paid in NOK * Tranche 1 has fixed interest of 5.06% p.a. including margin from until ** Tranche 2 & 3 have floating interest rate. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-3) Total debt The lease agreement runs until , with option to extend for 5+5 years at equal terms. The lease agreement is guaranteed by the parent company Hagemeyer N.V. NAV after dividend Page 54 NRP Finans AS - Market Report December 2015

55 Nye Berghagan Næringseiendom AS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm 929 Sensitivity Yield ,00 % 8,65 % 8,30 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 26,9 % 22,9 % 19,9 % Yield at end of project (2021) 10,1 % 9,7 % 9,3 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Office and warehouse/workshop Technical management: Aker Eiendomsdrift AS Location: Langhus / Ski Lettable area (sqm.): Initial cost of property after deferred tax: Construction year: 1978 Paid in capital: Occupancy rate: 85 % Uncalled capital: 0 Tenant / lease agreement Atlas Copco stands for approx. 60% of the rent, Established: 4. July 2006 and the contract runs until Yearly rent 2016: The project has approximately 30 tenants Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2021 Rental income Mortgage tranche ,95 % p.a. 0 Cost of ownership Mortgage tranche ,06 % p.a Net operating income Mortgage tranche ,95 % p.a Interest expense Mortgage tranche ,95 % p.a Instalments mortgage Mortgage tranche ,52 % p.a Net finance Total Upgrading costs Net cash flow Value of interest rate swap per : Dividend/capital repayment Tranche 1, 3 and 4 have floating interest rate. Tranche 2 has fixed interest rate of 7.06% p.a. including margin until Tranche 5 has fixed interest rate of 5.52% p.a. including margin until Estimated balance (31.12) Working capital Property value Total assets Debt Total debt The property has development- potential of approximately m2 high ceiling warehouse. Furnace, roof and several of the ventilation systems are getting old, and it is assumed that costs related to upgrading will be incurred the coming years. Approximately NOK 7.6 mill. will be used from to upgrade the property. NAV after dividend NRP Finans AS - Market Report December 2015 Page 55

56 Nässjö Logistikkbygg AS Contact: Knut Ekjord Share price SEK 1 % Share price per 1% (SEK): Key figures (SEK) 100 % Paid in capital including converted participant loan: Accumulated dividends/repayments: Average rent/sqm: 309 Sensitivity Yield ,00 % 8,50 % 8,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value Share price per 1% IRR share price* 16,0 % 14,0 % 12,2 % Yield at the end of project (2018) 9,2 % 8,7 % 8,2 % * After tax Company information Property information Business management: NRP Business Management AS Property type: Warehouse/Logistics Technical management: Wilfast Forvaltning AB Location: Nässjö in Sweden Lettable area (sqm.): Initial cost of property after deferred tax: Construction year: Paid in capital (including converted participant loan): Occupancy rate: Approx. 80% Participant loan: 0 Tenants: Schenker Logistics AB, Hultafors AB, Jysk AB, Rusta AB et al. Established: 26. May 2006 Lease agreement: Owner responsible for exterior maintenance, caretaker services, Yield rent: showeling, technical maintenance, insurance and own administration Weighted adjustment of rent: Approx. 90% of CPI Lease period: Weighted approx. Q Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2018 Rental income Mortgage debt ,10 % p.a Cost of ownership Total Net operating income Interest expense Instalments mortgage Net finance Tax payable Other costs Net cash flow The mortgage has floating interest rate. Extraordinary repayment in 2015 due to restructuring of the loan. The loan agreement runs until , and the loan is assumed refinanced at equal terms. Estimated balance (31.12) Working capital Property value Total assets Mortgage debt Total debt Work is being done to attract new tenants, and to extend lease agreements with existing tenants. Rusta AB will leave their premises , and their yearly rent is SEK Their premises are believed to be the best, and will most likely be rented out within a reasonable amount of time. NAV after dividend and tax Page 56 NRP Finans AS - Market Report December 2015

57 Pottemakerveien Kombibygg AS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: - Initial participant loan: Outstanding participant loan: - Repaid instalments and interest participant loan: Average rent/sqm: 977 Sensitivity Yield ,50 % 9,25 % 9,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 55,7 % 41,0 % 32,1 % Yield at end of project (2016) 9,5 % 9,3 % 9,0 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property information Business management: NRP Business Management AS Property type: Warehouse/Office Technical management: Aker Eiendomsdrift AS Location: Groruddalen, Oslo Lettable area (sqm.): Initial cost of property after deferred tax: Construction year: Paid in capital: Occupancy rate: 100 % Established: Tenant: WJ Business Partner AS Yearly rent 2016: Lease agreement: Owner responsible for exterior maintenance and Adjustment of rent: 100% of CPI technical installations Lease period: Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,30 % p.a.* Cost of ownership Mortgage tranche ,60 % p.a.** Net operating income Total Interest income Interest expense (tranche 1-2) Value of interest rate swap per : Instalments mortgage Net finance Tax payable Sale of property Net cash flow * Tranche 1 has fixed interest of 7.30% p.a. including margin until , no instalments. ** Tranche 2 has floating interest rate. Estimated balance(31.12) Working capital Property value Total assets Debt (tranche 1-2) Total debt NAV after dividend and tax The property is leased to WJ Business Partner AS until The tenant has subleased m2 warehouse to Enviropac AS, and m2 to Accelerator AS. The sublease agreements run until The tenant has an option to extend for 5 years at the same terms as today. The option must be declared 12 months before expiration of current lease contract. Negotiation to extend the lease agreement has been initiated. NRP Finans AS - Market Report December 2015 Page 57

58 Ringeriksveien 2012 DIS Contact: Morten Berg Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,75 % 7,50 % 7,25 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1% ** IRR share price*** 21,0 % 18,9 % 17,0 % Yield at end of project (2027) 10,4 % 10,0 % 9,7 % * Including market value of plot ** Adjusted for hedging agreement swap *** Before tax Company information Property information Business management: NRP Business Management AS Property type: Warehouse, office and industry Technical Management: Aker Eiendomsdrift AS Location: Vøyenenga, Bærum Lettable area (sqm): Initial cost of property after deferred tax: Plot size: sqm Paid in capital: Occupancy rate: 100 % Established: 16. March 2012 Tenant: Veidekke Entreprenør AS (barehouse) Yearly rent 2016: Mølla Kompetansesenter AS et al. Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, caretaker, lawn mowing, insurance and own administration Lease period: Veidekke Entreprenør AS , Mølla Kompetansesenter AS Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,09 % p.a.* 0 Cost of ownership Mortgage tranche ,06 % p.a.** Net operating income Seller's credit ,50 % p.a.*** Interest income Total Interest expense (tranche 1-2) Interest seller's credit Value of interest rate swap per : Instalments mortgage Net finance Net cash flow Dividend/capital repayment * Tranche 1 has entered into an interest rate swap of 5.09% p.a.including margin until ** Tranche 2 has floating interest rate. *** The seller's credit from Veidekke Entreprenør AS has no instalments and runs until with fixed interest rate of 5.50% p.a. Will be refinanced within Q Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-2) Seller's credit Total debt The property consists of offices, warehouse and industrial premises. Mølla Kompetansesenter AS will move out NAV after dividend and tax Page 58 NRP Finans AS - Market Report December 2015

59 Rud Fryselager AS Contact: Morten Berg Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital Accumulated dividends/repayments: Average rent/sqm: 909 Sensitivity Yield ,60 % 6,40 % 6,20 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1%** IRR share price*** 12,2 % 11,2 % 10,3 % Yield at the end of project (2024) 8,0 % 7,8 % 7,6 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property Business Management: NRP Business Management AS Property type: Combination property, office,logistics, cold storage Location: Rud, Bærum Initial cost of property: Lettable area (sqm.): Pain in capital: Construction year: 1976/2001 Established: Occupancy rate: 100 % Yearly rent 2016: Tenant: Bring Frigo Warehouse AS Adjustment of rent: 100% CPI Rental agreement: Barehouse. Owner responsible for own administration Lease period: Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst.16 Interest Balloon Rental income Mortgage tranche ,70 % p.a cost of ownership Mortgage tranche ,85 % p.a Net operating income Total Interest income Interest expense Value of interest rate swap per : Instalments mortgage (tranche 1-2) Net finance Tax payable Other costs Net cash flow Dividend/capital repayment Mortgage tranche 1 has fixed interest of 3.70% including margin until Mortgage tranche 2 has floating interest. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt Parent company, Bring Frigo AB, guarantees the rent. The tentant has an option to extend the lease-agreement for years at equal terms. Must be declared three years before expiration. NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 59

60 Stadion Utbygging KS - construction/sale of apartments in Fredrikstad Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: Key figures 100 % Paid in capital: Uncalled capital: 0 Accumulated dividends/repayments: 0 Sensitivity BASE CASE Sales price per sqm (apartments) Estimated share price 1% IRR estimated share price before tax* 23,3 % IRR estimated share price after tax** 16,6 % * Project completion estimated to ** After tax is based on new buyer, or that received potential tax losses are fully used by owner. Company information Property information Business management: NRP Business Management AS Property type: Housing under construction Project leader: Backe Prosjekt AS Location: Fredrikstad Projected built sqm: Approx sqm residential Sum budgeted revenue: Approx. NOK 603 million Approx sqm commercial Sum budgeted project cost: Approx. NOK 532 million Budgeted builder margin: 13,0 % Projected number of apartments Approx. 160 Paid in capital: Uncalled capital: 0 Plot size (sqm): Established: 23. November 2006 Projected completion (estimated): Estimated cash flow (assuming 2.5% CPI) Budgeted homes completed Budgeted revenue Budgeted expenses Cash flow before loan property Sales rate and financing Phase 1 and 2 have been completed, and all of the 53 apartments are now sold. Phase 3 has just been announced, and 12 (33%) out of 36 apartments have been sold. The apartments are financed with 100% loan, and the plot-area is financed 50% by loan. Estimated payments Estimated balance (31.12) The estimatet payments are based on no unsold finished apartments. The analysis is only adjusted for the time effect since the last analysis Page 60 NRP Finans AS - Market Report December 2015

61 Statens Hus Lillehammer KS Contact: Christian Ness Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: Uncalled capital: Accumulated dividends/repayments: Initial participant loan: Outstanding participant loan: Repaid instalments and interest on participant loan: Average rent/sqm: 928 Sensitivity Price per sqm Lettable area (sqm) Property value* Property value after deferred tax Tax-based value*** Market value hedging (73%) Share price per 1% ** * Price per sqm*lettable area ** Adjusted for hedging agreement swap *** Including market value of plot Company information Property information Business management: NRP Business Management AS Property type: Office/ retail Technical management: Aker Eiendomsdrift AS Location: Storgata, Lillehammer Lettable are (sqm.): Initial cost of property after deferred tax: Construction year: 1966 and 1978, upgraded in 1997/98 Paid in capital: Occupancy rate: approx. 35% Uncalled capital: Tenant: Rema 1000 Norge AS, GK Norge AS Established: 25. April 2006 Telenor ASA, Torshov Bilrekvisita AS Yearly rent 2015: Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: % of CPI insurance and own administration Lease period: (Rema 1000) Estimated cash flow (cash flow 2.5% CPI) Financing ( ) 2015 Principal Inst. 16 Interest Balloon 2020 Rental income Mortgage ,35 % p.a Cost of ownership Participant loan ,52 % p.a Net operating income Total Interest income Interest expenses The mortgage has floating interest rate. Instalments mortgage Net finance Compensation Net cash flow Estimated tax for participants Estimated balance (31.12) Working capital Property value Total assets Debt Participant loan Total debt Nav after dividend and tax 2015 When purchasing shares in the project, pro rata share of the participant loan will be transferred to new owner. Statsbygg moved out in October. We are working actively to attract new tenants, as well as investigating the posibilities for alternative use of the property. NRP Finans AS - Market Report December 2015 Page 61

62 Sydsvenskan Lager & Handel AS Contact: Knut Ekjord Share price 1 % Share price per 1% (SEK): Key figures (SEK) 100 % Paid in capital (SEK): Accumulated dividends/repayments (SEK): Average rent/sqm (SEK): 776 Sensitivity Yield ,50 % 8,25 % 8,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value Share price per 1% (SEK) IRR share price* 17,6 % 15,9 % 14,4 % Yield at end of project (2017) 8,6 % 8,3 % 8,1 % * After tax Company information Property information Business management NRP Business Management AS Property type: Logistics and retail (3 properties) Technical management Wilfast Forvaltning AB Location: Höganäs and Borås in Sverige Lettable area (sqm.): Initial cost of property after deferred tax (SEK): Construction year: 1929,1970,2003,2004 Paid in capital (SEK), including converted participant loan: Occupancy rate: 100 % Established: 13. November 2006 Tenant: Iittala AB ( 21%), Auto 7H AB (46%), Yearly rent 2016 excluded hire rent discount: Goodbrand Scand. AB (25%) and 3 smaller tenants Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance at Höganäs, Lease period: and own administration Iittalla AB: Bilia Group 1 AB: Goodbrand Scandinavia AB: Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2017 Rental income Mortgage tranche ,60 % p.a Cost of ownership Total Net operating income Interest expense The mortgage has floating interest rate. Instalments mortgage Net finance Tax payable Upgrading cost and hire discount Sale of property Net cash flow Dividend/capital repayment Estimated balance (31.12) Working capital Property value Total assets Debt Total debt The lease agreement with Iittalla is extended until April Bilia Group 1 AB has signaled that they will relocate in There are discussions in regards to a sale of the Höganäs properties. Combined lease discounts for some of the tenants in 2015 is SEK Some smaller discounts also in 2016 and NAV after dividends and tax Page 62 NRP Finans AS - Market Report December 2015

63 Sørenga Utvikling KS - residential development project Oslo Contact: Erlend Torsen (erlend.torsen@nrp.no) Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: Key figures 100 % Paid in capital: Uncalled capital: Accumulated dividends including tax paid in the general partner: Sensitivity BASE CASE Share price per 1 % IRR share price 21,9 % IRR estimated share price after tax* 13,1 % * Including taxes incurred from date of analysis. Company Information Property information Business Management: NRP Business Management AS Property type: Residential and commercial under construction Project leader: Sørenga Utvikling AS Location: Sørenga, Oslo Planned built sqm: Approx sqm Sum budgeted sales revenue (index adjusted): 4.9 billion Approx sqm commercial Paid in capital: Expected remaining equity payments: 0 Number of apartments: 746 Uncalled capital: Estabilshed: 8. November 2007 Plot (sqm): Projected completion: Estimated progress Budgeted sqm completed Estimated payments* * There is uncertainty as to when dividends in the project will be paid. Financing The plot is financed through 50% loan and 50% equity. Working capital is financed through equity and overdraft. Construction is financed by construction loan. Total amount of building stages is 7/8. Balance ( NOK 1 000) Total assets Total debt Sum equity All 8 building stages are put up for sale, where approx. 82% of the value is sold, and 659 out of 746 apartments. Commercial space to be finished The parking has been completed. The parking and commercial buildings have been valued at cost price. NRP Finans AS - Market Report December 2015 Page 63

64 Tangen Havnelager AS Contact: Knut Ekjord Share price 1 % Share price per 1% (EUR):** Key figures 100 % Paid in capital (EUR): Accumulated dividends/repayments (EUR): Average rent/sqm. (NOK/EUR): 960 / 120 Sensitivity Yield ,25 % 8,00 % 7,75 % Property value Property value after deferred tax Price/sqm (EUR) Tax-based value* Market value hedging (73%) Share price per 1%** IRR share price*** 14,0 % 8,7 % 4,4 % Yield at the end of project (2021)**** 11,1 % 11,1 % 11,1 % * Including market value of plot ** Adjusted for hedging agreement swap. *** After tax **** Residual value is reduced to EUR Company information Property information Business management: NRP Business Management AS Property type: Industry/ warehouse Technical mangement: Aker Eiendomsdrift AS Location: Drammen Lettable area (sqm.): Initial cost of shares after deferred tax: (NOK/EUR) / Construction year: 1986/1991/2001/2003 Paid in capital: (NOK/EUR) / Occupancy rate: 100 % Established: 12. December 2006 Tenant: Midsona Norge AS, guaranteed by FMC Biopolymer AS Yearly rent 2016: (EUR) Rental agreement: Owner responsible for exterior maintenance, government taxes, Adjustment of rent: 80% of CPI technical installations, insurance and own administration Lease period: 30. June 2021 Estimated cash flow (assuming 2.0% CPI) (EUR) Financing ( ) (EUR) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,46 % p.a Cost of ownership Mortgage tranche ,57 % p.a Net operating income Mortgage tranche ,45 % p.a Interest expense (tranche 1-4) Mortgage tranche ,45 % p.a Instalments mortgage (tranche 1-4) Total Net finance Tax payable Value of interest rate swap per : Upgrading cost Market value currency hedging per : Net cash flow Tranche 1: Fixed interest rate of 6.46% p.a. including margin until Dividend/capital repayment Tranche 2: Fixed interest rate of 6.57% p.a. including margin until Tranche 3: Fixed interest of 6.45% p.a. including margin until Tranche 4: Floating interest rate. Total quarterly instalments for tranche 1-4 combined is EUR Estimated balance (31.12) (EUR) Working capital Property value Total assets Debt (tranche 1-4) Total debt The property is leased to Midsona Norge AS, guaranteed by FMC Biopolymer AS. NAV after dividend and tax Page 64 NRP Finans AS - Market Report December 2015

65 Teknikstaden Utvikling AS Contact: Knut Ekjord Share price 1 % Share price per 1%: (SEK)* Key figures (SEK) 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: 376 Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value Market value hedging (78%) Share price per 1% * IRR share price** Yield at end of project * Adjusted for hedging agreement swap. ** After tax Company information Property information Business management: NRP Business Management AS Property type: Industry, logistics and office Techincal management: Wilfast Forvaltning AB Location: Karlskoga, Sverige Lettable area (sqm.): Initial cost of property after deferred tax: SEK Occupancy rate: 83 % Paid in capital: SEK Tenant: Approx. 70 tenants, where the three largest are: Established: 2. April 2007 BAE Systems AB, Partnertech AB and VWR International AB Yearly rent 2016: Rental agreement: Varies, but on a general basis owner is responsible for Adjustment of rent: Approx. 90% of CPI maintenance, administration costs, overhead costs that can not be invoiced, property tax, insurance, management and own administration. Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2020 Rental income Mortgage tranche ,90 % p.a.* Cost of ownership Mortgage tranche ,65 % p.a.** Net operating income Total Interest income Interest expense Value of interest rate swap per : Instalments mortgage Net finance Tax payable Upgrading costs Net cash flow Dividend/capital repayment * Tranche 1 has floating interest rate adjusted with the forward curve. ** Tranche 2 has fixed interest of 2.65% until June Estimated balance (31.12) Working capital Property value Total assets Debt Total debt NAV after dividend and tax The company owns 50% of Kontorsbolaget Karlsskoga AB, which owns offices in Karlsskoga together with companies in the Saab Group. Sales process initiated. NRP Finans AS - Market Report December 2015 Page 65

66 TFGS Kombi AS Contact: Knut Ekjord Share price 1 % Share price per 1% (SEK): Key figures (SEK) 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: 514 Sensitivity Yield ,00 % 8,75 % 8,50 % Property value Property value after deferred tax Price/sqm (average) Tax-based value Share price per 1% IRR Share price* 27,7 % 23,4 % 20,3 % Yield at end of project (2021) 9,9 % 9,6 % 9,4 % *After tax Company information Property information Business management: NRP Business Management AS Property type: Storage/industry Technical management: Wilfast Forvaltning AB Location: Trelleborg, Falköping, Göteborg, Stenungsund in Sweden Lettable area (sqm): Initial cost of property after deferred tax: SEK Construction year: Varies Paid in capital: SEK Occupancy rate: Approx. 85% Established: 11. May 2007 Tenant: LEAX, Daros Piston Rings AB, Prestando AB Yearly rent before discounts: Lease period: LEAX AB until Adjustment of rent: 100% of CPI Daros Piston Rings AB until 2022 Prestando AB until 2025 Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2021 Rental income Mortgage ,80 % p.a Cost of ownership Total Net operating income Interest mortgage The loan has floating interest rate. Instalments mortgage Net finance Other costs Net cashf flow Estimated balance (31.12) Working capital Property value Total assets Debt Total debt Prestando, the tenant in Trelleborg, has been through restructuring, has financial difficulties and is constantly behind on the rent. The Stenungsund property has about 85% vacancy. NAV after dividend and tax Page 66 NRP Finans AS - Market Report December 2015

67 Torslanda Lagerbygg AS Contact: Knut Ekjord Share price 1 % Share price per 1% (SEK): Key figures (SEK) 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,15 % 6,90 % 6,65 % Property value Property value after deferred tax Price/sqm Tax-based value Market value hedging (78%) Share price per 1%* IRR share price** 11,6 % 10,8 % 10,1 % Yield at end of project (2028) 9,3 % 8,9 % 8,6 % * Adjusted for hedging agreement swap ** After tax Company information Property information Business management: NRP Business Management Property type: Production facility, warehouse, and office Technical management: Wilfast Forvaltning AB Location: Torslanda, Sweden Lettable area (sqm.) Initial gross property value: Construction year: 2008 Paid in capital: Occupancy rate: 100 % Established Tenant: The International Automotive Components AB (IAC AB) Yearly rent 2016: Lease agreement: Owner responsible for maintenance, Adjustment rent: 100% CPI technical installations, insurance and administration Lease period: Estimated cash flow (assuming 2.0% CPI) Financing ( ) 2015* Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,80 % p.a Cost of ownership Mortgage tranche ,39 % p.a Net operating income Total Interest expense (tranche 1-2) Instalments mortgage Value of interest rate swap per : Net finance Purchase of plot Net cash flow Dividend/ capital repayment * project-start Tranche 1 has fixed interest of 2.80% p.a. including margin until Tranche 2 has fixed interest of % until Estimated balance (31.12) 2015* Working capital Property value Total assets Debt (tranche 1-2) Total debt The tenant has an option to extend the lease period for 5 years. The lease is guaranteed by the parent company IAC Group Sweden AB. Negotiations with tenant in regards to investment of approximately SEK 14.5 mill., combined with prolongation of the lease agreement. NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 67

68 Vestby Logistikk AS Contact: Knut Ekjord Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital Accumulated dividends/repayments: Average rent/sqm: 737 Sensitivity Yield ,25 % 7,00 % 6,75 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1%** IRR share price*** 10,2 % 9,6 % 9,0 % Yield at the end of project (2023) 8,6 % 8,3 % 8,0 % * Including market value of plot ** Adjusted for hedging agreement swap *** After tax Company information Property Business Management: NRP Business Management AS Property type: Logistics Technical Management: Aker Eiendomsdrift AS Location: Vestby, Norway Lettable area (sqm.): Initial cost of property after deferred tax: Construction year: 2007 Paid in capital: Occupancy rate: 100 % Established: Tenant: DHL Supply Chain Norway AS Yearly rent 2016: Rental agreement: Owner responsible for insurance and own administration Adjustment of rent: 100 % Lease period: 70% until , and 30% until Estimated cash flow (assuming 2.5% CPI) Financing ( ) Principal Inst.16 Interest Balloon 2023 Rental income Mortgage tranche ,82 % p.a. 0 Cost of ownership Mortgage tranche ,30 % p.a Net operating income Mortgage tranche ,25 % p.a. 0 Interest income Total Interest expense Instalments mortgage (tranche 1-2) Value of interest rate swap per : Net finance Tax payable Net cash flow Dividend/capital repayment Tranche 1 has fixed interest of 3.82% p.a. incl. margin until Tranche 2 has fixed itnterest of 3.30% from until Tranche 3 has floating interest rate. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt The property consists of 3 logistics halls, with a joint office-space located in connection to hall 1. Hall 3 is subleased to Varner Gruppen AS until NAV after dividend and tax Page 68 NRP Finans AS - Market Report December 2015

69 Wilfast i Torslanda AB Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK): * Key figures (SEK) 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm.: 853 Sensitivity Yield 2016 Property value Property value after deferred tax Price/sqm (average) Tax-based value Market value hedging (78%) Share price per 1% * IRR share price** Yield at end of project * Adjusted for hedging agreement swap ** After tax Company information Property information Business management: NRP Business Management AS Property type: Warehouse, food production Technical management: Wilfast Forvaltning AB Location: Torslanda, Gothenburg, Sweden Lettable are (sqm.): Initial cost of property after deferred tax: SEK Construction year 2006 Paid in capital: SEK Occupancy rate: 100 % Established: 10. September 2009 Tenant: Almondy AB Yearly rent 2016: Lease agreement: "Triple net", owner only responsible for own administration Adjustment of rent: 100% of CPI Lease period: 30. September 2030 Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon 2028 Rental income Mortgage tranche ,15 % p.a Cost of ownership Mortgage tranche ,34 % p.a Net operating income Mortgage tranche ,60 % p.a. 0 Interest income Total Interest expense Instalments mortgage Value of interest rate swap per : Net finance Tax payable Tranche 1 and 3 have floating interest rate. Net cash flow Tranche 2 has fixed interest rate of 4.34% p.a. including margin until Dividend/ capital repayment Estimated balance (31.12) Wilfast Torslanda AB was formerly called Gøteborg Kombi DIS. Sales discussion initiated. NRP Finans AS - Market Report December 2015 Page 69

70 Wilfast Mølndal AB Contact: Knut Ekjord Share price 1 % Share price per 1% (SEK): * Key figures (SEK) 100 % Paid in capital: Accumulated dividends/repayments: Average rent/sqm: Sensitivity Yield ,75 % 6,50 % 6,25 % Property value Property value after deferred tax Price/sqm (average) Tax-based value Market value hedging (78%) Share price per 1% * IRR share price** 13,8 % 13,3 % 12,2 % Yield at the end of project (2020) 7,3 % 7,0 % 6,7 % * Adjusted for hedging agreement swap ** After tax Company information Property Information Business Management: NRP Business Management AS Property type: Office and warehouse Technical Management: Wilfast Holding AB Location: Gothenburg Lettable are (sqm.): Initial cost of property after deferred tax: Construction year: 2012 Paid in capital: Occupancy rate: 100 % Established: Tenant: Bravida Sverige AB Yearly rent 2016: Rental agreement: Owner responsible fo exterior maintenance, technical Adjustment of rent: 100% of CPI installations, insurance and own administration Lease period: Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst. 16 Interest Balloon Rental income Mortgage tranche ,75 % p.a Cost of ownership Mortgage tranche ,75 % p.a Net operating income Mortgage tranche ,74 % p.a Interest expense Mortgage tranche ,11 % p.a Instalments mortgage Total Net finance Net cash flow Value of interest rate swap per : Dividend/capital repayment Estimated balance (31.12) Working capital Property value Total assets Debt Total debt Tranche 1 has fixed interest of 3.75% p.a. incl. margin until Tranche 2 has floating interest rate. Tranche 3 has fixed interest of 2.74% p.a. until Tranche 4 has fixed interest of 2.11% p.a. until The property consists of 2 buildings, one office-building of sqm and a warehouse of sqm. NAV after dividend and tax Page 70 NRP Finans AS - Market Report December 2015

71 Wilfast Mölnlycke Holding AB Contact: Knut Ekjord Share price 1 % Share price per 1% (SEK): Key figures (SEK) 100 % Paid in capital Accumulated dividends/repayments: - Average rent/sqm: Sensitivity Yield ,50 % 6,25 % 6,00 % Property value Property value after deferred tax Price/sqm (average) Tax-based value Market value hedging (78%) Share price per 1% IRR share price* 10,5 % 9,7 % 9,0 % Yield at the end of project (2029) 8,3 % 8,0 % 7,7 % * After tax Company information Property Business Management: Wilfast Forvaltning AB Property type: Logistics/terminal Technical Management: Wilfast Forvaltning AB Location: Mölnlycke (Gothenburg) Lettable area (sqm.): Initial cost of property: Construction year: 2015 Paid in capital: Occupancy rate: 100 % Established: Tenant: Arla Foods AB Yearly rent 2016: Rental agreement: Owner is responsible for insurance, Adjustment of rent: 100% of CPI technical replacements, and own administrative expenses. Lease period: Estimated cash flow (assuming 2.0% CPI) Financing ( ) Principal Inst.16 Interest Balloon 2029 Rental income Mortgage tranche ,51 % p.a Cost of ownership Mortgage tranche ,11 % p.a. 0 Net operating income Total Interest expense Instalments mortgage (tranche 1-2) Value of interest rate swap per : Net finance Net cash flow Dividend/capital repayment Mortgage tranche 1 has fixed interest of 2.51% including margin until Mortgage tranche 2 has floating interest rate. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt The property is strategically located in Mölnlycke, east of Gothenburg, which has become one of Swedens best locations for logistics. NAV after dividend and tax NRP Finans AS - Market Report December 2015 Page 71

72 Økernveien Kontorbygg AS - financial real estate project Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital Accumulated dividends/repayments: - Average rent/sqm: Sensitivity Yield ,00 % 5,75 % 5,50 % Property value Property value after deferred tax Price/sqm (average) Tax-based value* Market value hedging (73%) Share price per 1%** IRR share price*** 11,2 % 10,2 % 9,3 % Yield at the end of project (2027) 7,9 % 7,5 % 7,2 % * Including market value of plot ** Adjusted for market value hedging agreement and 13.5% of loss carried forward of approx NOK 100 mill. *** After tax Company information Property Business Management: NRP Business Management AS Property type: Office Technical Management: Aker Eiendomsdrift AS Location: Økern, Oslo Lettable area (sqm.): Initial cost of property: Construction year: 1968 Pain in capital: Occupancy rate: 99 % Established: 2014 Tenant: Sporveien Oslo AS (65%), NIFU (20%), Yearly rent 2016: and several other smaller retail tenants Asjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, technical management, insurance, property tax and own administration Lease period: Estimated cash flow (assuming 2.5% CPI) Financing ( ) Weighted average remaining 11 years Principal Inst.16 Interest Balloon Rental income Mortgage tranche ,00 % p.a cost of ownership Mortgage tranche ,68 % p.a Net operating income Total Interest income Interest expense Value of interest rate swap per : Instalments mortgage (tranche 1-2) Net finance Net cash flow Dividend/capital repayment Mortgage tranche 1 is a 5 year loan with Danske Bank with annual ammortization of NOK Mortgage tranche 2 is a 20 year loan with Realkreditt Denmark with no ammortization for the first 5 years. Only 129 mill of the loan has been drawn. Expected to be conluded Q % of the total loan amount is fixed with a 10 year interest swap agreement at 1.99% ex. margin. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt NAV after dividend and tax Sporveien Oslo has a contract until , except from floor 7 were they can exit in As property tax for Oslo is still not finalized this is not included in analysis. Sporveien will pay 50% of the tax for their part. Sporveien has option to extend the lease for 7 years at market terms NIFU has a contract until NIFU has 2x5 year options to extend the lease at market terms. The smaller retail tenants on the market square has 2-10 year contracts. The project has approx. NOK 100 mill in loss carried forward valued at approx NOK 13.5 mill. The building has recently been refurbished and the office part will get energy class B Page 72 NRP Finans AS - Market Report December 2015

73 4. Shipping & offshore NRP Finans AS - Market Report December 2015 Page 73

74 Date 1997-Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q3 Number of vessels USD/day 4.1 Shipping and offshore market comments The shipping market has again experienced a mixed past six months. The Clarksea Index has continued to improve slightly, but the improvement has been unevenly spread and the general market has cooled off slightly after some optimism before the summer. The tanker market has continued to perform well, while the dry bulk market has remained at historically low levels. The containership charter market rallied from low levels this spring, but rates have come down again this fall due lower growth in box volumes and temporarily loss of demand from Russia Source: Clarksons Research Clarksea Index 10,0 % 5,0 % 0,0 % -5,0 % -10,0 % Source: IMF Annual GDP growth Annual GDP World Annual GDP USA Annual GDP Euro Area Newbuilding activity has been relatively limited so far this year, reflecting the market conditions in most segments. Total newbulid orders as per October amounts to about 65 million dwt, which is close to half the level seen in In the meantime, shipyards have continued to deliver vessels at a higher pace than new contracting; hence, the size of the orderbook has decreased in the past six months. This has again put additional pressure on already struggling yards and newbuild prices have taken another small step down. For 2015 the IMF expects global growth of 3.1%, with an acceleration to 3.6% in This is slightly lower than their estimate six months ago and the 2014 level of 3.4%. Prospects across the main countries and regions remain uneven. Relative to last year, the recovery in advanced economies is expected to pick up slightly, while activity in emerging market and developing economies is projected to slow, on the back of weaker prospects for some large emerging market economies and oil-exporting countries. The changing economic situation in China is one of the major issues for shipping investors, and there is little real consensus on how successfully this transitional phase will be managed. Total world seaborne trade is expected to grow 2.6% this year to 10.8 billion tons in total Newbuilding orders Source: Clarksons Research Tankers Dry Bulk Containerships Demolition activity has picked up this year, after falling around 30% in 2014 to 33.6 million dwt. By October 2015, 32m dwt had been demolished, and it looks as though total demolition for 2015 will reach about 37m dwt. This equals around 2% of the total world fleet, and compares to the 2013 level of 47m dwt. Less demolition should decrease the overall fleet growth, Page 74 NRP Finans AS - Market Report December 2015

75 USDm USD/day Million DWT but it is unlikely to be enough to significantly reduce the underlying surplus capacity in certain segments. Tankers The tanker market continues to perform well and charter rates are 20-25% above the 15-year historical average. Average VLCC earnings so far this year has been USD 56,000 per day, Suezmaxes USD 45,000 per day and Afras USD 37,500 per day, and earnings have has been quite consistent through the year Crude tanker fleet development 16% 12% 8% 4% 0% -4% -8% -12% The increase in rates has been driven by a combination of gradually improving fundamentals such as low fleet expansion and growth in long-haul crude trade. Low oil prices and increased OPEC production has certainly helped the market and increased the seaborne oil trade. Seaborne crude oil trade is expected to grow 3.5% in 2015 and oil products trade even faster at 4.7% year time charter rates tankers Source: Clarksons Research VLCC Suezmax Aframax Since the end of 2012, the growth in the crude tanker fleet has slowed. Fleet growth in 2015 is expected to be around 3% per annum. Further an acceleration is expected in 2016 and 2017 as new orders have recently been placed and orders for dry bulk vessels have been converted. The improved tanker market has also led to a sharp decline in demolition activity. Deliveries Orderbook Scrapping Scrapping potential Growth (Right Axis) Source: Clarksons Research, Joachim Grieg & Co Secondhand prices for VLCCs are up 45% since the bottom in 2013, while newbuild prices have been quite stable. We have also seen similar trends in the Suezand Aframax segments, however, secondhand prices have not kept up with the strong charter market through 2015, which is an indication that the market does not believe the strong charter rates will last Secondhand prices 5 year-old vessels VLCC D/H 310K DWT Source: Clarksons Research Suezmax D/H 160K DWT Drybulk The dry bulk market has been very weak so far this year and earnings have ranged between USD 5,000-10,000 per day. Capesize earnings have averaged around USD 9,000/day so far this year and Panamaxes have seen levels around USD 7,500/day. NRP Finans AS - Market Report December 2015 Page 75

76 Million DWT Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan run rate Million tonnes Baltic Dry Index Chinese seaborne coal import Source: Clarksons Research Source: Clarksons Research The main driver for the depressed market is declining demand from China, both for iron ore and coal. China generates about 2/3 of global seaborne iron ore demand, and almost 1/3 of seaborne coal demand. Steel output is expected to soften this year, contributing to a notable slowdown in growth in China s iron ore imports from 15% in 2014 to 3% in Meanwhile, China s seaborne coal imports are expected to fall 30% year-on-year, which certainly does not help. Elsewhere in the world there is little growth in heavy industry and the result is likely to be minimal growth in seaborne dry bulk trade this year. 35% Steel production in China YoY growth On the positive side, fleet growth in the dry bulk segment has slowed down significantly and growth for 2015 is now expected to be 2.8%, down from 4.4% in One of the main reasons for this has been increased scrapping through the year and deliveries being postponed at the yards Dry Bulk fleet developmet 18% 15% 12% 9% 6% 3% 30% 25% % -3% -6% 20% 15% 10% 5% 0% % Source: Clarksons Research Deliveries Scrapping Growth (Right Axis) Source: Clarksons Research, Joachim Grieg & Co Orderbook Scrapping potential In line with the charter market, asset values have also declined. Current values are down more than 25% so far this year. Secondhand prices and charter rates continue to set new all-time low records. Current secondhand values are around 50% below the 15-year historical average. Page 76 NRP Finans AS - Market Report December 2015

77 USD/day 1,000 TEU Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 USDm Secondhand prices for 5-year old vessels Box volumes are currently projected to grow 4.6% in This is down from the earlier growth expectations above 6%, and compares to an estimated growth in 2014 of 5.3%. Volume growth continues robustly on the Transpacific trade, but Far East-Europe trade volumes have actually declined so far this year on the back of problems in the European economy and weak Russian volumes. The main determining factor for the feeder segment is the intra-asian volumes, where risks have increased as a result of slowing economic growth in China and below par trade expansion elsewhere. However, intra-asian box trade is still expected to grow close to 5% in 2015, which give some support to charter rates. Source: Clarksons Research Capesize Panamax Handymax Container Sentiment in the charter market in the first half of 2015 was fairly positive and charter rates rose 40-50% before the summer this year. During the summer and autumn, however, the market turned quieter and the number of fixtures reduced significantly. So far in 2015, box freight rates on the mainlane trades have been under continued pressure, although volumes have increased. Global box trade growth is projected at less than 5% in 2015, outpaced by overall container slot capacity expansion of around 7% - driven by deliveries of very large containerships (12,000 TEU+). As liners started to release capacity, charter rates dropped and are currently close to levels seen one year ago. Fleet growth in the container feeder segment is limited and is expected to remain so going forward. Although the recent upswing in rates led to some newbuild orders being placed, the orderbook is still less than 10% of the overall fleet for vessels below 3,000 TEU. Fleet growth 1,000-2,999 TEU container vessels % 9% 6% 3% 0% -3% -6% months time charter rates -300 Deliveries Scrapping Fleet growth Source: Clarksons Research In line with the improved charter market, secondhand values in the container feeder segment improved slightly from the very low levels seen the past couple of years. However, the recent slowdown in the charter market has made prices decrease yet again, and activity in the secondhand market has also slowed down. Currently the number of data points for transactions is somewhat limited. -9% Source: Clarksons Research 1,700 TEU grd 2,000 TEU gls 2,750 TEU gls 3,500 TEU gls NRP Finans AS - Market Report December 2015 Page 77

78 USDm Secondhand prices Container feeder Investments in international offshore exploration and production (USDbn) Source: DNB Markets 1,700 TEU gls - 10 Yr old 2,750 TEU gls - 10 Yr old 2,500 TEU grd - 10 Yr old Source: Clarksons Research Offshore The Offshore market has been through a period of extraordinary growth over the past 10 years; as oil companies have been increasing their investments in exploration, development and production of oil fields about four times. The main drivers behind the increased investments have been high oil prices, rapid cost inflation along the value chain and increased complexity as new fields have been found and developed in more remote locations and in deeper waters. Over the past 24 months, however, the market has become more and more subdued as oil companies have shifted gears and started focusing on cost reductions in order to improve their operational cash flow. In addition, the oil price has fallen more than 50%, which has put additional pressure on activity levels going forward. In the North Sea, Statoil has been paving the way with their recent strong focus on reducing costs and has, hence, lowered the activity level. Investments in exploration and production activities on the Norwegian Continental Shelf are expected to decline more than 20% in 2015 and even further in A study carried out by DNB suggests that investments in international offshore activities might decrease as much as 35% from 2014 to The North Sea spot market for Supply vessels has been very weak this year, driven by lower activity as oil companies are scaling back on drilling programs and cutting costs wherever they can. In addition, a lot of vessels have returned to the North Sea as they have not been able to secure new contracts other in regions such as Brazil. Current rates are below opex level and close to 100 vessels in total have been laid up in the North Sea Source: Clarksons Research Day rates for PSVs (USD/day) Medium PSV Large PSV Page 78 NRP Finans AS - Market Report December 2015

79 Number of vessels YoY growth Number of vessels YoY growth Day rate for AHTS (USD/day) expected to be around 3%, significant lower than the PSV fleet of 7%. The average age of the AHTS fleet is 14 years and 30% of the fleet is more than 20 years old. Compared to PSVs, anchor handlers are more complex and expensive to build which limits the number of ship owners and yards able to build new tonnage. Operations are also more complex and require more experienced crew etc Fleet overview AHTSs 20% 16% % Source: Clarksons Research Medium AHTS Large AHTS PSV fleet The PSV fleet consists of around 1,750 vessels and the total orderbook accounts for about 20% of the existing fleet. The fleet growth over the past years has been 7-8% p.a. Of the current fleet, 25% of the vessels are older than 20 years and will eventually have to leave the market, however, we have not seen a lot of attrition in this market yet. We are also likely to see delays at several yards and potentially postponements of deliveries if the ship-owners have the flexibility to do so % 50 4% % Deliveries Scrapping Fleet growth Source: IHS Petrodata Fleet overview PSVs 20% 16% 12% 8% 4% - -4% Source: IHS Petrodata Deliveries Scrapping Fleet growth AHTS fleet The AHTS fleet consists of around 2,000 vessels, and the current orderbook accounts for 8% of the existing fleet. Annual supply growth from 2015 to 2017 is NRP Finans AS - Market Report December 2015 Page 79

80 4.2. Key figures shipping & offshore portfolio NRP Finans Shipping/offshore portfolio vs Oslo Stock Exchange benchmark NRP Finans Shipping Index (424) Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan OSEBX (330) Dec % 60 % 40 % 20 % 0 % -20 % -40 % Yearly return NRP Finans Shipping/offshore portfolio vs OSEBX 63 % 65 % 54 % 52 % 52 % 47 % 48 % 47 % 39 % 41 % 32 % 34 % 28 % 18 % 11 % 15 % 4 % -14 % -12 % -16 % -31 % -36 % -4 % 24 % 5 % 4 % 12 % -22 % -60 % -80 % -55 % -54 % NRP Finans Shipping/offshore portfolio OSEBX Development number of shipping/offshore projects Projects established (left axis) Projects sold (left axis) Projects in portfolio end of year (right axis) -30 Page 80 NRP Finans AS - Market Report December 2015

81 musd Accumulated equity raised to NRP shipping & offshore projects Accumulated equity raised to NRP Finans shipping and offshore projects from 2000 up to today Current segment distribution NRP Finans Shipping & Offshore portfolio 4.6 % 12.8 % The diagram shows the distribution of the different segments in NRP Finans' current portfolio % Bulk 20.3 % Container Offshore Product Reefer 43.1 % Arranged NRP Shipping & Offshore projects - segments Total paid in capital of USD 806 mill Bulk Chemical The diagram shows a segment breakdown of arranged NRP Finans shipping and offshore projects from 2000 up to today. Container Cruise Ferry Gas Offshore Product Reefer RoRo Tank NRP Finans AS - Market Report December 2015 Page 81

82 4.3 Shipping & offshore projects overview Projects Shipping Estimated value per 1% Established IRR since established p.a. Return 2015** Arca Shipping DIS USD % 12 % BB Troll DIS NOK % -22 % Beta DIS NOK % -47 % Bulk Avanti DIS USD % -60 % Bulk Transloading DIS* N.A 2007 N.A N.A Cresco Shipping DIS USD % 5 % Eastern Reefer II DIS JPY % 12 % Gjende DIS USD % 12 % Inter Carib II DIS USD % -52 % Jupiter Bulker DIS USD % -66 % KUO DIS USD % -2 % Mount Lyderhorn LLC USD % -2 % Neptune Seismic DIS USD % -66 % Spero DIS USD % 3 % Stril Offshore DIS NOK % -25 % TDSC Opportunity AS USD % 0 % UACC Bergshav Tanker DIS USD % 2.5 % UACC Ross Tanker DIS USD % 0 % *The project has been suspended **Return is equivalent to change in value from Page 82 NRP Finans AS - Market Report December 2015

83 Arca Shipping DIS - container asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Mats Olimb (mats.olimb@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): Tax value vessel (USD): Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value end C/P: Net residual value end C/P:** IRR estimated share price: 13,3 % 20,4 % 26,7 % IRR total capital: 16,3 % 23,2 % 29,2 % * Before adjusted for tax value of vessel. ** The net residual value is after profit split - 70% to the owning company and 30% to the BB-charterer. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel's name: MV Arca Commercial management: Atlantica Shipping AS Type: 1,641 TEU geared container vessel (Hanjin 1600) Class: Bureau Veritas Purchase price vessel: USD Dwt/Ldwt: dwt/7 007 mt Paid in capital: USD LOA/ Beam/Draught: m/27.25 m/9.22 m Uncalled capital: USD 0 Speed & Cons: 19 knots on 49 TS Fuel (laden) Delivery: Yard: Hanjin HI Co. Ltd, South Korea Commencement of C/P Built: 1994 Expiry of C/P: Flag: Liberia Charterer: SPC, Timber Shipping Inc. Main engine: B&W 6S60MC 16, RPM guaranteed by Conbulk Shipping S.A, Greece Reefer plugs: 108 Average BB-rate year 1-5: USD 1 004/day Next intermediate: Jan Est. net TC-rate 2015* USD 8 143/day Next SS: Mar Est. net TC-rate year 2016 USD 9 025/day Other information: TEU homogeneous, 7 holds, 8 hatches, Est. net TC-rate year 2017 USD /day Est. net TC-rate year 2018 USD /day 2 cranes with safe working load of 40 tonnes, Ice class equipped Profit split hurdle rate 2015: (BB-rate + opex) USD 6 694/day * on a 4-6 month charter party at USD 7 650/day, commencing Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Operating revenue Mortgage debt 0 0 0,00 % p.a. 0 Profit split* Total Administration expenses Net operating cashflow Currently no debt on the vessel. Net financial items Net project cashflow Estimated dividend * Profit split initially used to pay docking-cost of USD , paid by investors. Implicit vessel value Estimated equity value Working capital Net implicit vessel value* * including CP value,and after profit split The Vessel is fixed on a 5 year BB-charterparty with a profit sharing agreement to an SPC, Timber Shipping Inc., guaranteed by Conbulk S.A of Greece. The DD/SS cost end of 2013 was capped at, and estimated to be, USD , to be split 50/50 between Arca Shipping DIS and Conbulk. The actual cost was USD The extra DD/SS expense of USD to be fully redeemed to Conbulk before any profit splits from trading and sale will occur. When the DD/SS cost of USD is paid, all earnings exceeding a pre-agreed hurdle rate consisting of the BB-rate and operational expenses to be split 60/40 between the owning company and the charterer. Sales proceeds exceeding investors initial equity of USD to be split 70/30 between the owning company and Conbulk. Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange-rate of 8.5 NOK/USD is used in this analysis. NRP Finans AS - Market Report December 2015 Page 83

84 BB-Troll DIS - offshore asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK): 1 % Estimated share price (NOK):* Key figures: 100 % Paid in equity (NOK): Accumulated dividends (NOK): Tax value vessel (NOK): Net asset value seisitivity: LOW CASE BASE CASE HIGH CASE Vessel value Working capital Net asset value * Before adjusted for tax value vessel. The share price includes a deduction from the estimated net asset value calculation, due to a volatile market. The vessel value is based on broker estimate. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: M/V BB Troll Technical management: Buksér og Berging AS Type/design: AHTS bhp DPSII - VS 473 design Commercial management: Buksér og Berging AS Class: DNV LOA: 73.8 m Purchase price vessel*: NOK Breadth: 16.0 m Paid in capital: NOK Yard: Ferguson Shipbuilders, Glasgow, UK *including working capital Delivery: Apr 2000 Dwt: 2,881 t Opex break even 2015 per day**: NOK Main engine: Wartsila 12V32 Diesel, 2 x BHP Current Employment: The Vessel trades in the spot market Bollard pull: 165 t Delivery: Aux. engines: 2 x 430 kva V 3ph 60 hz ** (ex DD/SS, including admin. expenses) Main generator: 2 x 2125 kva 440V 3ph 60hz Flag: NOR Next special survey: November 2019 Next intermediate survey*: May 2017 * Full overhaul of main engines, new stern roller, spooling gear for towing winch and sandblasting + coating of four ballast tanks Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Mortgage debt ,00 % p.a. 0 Total Implicit vessel value The vessel is operating in the spot market in the North Sea. Page 84 NRP Finans AS - Market Report December 2015

85 Beta DIS - offshore asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK) 1 % Estimated share price (NOK):* Key figures: 100 % Paid in equity (NOK): Accumulated dividends (NOK): Tax value vessel (NOK): Net asset value sensitivity: BASE CASE Liquidation costs incl. sale Working capital Project value * Not adjusted for tax value vessel. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: M/V Beta Technical management: Buksér og Berging AS Type: Anchor Handling Tug/Supply vessel (AHTS) Commercial management: Buksér og Berging AS Dwt: mt LOA: 67.8m Purchase price vessel: NOK Breadth: 14.5m Paid in capital: NOK Yard/Built: H.Surken West Germany/ 1982 Uncalled capital: NOK 0 Class: DNV Delivery: Flag: NOR Expiry of C/P: Deck cargo 720 sqm Speed: 15.5 knots Gross TC-rate 2015: NOK /day Main engine: 4 x Wichmann 6AXAG, BHP Assumed operating expenses 2015: NOK / day Next DD/SS: February 2016 Next intermediate survey: May 2019 Estimated Cashflow Financing ( ) 2015 Balance Inst. 16 Interest Balloon Operating revenue* Mortgage debt % p.a. 0 Operating expenses Total Administration expenses Net operating cashflow The mortgage loan and investor loan have been repaid in full. Interest earned Net financial items Net project cashflow Estimated dividend * Hire for 2 months, equal to NOK , received in 2016 is added to the hire in The Vessel is being utilized as a stand-by emergency vessel by Kystverket until from Buksér og Berging AS to Kystverket. The contract was not renewed for 2016 and the vessel will be marketed for sale. NRP Finans AS - Market Report December 2015 Page 85

86 Bulk Avanti DIS - dry bulk asset play project Contact: Ragnvald Risan (r.risan@nrp.no) Nicolai Rosenberg (nicolai.rosenberg@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): Tax value vessel (USD): Net asset value senstivity LOW CASE BASE CASE HIGH CASE Vessel value Working capital Debt Net asset value * Before adjusted for tax value vessel. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: MV Bulk Avanti Commercial management: Eastern Bulk Carrier Type: Supramax Bulk Carrier Technical Management: Fleet Ship Management Inc. Class NKK Purchase price vessel: USD Dwt: 56,042 mt Paid in capital: USD Ldwt: 8,500 Uncalled capital: USD 0 LOA/ Beam: m / m / m Speed/cons: 14.5 kts / 31.0 ts Current employment: Timecharter to Grieg Star Bulk AS Yard: Mitsui S.B. Japan, Tamano Shipyard Delivery: Built: 2006 Expected TC rate : USD Flag: Panama Operational expenses 2015*: USD Main engine: MAN B&W, 12, rpm * excl. DD/SS, including insurance Holds / hatches: Fore & aft hatches, hydr. Operated, 5 holds / 5 hatches Grain capacity: 70,810 cubic m. Cranes: 4 cranes with safe working load of 30,5 tonnes Fitted with grabs Next DD/SS: May 2016 Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon 2016 Operating revenue Mortgage debt* ,23 % p.a Operating expenses Total Dry docking Administration expenses Net operating cashflow Interest expenses Repayment long term debt Funding from partners Net financial items Net project cashflow * The mortgage loan has quarterly instalments of USD The project is exempt from paying instalments Q and the first half of These payments will be deferred to the balloon instalment. The mortgage has the following terms/covenants: Minimum Value Clause - 140% of outstanding mortgage at all times. Minimum free liquidity of USD 600,000. The mortgage has floating interest. Implicit vessel value Estimated equity value Debt Working capital Implicit vessel value The vessel is currently trading in the spot-market. Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange-rate of 8.5 NOK/USD is used in this analysis. Funding from partners of approximately might be necessary in 2016 to pay the scheduled docking. Page 86 NRP Finans AS - Market Report December 2015

87 Bulk Transloading DIS - asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Nicolai Rosenberg (nicolai.rosenberg@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): Net asset value sensitivity: Vessel value Net debt Working capital Net asset value *Before adjusted for tax value vessel. BASE CASE Corporate details The Vessels Corporate management: NRP Business Management AS Vessel name: M/V Trans Bay Commercial management: Atlantica Shipping AS Type: Bulk Transloader Dwt: 68,857 Purchase price vessels: USD Yard: Daewoo Paid in capital: USD Built: 1996 Uncalled capital: USD 0 Converted: 1996 Class: DnV Flag: Marshall Islands Next intermediate: December 2016 Next DD/SS: August 2019 Estimated Cashflow Financing ( ) Balance Interest Balloon Mortgage debt ,50 % p.a.* Total The mortgage lender has a cash sweep on the project Implicit vessel value M/V Trans Emirates was sold June Sales process for M/V Trans Bay is initiated. NRP Finans AS - Market Report December 2015 Page 87

88 Cresco Shipping DIS - container asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Mats Olimb (mats.olimb@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): 0 Tax value vessel (USD): Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value 2019: Net residual value 2019:** IRR estimated share price: 14,5 % 18,6 % 22,1 % IRR total capital: 15,6 % 19,5 % 22,8 % * Not adjusted for tax value vessel. ** The net residual value is after profit split, 70% to the owning company and 30% to the BB-charterer. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: MV Cresco Commercial management: Atlantica Shipping AS Type: 1,730 TEU geared container vessel Class: GL Purchase price vessel: USD Dwt/Ldwt: 22,996 dwt/7,771 mt Paid in capital: USD LOA/ Beam/Draught: m/25.30 m/9.89 m Uncalled capital: USD 0 Speed: 19.6 knots Delivery: Yard: Stocz, Szczecin, Poland Commencement of C/P Built: 1996 Expiry of C/P: Flag: Liberia Charterer: SPC guaranteed by Main engine: Sulzer, 6RTA&"U; 17, RPM Conbulk Shipping S.A., Greece Next DD/SS: Dec BB hire (5 years): USD 1 266/day Other information: 1,120 TEU homogeneous and 400 Reefer plugs; 4 holds, Opex: USD 5 610/day 9 hatches, 3 cranes with safe working load of 40 tonnes Profit split hurdle rate 2015 (net BB-rate + opex):* USD 6 821/day Estimated average net daily TC hire : USD /day * excluded USD 500/day in repositioning deficit cover Estimated Cashflow Financing ( ) ** Balance Inst. 16 Interest Balloon Operating revenue Mortgage debt 0 0 0,00 % p.a. 0 Profit split Total Dry docking* Administration expenses Currently no debt on the vessel. Net operating cashflow Net financial items Net project cashflow Estimated dividend * DD/SS in 2015 shall be split 70/30 between Owner and Charterer. Capped DD/SS cost for Owner in 2016 is USD **Estimated project-end Implicit vessel value Estimated equity value Debt 0 Working capital Net implicit vessel value* *including CP value, and after profit split The BB hire is 12% p.a. of the vessel cost for the duration of the BB contract. Cresco and Conbulk will split all vessel trading surplus 60/40. The vessel trading surplus is calculated as the net revenue of the time-charter less (i) the BB hire payments, (ii) the operation expense rate and (iii) DD/SS retention amount of USD 500/day. Sales profit on all net sales proceeds exceeding the initial Project Price of USD will be split 70/30 between Cresco Shipping and Conbulk. Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange-rate of 8.5 NOK/USD is used in this analysis. Page 88 NRP Finans AS - Market Report December 2015

89 Eastern Reefer II DIS - industrial shipping project Contact: Ragnvald Risan (r.risan@nrp.no)/ Nicolai Rosenberg (nicloai.rosenberg@nrp.no) (All figures in 1000 JPY)* Estimated share price (JPY): 1 % Estimated share price (JPY):* Key figures: 100 % Paid in equity (JPY): Accumulated dividends (JPY): Residual value sensitivity on IRR: BASE CASE Residual value end C/P 2017: IRR estimated share price: 13,2 % IRR total capital: 8,3 % * Before adjusted for tax value vessel. Assumed exchange rate of USD/JPY = 100 Corporate details The Vessels Corporate management: NRP Business Management AS Vessel name: M/V Jochoh M/V No. 2 Pohah M/V Dinok Commercial management: Lorentzens Skibs Management AS Type: Reefer Reefer Reefer Cargo Cap: 235,050 cbft 235,039 cbft 238,964 cbft Purchase price vessels: JPY Dwt: ,134 5,163 Paid in capital: JPY LOA/ Beam: 113.3m/16.6m 113.4m /16.6m 120.7m/16.6m Uncalled capital: JPY Built: Established: Class/flag: N.K N.K. KR Commencement of C/P M/V Pohah No.2: Main engine: Kobe, 8UEC37LA Akasaka, 8UEC37LA Akasaka, 6UEC37LA Expiry of C/P M/V Pohah No.2: Yard (all vessels): Kyokuyo Shipyard Corp, Japan Commencement of C/P M/V Jochoh: Expiry of C/P M/V Jochoh: DD/SS: Commencement of C/P M/V Dinok: Expiry of C/P M/V Dinok: Base case assumptions: BB rate net per day year M/V Pohah No 2.: JPY 401,5 BB rate net per day year M/V Jochoh: JPY 355 BB rate net per day year M/V Dinok: USD Charterer: Guarantor: NOK Co. Ltd., Panama Khana Enterprises Co. Ltd., Japan and Boyang Ltd., South Korea Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Operating revenue Mortgage debt ,75 % p.a* Administration expenses Seller's Credit ,00 % p.a Net operating cashflow Participant loan ,00 % p.a.** Interest expenses Total Repayment long term debt Net financial items Sale of vessels back to Charterer Net project cashflow Estimated dividend *Mortgage debt 1 has floating interest rate. ** The participant loan was established to finance the purchase of M/V Dinok. It has an annual interest of 15% p.a., and is repaid quarterly with USD Implicit vessel value Estimated equity value Debt and seller's credit Working capital Implicit vessel value All JPY figuers in 1,000 JPY. An assumed exchange rate of USD/JPY = 100, has been used for all calculations. The Charterer has an obligation to purchase all three vessels at the end of the Bareboat Charter (2017): - M/V Pohah No. 2 for JPY 500 million. - M/V Jochoh for JPY 32.7 million. - M/V Dinok for USD NRP Finans AS - Market Report December 2015 Page 89

90 Gjende DIS - industrial shipping project Contact: Ragnvald Risan (r.risan@nrp.no)/ Nicolai Rosenberg (nicolai.rosenberg@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): USD Accumulated dividends (USD): USD Residual value sensitivity on IRR: BASE CASE Residual value end C/P 2019: IRR estimated share price: 15,3 % IRR total capital: 6,4 % * Before adjusted for tax value vessel. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: M/V Mabah Commercial management: Lorentzens Skibs Management AS Type: Reefer Flag: Panama Purchase price vessel: USD Built: 1995 Seller's credit USD Dwt Paid in capital: USD Cargo cap (cbft): Uncalled capital: USD 0 Yard: Kyokuyo Shipyard Corp., Japan Delivery: LOA/Beam/Draught: m / m / 7.1 m Commencement of C/P Main engine: AKASAKA 6UEC37LA, 3, rpm Expiry of C/P: Next DD/SS October 2019 Next intermediate: April 2017 BB hire (5 years): USD 2 805/day Charterer: NOK Co. Ltd., Panama Guarantor: Khana Enterprise CO. Ltd., Japan and Boyang Ltd., South Korea Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Operating revenue Seller's credit ,00 % p.a Administration expenses Total Net operating cashflow Net project cashflow No debt on the vessel. Estimated dividend Seller's credit of USD , as a bullet over 5 years. None interest bearing. Implicit vessel value Estimated equity vaue Seller's credit Working capital Implicit vessel value The Charterer has a purchase obligation at the end of the charterparty at USD Page 90 NRP Finans AS - Market Report December 2015

91 Inter Carib II DIS - asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Nicolai Rosenberg (nicolai.rosenberg@nrp.no) Estimated share price (USD): 1 % Estimated share price USD:* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): Tax value vessel (USD): Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Vessel value Working capital Debt Net asset value * Before adjusted for tax value of vessels. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: M/V Mostein Commercial management: Arne Blystad AS Type: Self Discharging Bulk Carrier Dwt: mt Purchase price vessels: USD LOA/ Beam: 89.9 m /13.0 m Paid in capital: USD Yard: Damean Shipyard, Holland Uncalled capital: USD Built: 1996 Delivery: Class/flag: LR Commencement of C/P: Main engine: 4SA 6 cyl MAK 1800 kw Expiry of C/P: Speed: 11 knots Flag: Antigua & Bermuda Base case assumptions: Intermediate: February-17 BB rate USD 1 750/day Next SS: August-19 BB rate USD 3 000/day *Less 1% broker commission Charterer M/V Mostein: Thompson Shipping Inc., Cayman Islands Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Operating revenue Mortgage debt ,25 % p.a. 0 Administration expenses Total Net operating cashflow Instalment loan to charterer Instalment outstanding hire Interest expenses Repayment long term debt Net financial items Net project cashflow The mortgage has floating interest rate. Maturity date for the mortgage is Loan to Charterer of USD , due to docking fall % interest p.a., and 18 equal instalments from Implicit vessel value Thompson Inc. has an option to purchase MV Mostein at the end of the charter for USD Inter Carib II DIS has an option to sell MV Mostein to Thompson Inc. at the end of the charter for USD The Charterer has difficulties paying the bareboat hire, and hire discount has been granted for the period The bareboat-period has been extended until Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange-rate of 8.5 NOK/USD is used in this analysis. NRP Finans AS - Market Report December 2015 Page 91

92 Jupiter Bulker DIS - bulk asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Nicolai Rosenberg (nicolai.rosenberg@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in capital (USD): Accumulated dividends (USD): 0 Tax value of vessel (USD): Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value Working capital Shareholder loan Net asset value * Before adjusted for tax value vessel. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: MV Nemorino Commercial management: Atlantica Shipping AS Type: Handymax bulk carrier Class: Bureau Veritas Purchase price vessel: USD Dwt: Net purchase price: USD Ldwt: Paid in capital: USD LOA/ Beam/Draught: m/ m/ m Shareholder loan: USD Speed/consumption: 14.1 knots Uncalled capital: USD 0 Yard: COSCO Nantong, China Delivery Built: 2002 Estimated TC-rate 2016: USD 5 500/day Flag: Liberia Estimated OPEX USD 4 812/day Main engine: MAN B. W, 6S50MC6.1 Next DD/SS: 2020 Next intermediate: 2017 Other information: 5 holds, 5 hatches, 4 cranes with safe working load of 30.0 tonnes Estimated Cashflow Financing ( ) Balance Interest Balloon Operating revenue Participant loan ,00 % p.a Operating expenses Total Net operating cashflow Interest shareholder loan Loan from investors Net financial items Net project cashflow New participant loan from investors of USD in Loan A of USD 2 mill has interest rate of 12% p.a. Loan B of USD 1 mill, which is subordinated to loan A, has interest rate of 15% p.a. Implicit vessel value Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange rate of 8.5 NOK/USD is used in this analysis. MV Nemorino has been fixed to Navig8 Bulk Pool, with commencement from November The vessel will be delivered for a period of minimum 12 months. Page 92 NRP Finans AS - Market Report December 2015

93 KUO DIS - container asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Mats Olimb (mats.olimb@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): Tax value vessels (USD): Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value end C/P: Net residual value end C/P:** IRR estimated share price: 13,9 % 26,8 % 38,3 % IRR total capital: 11,4 % 21,3 % 30,4 % * Before adjusted for tax value of vessels. The project is priced based on net asset value, as both owner and charterer at the moment can trigger a sale. **The net residual en-bloc (2017) value is net after profit split 50/50 between the owning company and the BB-Charterer. Corporate details The Vessels Corporate management: NRP Business Management AS Vessel names: KUO Tai / KUO Hung / KUO Lung Commercial management: Atlantica Shipping AS Type: Gearless Container Vessles Purchase price vessels en-bloc: USD TEU: TEU (1 120 TEU at 14 tons homogeneous) Paid in capital: USD Reefer capacity: 200 Delivery: Dwt: Commencement of C/P: Ldwt: Expiry of C/P: LOA/ Beam/Draft: 168.8m / 27.3 m / 8.42 m Charterer: SPCs guaranteed by Conbulk S.A Greece Speed: 17.0 / 18.2 / 18.2 knots and Auster Finance Inc., Marshall Islands Yard: CSBC Shipyard, Kaohsiung, Taiwan BB - Hire en-bloc (excl. BB instalments): Built: 1995, 1997, 1998 Net BB-rate : USD / day Flag: Panama Net BB-rate : USD / day Class: Bureau Veritas Net BB-rate : USD / day Main engine: Man B&W, kw a 127 rpm Net BB-rate USD / day Other: 4 holds, 8 hatches, 4 tiers on deck Profit split hurdle rate avg. per vessel: USD / day KUO Tai KUO Hung KUO Lung Next SS July 2020 Sep Feb Estimated net TC-rate per vessel: Next intermediate Des Sep Feb Estimated Cashflow Financing ( ) * Balance Inst. 16 Interest Balloon 2017 Operating revenue Mortgage debt ,48 % p.a Profit split Total BB Instalment Administration expenses Net operating cashflow Interest expenses Repayment long term debt Net financial items Sale of vessels en-bloc Net project cashflow Estimated dividend * Estimated project-end The interest rate on the mortgage is floating. Extraordinary instalment of USD 1.5 mill. in 2014, due to sale of KUO FU. Semiannual instalments of USD The mortgage will mature September Minimum Value Clause of 140% of the outstanding facility. - Minimum cash: USD Implicit vessel value Estimated equity value Debt Working capital Net implicit vessel value* *including CP value, after profit split All earnings exceeding the pre-agreed operating expenses and BB hire (incl.bb instalments) to be split 50/50 between the partnership, KUO DIS, and the Charterer (Conbulk). Kuo DIS to receive BB instalments of USD per vessel semi-annually, commencing two and a half years from delivery. Such BB instalments will be deducted before any trading profit split. The profit sharing agreement also applies in the event of a sale. Adjusted with BB instalments received, any sale revenue shall be split 50/50 between KUO DIS and Conbulk. Should the value of the Vessels fall below USD , KUO DIS has the right to, but no obligation, to sell the Vessels. Tax value of the vessels are subject to currency risk, as the tax value is denominated in NOK. Exchange-rate of 8.5 NOK/USD is used in this analysis. NRP Finans AS - Market Report December 2015 Page 93

94 Mount Lyderhorn LLC - industrial shipping project Contact: Ragnvald Risan (r.risan@nrp.no)/ Nicolai Rosenberg (nicolai.rosenberg@nrp.no) Estimated share price (USD): 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): 0 Residual value sensitivity on IRR : LOW/BASE CASE HIGH CASE Residual value end C/P:** IRR estimated share price: 12,6 % 49,4 % IRR total capital: 6,1 % 20,3 % * Before adjusted for tax value vessel. ** Base case residual value is the put value. High case residual value is the call value. (August 2016) Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: MV Golden Lyderhorn Commercial management: Lorentzens Skibs Management AS Type: Panamax drybulk carrier Purchase price vessel: USD Class: DNV Paid in capital: USD Dwt/Ldwt: 74,242 dwt Uncalled capital: - LOA/ Beam/Draught: m/ m/ m Purchase of shares: Speed & Cons: 14.0 knots on 32 TS Fuel (laden) Commencement of CP: Yard: Sasebo H.I. - Japan Expiry of CP: Built: 1999 Bareboat rate : USD 9 300/day Flag: Hong Kong Current employment: Golden Ocean Group Ltd Main engine: MAN B&W 6S60MC6, 12, RPM Other information: Grain Capacity of 87,500 cu.m., 7 Holds, 7 Hatches Next SS: 2019 Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Operating revenue Mortgage debt ,78 % p.a Administration expenses Seller's Credit ,00 % p.a Net operating cashflow Total Interest expenses Repayment long term debt Value of interest rate swap per : Repayment Seller's Credit Net financial items Tax payment Sale of vessel Net project cashflow There is an "over-hedging" of the interest rate due to extraordinary debt repayments in 2012 and 2015, where the swap was not terminated. The extraordinary instalment in 2015 was USD Implicit vessel value Estimated equity value Debt Working capital Implicit vessel value The Owner has a put option in August 2016 at USD Golden Ocean has a call option for the vessel in August 2016 at USD In the event Golden Ocean exercises the call option, any interest rate swap exposure and termination of such, will be for their account. Page 94 NRP Finans AS - Market Report December 2015

95 Neptune Seismic DIS - offshore asset play project Contact: Ragnvald Risan (r.risan@nrp.no)/ Mats Olimb (mats.olimb@nrp.no) Estimated share price (USD) 1 % Estimated share price (USD):* Key figures: 100 % Paid in equity (USD): Accumulated dividends (USD): Tax value vessel (USD): Net asset value sensitivity : LOW CASE BASE CASE HIGH CASE Vessel value Participant loan Working capital Net Asset value * Not adjusted for tax value vessel. The share price includes a deduction from the estimated net asset value calculation, due to a volatile market. The vessel value is based on broker estimate. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel name: M/V Neptune Naiad Technical management: Neptune Offshore AS Type: High end 2D/Low end 3D Seismic vessel Commercial management: Neptune Offshore AS Flag: NIS Delivery: 2007 Class: Lloyds Register Purchase price vessel: USD Built: 2002 Initial paid in capital: USD Rebuilt: 2008 Outstanding uncalled capital: USD 0 Yard: Huang Pu Shipbuilding Rebuilt: Irving Shipbuilding, Canada Length: 61.0m Breadth: 14.2m Main engine: 1 x Man B&W Alpha L6-27/ Kw at 800 rpm with 1,300 Kw shaft generator at 1,500 rpm Accomodation: 43 persons Next SS: 2016 Estimated Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Mortgage debt 0 0 0,00 % p.a. 0 Total 0 0 Participant loan from investors of USD year bullet, 14% interest p.a. to be added to the bullet amount. Maturity June Implicit vessel value The vessel was cold stacked in December 2014, and will need investments in order to get into operation again. Investments in seismic equipment was made in 2014, and all equipment onboard is owned by the company. Tax value of the vessel is subject to currency risk, as the tax value is denominated in NOK. Exchange-rate of 8.5 NOK/USD is used in this analysis. NRP Finans AS - Market Report December 2015 Page 95

96 Olympic Kombiskip KS - offshore asset play project Contact: Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK): 1 % Estimated share price (NOK):* Key figures: 100 % Paid in capital (NOK): Accumulated dividends (NOK): Tax value vessel (NOK): Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value: Working capital: Debt: Net asset value: * Before adjusted for tax value vessel. The share price includes a deduction from the estimated net asset value, due to a volatile market. The vessel value is based on broker estimate. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel's name: Olympic Promoter Commercial management: Olympic Shipping AS Type: UT 755LN PSV Technical management: Olympic Shipping AS Class: DNV Dwt: 3,250 Purchase price vessel: NOK LOA: 73.6 m Paid in capital: NOK Draught: 5.9 m Uncalled capital: NOK Yard: STX OSV AS, Brevik Built: 2005 Flag: Norway Main engine: KRMB9 Deck space: 680 sqm Next SS: 2019 Cashflow Financing ( ) Budget 2015 Balance Inst. 16 Interest Balloon Operating revenue Mortgage debt ,25 % Operating expenses Total Administration expenses Net operating cashflow Interest expenses Repayment long term debt Net financial items Net project cashflow The mortgage runs until March 2018 with semi-annual instalments of NOK Olympic Promotor recently ended its charter party with Petrobras. Page 96 NRP Finans AS - Market Report December 2015

97 Olympic Master KS - offshore asset play project Contact: Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK): 1 % Estimated share price (NOK):* Key figures : 100 % Paid in capital (NOK): Accumulated dividends (NOK): Tax value vessel (NOK): Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value: Working capital: Debt: Net asset value: * Before adjusted for tax value vessel. The share price includes a deduction from the estimated net asset value calculation, due to a volatile market. The vessel value is based on broker estimate. Corporate details The Vessel Corporate management: NRP Business Management AS Vessel's name: Olympic Progress Commercial management: Olympic Shipping AS Type: UT 755LN PSV Technical management: Olympic Shipping AS Class: DNV GL Dwt: Purchase price vessel: NOK LOA: 73.6 m Paid in capital: NOK Draught: 5.9 m Uncalled capital: NOK Yard: STX OSV AS, Brevik Built: 2005 Flag: Bahamas Main engine: MAN B&W 6S50MC-C8 Next SS: 2016 Cashflow Financing ( ) Budget 2015 Balance Inst. 16 Interest Balloon 2018 Operating revenue Mortgage debt ,25 % Operating expenses Total Docking Administration expenses Net operating cashflow Interest expenses Repayment long term debt Net financial items Net project cashflow The mortgage runs until March 2018, with semi-annual instalments of NOK Olympic Progress is currently cold stacked in Norway. NRP Finans AS - Market Report December 2015 Page 97

98 Olympic Octopus KS - offshore asset play project Contact: Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK): 1 % Estimated share price (NOK):* Key figures: 100 % Paid in capital (NOK): Accumulated dividends (NOK): 0 Tax value vessel (NOK): Net asset value sensitivity: Vessel value: Working capital: Debt: Net asset value: * Before adjusted for tax value LOW CASE BASE CASE HIGH CASE Corporate details The Vessel Corporate management: NRP Business Management AS Vessel's name: Olympic Octopus Commercial management: Olympic Shipping AS Type: UT 712L AHTS Technical management: Olympic Shipping AS Class: DNV Dwt: 2,600 t Purchase price vessel: NOK LOA: 78.3 m Paid in capital: NOK Breadth: 17.2 m Uncalled capital: NOK Draught: 7 m Yard: Vard AS, Søviknes Built: 2006 Flag: NOR Main engine: B32:40V12P Bollard pull: 180 t Next SS: 2020 Cashflow Financing ( ) Balance Inst. 16 Interest Balloon Mortgage debt ,75 % Total The mortgage runs Currently laid up in Norway. Page 98 NRP Finans AS - Market Report December 2015