Markedsrapport Ness,Risan&Partners NRP

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1 Markedsrapport 2006 Ness,Risan&Partners NRP Mai 2006

2 Markedsrapport 2006 Prosjektfinansiering Finansiell rådgiving Forretningsførsel Shipping Eiendom Offshore

3 Markedsrapport Mai 2006 Side 1 Innholdsfortegnelse: Side 1. Innledning Prosjekter Solgte prosjekter Shippingprosjekter American Bulker KS Asian Tanker DIS BOP 15 DIS China Ropax DIS Dynasty DIS Eagle Shipping DIS Eastern Chemical Tanker III KS E-Tanker DIS Feedermate DIS Inter Carib DIS Kapitan Korotaev Shipping Ltd Med Cruise DIS Mesa Invest DIS M-Tanker DIS Northeast Chemical Carrier KS NRP Fleetfinance KS NRP Fleetfinance II KS Olympia DIS Rem Balder DIS Rem Fortress DIS Rem Forza DIS Rem Fosna DIS Rem Songa DIS Ross Container DIS Sir Matt Reefer KS Southern Chemical Tankers DIS Swetank DIS Swetank II DIS TDS Containerships II KS Eiendomsprosjekter Alingsås Handel AS Berghagan Næringseiendom II AS Brønnøysund Kontorbygg AS Dagligvarelogistikk AS Entreprenørbygg Invest KS Fem Hjerter Eiendom AS Helsingborg Kjøpesenter AS Holmsbu Invest KS Hvamveien 1 KS Kombibygg Invest I & II AS Kongholm Invest KS Lillsjøvegen 52 AS Moss Holmestrand Nærsenter KS Nordahl Bruns gate 10 KS NRP Realfinans DIS Nye Alfasetveien 11 KS Preståsen Park KS Pueblo Amistad DIS Ringeriksveien KS Statens Hus Lillehammer KS Forklaring av begreper og nøkkeltall Markedsrapporten er utarbeidet av (NRP). Informasjonen er utarbeidet etter beste skjønn, og NRP kan ikke ta ansvar for at informasjonen er riktig eller fullstendig. NRP fraskriver seg ansvar for ethvert tap som følge av at opplysninger som er gitt er misvisende, feilaktige eller ufullstendige, samt for tap som på annen måte oppstår som følge av anvendelse av de gitte opplysninger. Det understrekes at investering i eiendom og shipping er beheftet med risiko. Enhver investor må være forberedt på at slik investering kan medføre tap. Enhver som investerer må på egen hånd forsikre seg om at opplysningene som fremkommer er à jour og korrekte. Hvis man benytter dette dokument som underlag for kjøp av andeler på et senere tidspunkt, må man selv sørge for at all relevant og oppdatert informasjon fremskaffes. Opplysninger som fremkommer i markedsrapporten er kun à jour per dato for utarbeidelsen. Mulige investorer oppfordres til å gå gjennom de spesifikke prosjekter grundig All dokumentasjon kan gjennomgås ved henvendelse til vårt kontor.

4 Side 2 Markedsrapport Mai Innledning kan igjen vise til et år med meget god avkastning for investorene. Porteføljeavkastningen for 2005 var 60%, og har vært på hele 52% p.a. siden etableringen i Vårt fokus er og vil være å oppnå den best mulig risikojusterte avkastning for hvert enkelt prosjekt og porteføljeavkastning over tid. Interessen for direkteinvesteringer i eiendom og shipping har hatt en kraftig økning de senere år, og er etablert som et produkt som mange investorer har i investeringsporteføljen. Skattereformen 2005/2006 Skattereformen har medført endringer av de skattemessige verdiene i forbindelse med salg og erverv av andeler i deltagerlignende selskaper. I henhold til de gamle reglene skulle skatteyter ved realisasjon av andeler få beregnet en gevinst/tap som differansen mellom vederlag og andel av skattemessig egenkapital med justering for eventuell over-/underpris. Skatteyter fikk således økt inngangsverdien løpende med skattelagt kapital i henhold til nettoligningssystemet reflektert ved den skattemessige egenkapitalen. Justering av over-/underpris er bortfalt f.o.m. 1. januar 2006, dvs kjøper overtar den samme skattemessige egenkapital som selger. Dette er noe vi har tatt hensyn til (en rabatt for latent skatt) ved estimering av andelspriser i markedsrapporten. Som en konsekvens av skattereformen har interessen blant investorene for å etablere eget aksjeselskap økt, og NRP Investorservice har fått en rekke nye kunder. Selskapet har nå 4 ansatte og forventer økt aktivitet i tiden fremover. NRP Corporate ASA NRP Corporate ASA fikk verdipapirkonsesjon i oktober 2005, og selskapet har hatt en meget god start siden etableringen med flere emisjoner og M&A oppdrag for etablerte selskaper innenfor shipping, offshore og eiendom. I 2006 har selskapet inngått et samarbeid med Jefferies, som er en av de større «Investment Banks»/meglerhus globalt innen shipping og offshore/oil services. Jefferies har kontorer i alle viktige deler av verden. Samarbeidet innebærer at NRP i samarbeid med Jefferies kan tilby hele produktspekteret av finansielle instrumenter, som egenkapital utenfor Norge, high yield obligasjoner, konvertible obligasjoner, M&A, etc. NRP har store forventninger til samarbeidet med Jefferies og forventer at vi vil kunne være en enda mer interessant partner for eksisterende og nye kunder. Nye medarbeidere Siden siste markedsrapport har vi ansatt flere medarbeidere for å ta hånd om økt volum og utvikle selskapet videre. Vi håper at de nyansatte vil trives i selskapet og bidra til å gi våre kunder service med høy kvalitet. Totalt er NRP nå i underkant av 30 ansatte og vi kan vel snart kalle oss et mellomstort selskap. I 2005 omsatte gruppen for ca. NOK 100 millioner. Eventuell videre vekst vil høyst sannsynlig skje innen NRP Corporate og NRP Forvaltning. Markedssituasjonen Egenkapitalmarkedet for direkte investeringer er fremdeles godt hva gjelder tilgang på kapital, til tross for stor konkurranse fra et meget sterkt børsmarked. Dette skyldes i hovedsak god og stabil avkastning fra eiendom- og shippingprosjekter over flere år. Utfordringen fremover blir å utvikle prosjekter som har tilfredsstillende risikojustert avkastning. Vi arbeider fremdeles med forventninger om å kunne tilrettelegge prosjekter med en langsiktig avkastning på +/- 15% p.a., men har mer fokus på lavrisiko prosjekter enn å opprettholde historisk avkastning mot å øke risiko. Direkteinvesteringer med lange leiekontrakter har en lavere nedside og oppside enn aksjemarkedet, og skal i utgangspunktet være mer tidløse både med hensyn til inngang- og utgangstidspunkt. I de fleste tilfeller har prosjektene en større kreditteksponering enn markedseksponering. Den globale markedssituasjonen har fortsatt å utvikle seg meget godt i de fleste markeder. For første gang på lang tid har vi sett en kraftig økning av renter i USD, for å bremse inflasjonen og oppheting av økonomien. Det kan imidlertid se ut som man nå har kommet nær en slutt for videre renteøkninger i USA. I Asia vokser de to mest folkerike økonomiene, Kina og India, med henholdsvis 10% og nærmere 8%, og deres betydning for verdensøkonomien blir stadig større. Det norske aksjemarkedet har utviklet seg meget bra siden 1. januar 2005 året med en økning på 79%, mens verdensindeksen (MSCI) har økt med 23% i samme periode. Energirelaterte aksjer utgjør i dag 57% av markedsverdien for alle selskaper på Oslo Børs. Oslo Børs har hentet inn mer kapital til børsnoterte selskaper enn alle andre land i Europa så langt i 2006 med unntak av England. Med fortsatt høy oljepris virker norsk økonomi meget robust uten mange mørke skyer. Derimot kan vi spørre oss hvor lenge aksjemarkedet vil fortsette å utvikle seg positivt. Vi er fortsatt meget positivt til offshore og energirelaterte selskaper, men dagens prising forventer at dette markedet holder seg meget godt i lang tid fremover. Det er bygget opp betydelig egenkapital og formuer i Norge de senere år. Den store utfordringen fremover vil være å ta vare på de store verdiene og formuene som er bygget opp. Det kan godt vise seg at 5-10% p.a. avkastning de neste årene kan bli oppfattet å være meget godt.

5 Markedsrapport Mai 2006 Side 3 Shipping Alle shippingmarkedene har hatt et meget sterkt marked de siste årene og skipsverdiene og nybyggingprisene har vært historisk høye innenfor alle segmenter. Det siste året har vi derimot sett et fall på 30-50% i skipsverdiene innen tørrlast og containerskip. Tankmarkedet kan bli det neste segmentet som får et fall i skipsverdier, da vi i den siste tid har sett lavere inntjening for store tankskip. Det er ingen tvil om at ordreboken innenfor mange tonnasjesegmenter er høy i forhold til den totale flåten. Dagens høye nybyggpriser kan innebære at det blir færre ordre av nybygg på spekulasjon, og at dagens kontrahering er mere på basis av behov og tonnasjefornyelse. Verftene er imidlertid godt dekket inn i flere år fremover, og det kan godt være at det vil ta en god stund før vi får se et fall i nybyggprisene. NRP vil fortsette å fokusere på langsiktige finansielle prosjekter, men vil i dagens marked legge enda sterkere krav på befrakters soliditet og evne til å opprettholde sine forpliktelser i eventuelle fremtidige dårlige markeder. Eiendom Eiendomsmarkedet har i løpet av de siste 6-9 månedene hatt en noe varierende utvikling avhengig av segment. Generelt vil det imidlertid kunne hevdes at nedgangen i leienivået har stoppet opp og i noen prestisjesegmenter har det vært en markant oppgang. Det er likevel fremdeles mange områder som sliter med stor ledighet og lave leier. Variasjonene er store fra by til by og fra område til område. Prisene på eiendom blir påvirket av de lange rentene. De siste månedene har de lange rentene i Norge steget basispunkter i tråd med utviklingen i USA og EU. Likevel har vi sett at yielden ved flere større eiendomstransaksjoner har falt. Yield «gap'et» har blitt mindre. Årsaken til dette er i hovedsak meget stor interesse for eiendom, blant annet fra nye fond som allerede har hentet egenkapital og livselskapene som igjen er på banen som følge av at aksjemarkedet har steget kraftig de siste 3 årene (eiendom skal utgjøre en fast del av porteføljen). Syndikeringsmeglerne er også aktive. De høye prisene underbygges også ved en tro på at bunnen i eiendomsmarkedet er nådd og at ledigheten vil synke og leienivået øke på generell basis. NRP vil fortsette å fokusere på eiendomsmarkedet og har god tro på at vi også i dette markedet vil kunne finne attraktive prosjekter. Det er godt mulig at vi i det nye markedssentiment vil kunne ta noe større kommersiell risiko. Gjennom Aker Eiendomsdrift AS og vår samarbeidspartner i Sverige, Wilfast Forvaltning AB, har vi kompetanse og erfaring til å påta oss mer krevende prosjekter. Norge vil fortsatt være det markedet vi vil ha hovedfokus på. Sverige og Danmark, hvor vi nå har gjennomført 7 prosjekter, har imidlertid utviklet seg til å bli en del av vårt hjemmemarked. Avkastning Både shipping- og eiendomsprosjektene har hatt meget positiv utvikling siden siste markedsrapport. Verdiene under er basert på andeler omsatt i annenhåndsmarkedet, avkastning ved salg og for noen prosjekter antatt markedsverdi. Perioden Avkastning Shippingporteføljen: 53% p.a. 54% p.a. Avkastning Eiendomsporteføljen: 73% p.a. 48% p.a. Avkastning Totalporteføljen: 61% p.a. 52% p.a. Sammenlignet med Oslo Børs i perioden har NRPs portefølje utviklet seg som følger: NRP portefølje vs Oslo Børs Benchmark Vektet NRP portefølje Oslo Børs Benchmark

6 Side 4 Markedsrapport Mai 2006 Siden siste markedsrapport er følgende prosjekter solgt: Etablert Solgt Avkastning (IRR) China Bulker KS % China Cape DIS % Containership Invest KS* % European Container KS % European Container II KS % Finn RoRo KS % Indian Tanker KS* % Scandinavian RoRo KS* % Akersgaten 16 Invest KS* % Kyrre Greppsgate 19 KS % Nygaard Brygge Invest KS % Scandigade 8 AS % SELGA Kombinasjonsbygg AS % I avkastningsberegningene er det kun beregnet avkastning på innbetalt egenkapital (p.a.). Det er ikke beregnet noen kostnad/ honorar på uinnkalt kapital/garantier. På vegne av alle i NRP vil vi benytte anledningen til å bekrefte vår kommitering til våre kunder og forretningsforbindelser hvor vår fokus er å skape en langsiktig høy avkastning for investorer, kombinert med en positiv personlig oppfølging av høy kvalitet. *Skipene/eiendommene er solgt men ikke levert pr Oslo 15. mai 2006 Med vennlig hilsen Christian Ness Ragnvald Risan

7 Markedsrapport Mai 2006 Side 5 2. Prosjekter Shipping prosjekter Andelspris USD Etablert IRR fra etablering American Bulker KS % Asian Tanker DIS % BOP 15 DIS % China Ropax DIS % Dynasty DIS % Eagle Shipping DIS % Eastern Chemical Tanker III KS % E-Tanker DIS % Feedermate DIS EUR % Inter Carib DIS % Kapitan Korotaev Shipping Ltd % Med Cruise DIS % Mesa Invest DIS % M-Tanker DIS % Northeast Chemical Carrier KS % NRP Fleetfinance KS NOK % NRP Fleetfinance II DIS NOK % Olympia DIS % Rem Balder DIS NOK % Rem Fortress DIS NOK % Rem Forza DIS NOK N/A Rem Fosna DIS NOK % Rem Songa DIS NOK N/A Ross Container DIS % Sir Matt Reefer DIS % Southern Chemical Tankers DIS % Swetank DIS % Swetank II DIS N/A TDS Containerships II KS % Prosjekter eiendom Andelspris NOK Etablert IRR fra etablering Alingsås Handel AS SEK N/A Berghagan Næringseiendom II AS % Brønnøysund Kontorbygg AS % Dagligvarelogistikk AS % Entreprenørbygg Invest KS % Fem Hjerter Eiendom AS SEK % Helsingborg Kjøpesenter AS SEK % Holmsbu Invest KS % Hvamveien 1 KS N/A 2004 N/A Kombibygg Invest I & II AS SEK % Kongholm Invest KS % Lillsjøvegen 52 AS SEK % Moss Holmestrand Nærsenter KS % Nordahl Bruns gate 10 KS % NRP Realfinans DIS % Nye Alfasetveien 11 KS EUR % Preståsen Park KS % Pueblo Amistad DIS EUR % Ringeriksveien KS % Statens Hus Lillehammer KS N/A%

8 Side 6 Markedsrapport Mai Solgte prosjekter 2002 SHIPPING: Prosjekt Etablert IRR siden oppstart Maud Reefer KS % p.a. Multipurpose 2000 KS % p.a EIENDOM: Prosjekt Etablert IRR siden oppstart Skarvenesveien 3 KS % p.a. SHIPPING: Prosjekt Etablert IRR siden oppstart Kapitan Rudnev Shipping Ltd % p.a. Northeast Chemical Carrier KS % p.a. Tofelino Shipping KS % p.a EIENDOM: Prosjekt Etablert IRR siden oppstart Akersgaten 16 Invest KS % p.a. Kyrre Grepps gt. 19 KS % p.a. Nygaard Brygge Invest KS % p.a. Scandigade 8 AS % p.a. SHIPPING: Prosjekt Etablert IRR siden oppstart China Bulker KS % p.a. China Cape DIS % p.a. Containership Invest KS % p.a. European Container DIS % p.a. European Container II DIS % p.a. Finn RoRo KS % p.a. Indian Tanker KS % p.a. Scandinavian RoRo KS % p.a EIENDOM: Prosjekt Etablert IRR siden oppstart Fornebuveien KS % p.a. Karihaugen Kombibygg KS % p.a. Nye Skarvenesveien 3 KS % p.a. SHIPPING: Prosjekt Etablert IRR siden oppstart North Reefer KS % p.a EIENDOM: Prosjekt Etablert IRR siden oppstart Alfasetveien 11 Eiendom KS % p.a. Datavegen 27 AS % p.a. Hotvedtveien 6 KS % p.a. Valløveien 3 KS % p.a. Selga Kombinasjonsbygg AS % p.a. SHIPPING: Prosjekt Etablert IRR siden oppstart Eastern Chemical Carrier KS % p.a. Gram Chemical Carrier DIS % p.a. Korean Chemical Carrier KS % p.a. Lake Eva DIS % p.a. Lake Maya DIS % p.a. Sir Matt Reefer KS % p.a.

9 Markedsrapport Mai 2006 Side 7 4. Shippingprosjekter Nøkkeltall shippingportefølje NRP Shipping portefølje vs Oslo Børs Benchmark NRP Shipping Index Tall i NOK 1000 Tall i NOK 1000 Index Utdeling vs Portefølje % 50 % 40 % 30 % 20 % 10 % Innbetaling nye prosjekter vs utdelinger til investorer 0 % Oslo Børs Benchmark Snittverdiportefølje Utbetaling til deltagerne Utbetaling i % av snitt porteføljeverdi Innbetalt Utbetalt

10 Side 8 Markedsrapport Mai 2006 American Bulker KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: Residual value en bloc sensitivity on IRR LOW CASE BASE CASE HIGH CASE Residual value end C/P: IRR estimated share price: 8,25 % 12,63 % 16,33 % IRR total capital: 6,79 % 8,45 % 9,99 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessels Corporate management: Manager: Klaveness Corporate Services AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: June. 6, 2001 Expiry of C/P: June. 6, 2011 Vessel names: Clipper Glory/Gem Clipper Joy/Jasmine/Jade Type: Panamax B/C Panamax B/C Dwt: Engine: B&W 5L70MCE B&W 6S60MC Yard/Built: Jiangnan China/1990 Jiangnan China/1994 Class/flag: ABS/Bahamas ABS/Bahamas Base case assumptions: BB rate net per day: USD , en bloc Bareboat charter: Charterer: 10 years Clipper Bulk Shipping Ltd. Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Balance Inst. Interest Balloon Mortgage debt ,56 %* Mortgage debt ,56 %* Mortgage debt ,50 %** Total * From 11. June 2003 to 11 June 2008 the interest is fixed at 6,31% ex. margin of 1,25%. ** Floating interest rate with assumed interest rate of 6,5% incl. margin for the entire period. Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessels* Total assets Outstanding debt 1. Prior Total outstanding debt Charterer has provided a bank guarantee of USD 10 mill, being reduced by USD 1 mill annually, as security for the BB C/P. In addition there are financial covenants on BB charterer. Charterer has a purchase option end of Charter (june 2011) for USD en bloc. * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 11,54%

11 Markedsrapport Mai 2006 Side 9 Asian Tanker DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity (USD): Accumulated dividend (USD): Residual value sensitivity on IRR BASE CASE Residual value end C/P: IRR estimated share price: 15,11 % IRR total capital: 4,97 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessel Corporate management: Manager: Arne Blystad AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: 12 May 2004 Expiry of C/P: 12 May 2010 Vessel's name: M/T Titan Uranus Type: VLCC Motor Tanker Dwt: Last drydock/special survey: / Yard/Built: Nagasaki, Japan / 1992 Class/flag: Lloyds Register / Hong Kong Base case assumptions: BB rate net per day: USD Bareboat charter: Bareboat charterer: 6 years Titan Holding Ltd. Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Estimated Balance (31.12) Additional information Balance Inst. Interest Balloon Debt 1. Prior tranche 1* ,75 % ** 0 Debt 1. Prior tranche 2* ,16 % *** Charterer's loan ,00 % **** Total *The loan is repaid in quarterly instalments as follows: Q1 2006: USD Q Q1 2008: USD Q Q2 2010: USD Tranche 1 will be repaid first, then tranche 2. The loan will be repaid in full during Q with a balloon of USD ** Tranche 1 is not fixed. We have assumed an interest rate of 6,75% incl. margin. *** Tranche 2 has a fixed interest rate including margin as follows: ,14% ,16% onwards - 6,75% (estimate) **** The Charterer's loan is not interest bearing, and is repaid as bullet at end of C/P. Working capital Vessel* Total assets The charterer has an obligation to buy the Vessel at the end of the Charter period for USD , i.e net USD after deduction of charterer's loan of USD Outstanding debt Charterer's loan Total outstanding debt * Vessel value is calculated based on a depreciation of annual annuity factor of 9,0%.

12 Side 10 Markedsrapport Mai 2006 BOP 15 DIS - offshore asset play Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity (USD): Accumulated dividend (USD): Residual value sensitivity on IRR LOW CASE STOCK OPTION** Residual value end C/P: IRR estimated share price: -33,61 % 23,32 % IRR total capital: -10,48 % 12,47 % * As the share price is connected to the Songa Offshore ASA share price, please contact Ness, Risan & Partners for an updated analysis. ** An option premium has been added to the cashflow at the end of the period. This option premium has been calculated using the Black-Scholes model with the following parameters: Volatility 40 % Interest rate: 5 % Remaining period: 14 Months USD/NOK: 6,15 Strike: NOK 35 Songa Offshore share price: NOK 50 The number of shares recieved at exchange rate USD/NOK 6,15: ( x 6,15/35)= Corporate details The Unit Corporate management: Manager: Lorentzen Skibs Management AS Purchase price unit: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: November 3., 2005 Expiry of C/P: November 3., 2008 Bareboat charter: Songa Offshore ASA Base case assumptions: BB rate net per day: USD Unit's name: Blow Out Preventer Type: 18 3/4' PSI Blow Out Preventer PSI: Yard/Built: Cameron, built 2003 Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Sale of BOP Net project cashflow Balance Inst. Interest Balloon Mortgage debt ,75 %* Total * Assumed 6,75% interest rate incl margin for the entire period. Estimated dividend Estimated Balance (31.12) Additional information Working capital BOP Total assets Outstanding debt 1. Prior Total outstanding debt The charterer has an option to buy the BOP at the end of the charter period of three years for USD The owners has a put option to sell the BOP to the charterer with an IRR on paid in equity of 15%. The owners has a put option to sell the BOP to the charterer at the end of the charter period of three years for USD The owners has an option to from delivery up to to convert the shares in BOP 15 DIS into Songa Offshore ASA shares at NOK 35/share. Conversion in to Songa Offshore ASA shares can only be done in lots of 10% or higher of the total shares in BOP 15 DIS.

13 Markedsrapport Mai 2006 Side 11 China Ropax DIS - financial shipping project Contact: Endre Landbø (e.landbo@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR BASE CASE Residual value end C/P: 1 IRR estimated share price: 14,06 % IRR total capital: 4,73 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessel Corporate management: Manager: Atlantica Shipping AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: 23. September 2004 Expiry of C/P: 23. September 2010 Base case assumptions: BB rate net per day: USD Vessel's name: M/V Tian Ren Type: Ro Ro Cargo passenger vessel Dwt: 5790 t LOA: 186,5 m Beam: 24,8 m Yard/Built: Kanda Shipyard, Japan 1990 Class/flag: KR/Panama Passenger capasity: 610 Cargo capacity: 170 containers Speed: 23,2 knots Main engine: Diesel United (Pielstick) 9PC-40L X 2 sets Charterer: Marine Dragon Shipping Inc, Panama. Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Balance Inst. Interest Balloon Mortgage debt ,55 % * 0 Sellers credit ,00 % 0 Total * 75% of the loan is secured by a step up interest swap agreement for 6 years. For the remaining part of the loan an assumed rate of 7,0% p.a. incl. margin is used for the remaining period. Net project cashflow Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessel* Total assets The charterer has an obligation to purchase the vessel for USD 1 at the end of the charter. Outstanding debt 1. Prior Sellers credit Total outstanding debt * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 9,7%.

14 Side 12 Markedsrapport Mai 2006 Dynasty DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR BASE CASE Residual value end C/P: IRR estimated share price: 13,59 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessel Corporate management: Manager: Arne Blystad AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: Expiry of C/P: Base case assumptions: BB rate net per day: Year 1 USD net per day Year 2 USD net per day Year 3 USD net per day Commission: 2 % Charterer: Seven Mountain Shipping Co. Ltd. Vessel's name: M/V Dynasty Type: Capesize Bulk Carrier Dwt: tons LOA/Beam/Draft: 270m/43m/16,32m Yard/Built: Hitachi Zosen, Japan/1982 Class/flag: KR/Panama LDT: tons Main engine: BW 6L80 GFCA HP Last SS/Dry dock: Next SS: Next Dry dock: Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Repayment sellers credit Net financial items Sale of vessel Net project cashflow Balance Inst. Interest Balloon Mortgage debt ,50 % * 0 Sellers credit ,00 % ** Total * Assumed interest rate ** The sellers credit is interest free and is repaid as a bullet at end of charter. Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessel* Total assets The charterer has an obligation to purchase the vessel end of year 3 at USD Outstanding debt 1. Prior Sellers credit Total outstanding debt * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 10,8%.

15 Markedsrapport Mai 2006 Side 13 Eagle Shipping DIS - financial shipping project Contact: Endre Landbø (e.landbo@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: 0 Residual value en bloc sensitivity on IRR LOW CASE BASE CASE HIGH CASE Residual value end 2012: IRR estimated share price:* 13,25 % 18,27 % 22,18 % IRR total capital: 9,51 % 12,09 % 14,31 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessels Corporate management: Manager: T.H Jacobsen AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: August 2005 Expiry of C/P: August 2008 Base case assumptions: BB rate net per day: USD en bloc Assumed TC rate year 4-7: USD en bloc Assumed opex rate year 4-7: USD en bloc Vessel's name: M/V Clipper Falcon M/V Clipper Eagle Type: Box shaped, Double Skinned, Open Hatch Multipurpose vessels Dwt: mt mt LOA: 149,9 m 149,4 m Beam: 23 m 23 m Yard/Built: Szczecin, Poland/1995 Szczecin, Poland/1994 Class/flag: GL/Bahamas GL/Bahamas Holds/Hatches: 4 box shaped holes 4 box shaped holes Speed: 14 knots on 22 mt 15 knots on 22 mt Cranes: 4 x 25 mt 4 x 25 mt Estimated Cashflow Financing ( ) Operating revenue Operating Expenses Dry Dock/Upgrading Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Balance Inst. Interest Balloon Mortgage debt ,89 %* Total/Weighted Avg * The annual instalments increases each year until it reaches in % of the loan is fixed until at 5,68% interest incl. margin. The remaining part of the loan is not fixed, with an estimated interest rate of 6,5% incl. margin. Net project cashflow Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessels* Total assets Outstanding debt 1. Prior Total outstanding debt The vessels are fixed on 2 year option 1 year bareboat charter guaranteed by Halcyon Enterprises Ltd. In the calculation we have assumed optional period to be declared due to the low option rate. From year 4 we have assumed vessels earnings to be a TC equivalent of USD net per day per vessel. Opex is assumed to be USD per day en bloc ex. dry dock. * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 13,1%

16 Side 14 Markedsrapport Mai 2006 Eastern Chemical Tankers III KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: Residual value en bloc sensitivity on IRR LOW CASE BASE CASE HIGH CASE Residual value end C/P: IRR estimated share price: -0,85 % 19,06 % 34,22 % IRR total capital: 4,05 % 10,76 % 16,74 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessels Corporate management: Manager: Arne Blystad AS Purchase price vessels: USD Paid in capital: USD Commencement of C/P: January 09, 2002 Expiry of C/P: January 09, 2009 Vessel names: M/T Dragon Ace no. 1 M/T Dragon Ace no. 3 Type: Chemical tanker/imo 2/3 Chemical tanker/imo 3 Dwt: Engine: Hyundai AKASAKA A34 Ssangyong Man B & W Built: Class/flag: Korean register/panama Korean register/panama Base case assumptions: BB rate en bloc net per day: USD en bloc Charterer: Woolim Shipping Co., Ltd Seoul, South Korea Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt "Performance bonus" Net financial items Sale of vessels Net project cashflow Balance Inst. Interest Balloon Mortgage debt ,75 %* "Performance bonus" ,00 %** Total * The interest rate is not fixed. Quartlerly instalments: USD ** The "performance bonus" is paid as follows: 09.jan 2006: USD jan 2007: USD jan 2008: USD Balloon 2009: USD Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessels* Total assets The charterer has years options to extend the charter at USD en bloc per day. Outstanding debt 1. Prior "Performance bonus" Total outstanding debt * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 12,3%

17 Markedsrapport Mai 2006 Side 15 E-Tanker DIS - financial shipping project Contact: Endre Landbø (e.landbo@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: 0 Residual value sensitivity on IRR LOW CASE BASE CASE HIGH CASE Residual Value IRR estimated share price: 8,40 % 14,13 % 15,86 % IRR total capital: 7,39 % 8,59 % 9,04 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessel Corporate management: Manager: Klaveness Corporate Services AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: 06-apr-06 Expiry of C/P: 06-apr-14 Base case assumptions: BB rate net per day: USD Vessel name: M/T Eships Nahyan Type: Chemical tanker Dwt: Breadth: 18,8m LOA: 118,14m Engine B&W 6S35MC, 4200KW@170RPM Yard/Built: 2005, Sasaki Shipbuilding Co. Ltd. Japan Flag: Panama Class: Bureau Veritas Speed: 14,0 knots IMO class: IMO II/III Charterer: Emirates Ship Investment Company L.L.C. Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Balance Inst. Interest Balloon Mortgage debt ,24 % * Sellers Credit ,00 % Total * The mortage is repaid with quarterly instalments of USD % of the loan is fixed at 6,24% incl. margin for 8 years. An interest rate of 6,5% interest has been assumed for the remaining part of the loan. Net project cashflow Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessel Total assets The charterer has a purchase option at USD 12 million at the end of the Charter. The value of the vessel to be established by two independent shipbrokers and any profit excess of USD 12 mill. is to be split 40/60 between Owner and Charterer. Outstanding debt 1. Prior Sellers credit Total outstanding debt * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 8,06%

18 Side 16 Markedsrapport Mai 2006 Feedermate DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price EUR 1 % Estimated share price EUR*: Key figures 100 % Paid in equity EUR: Accumulated dividend EUR: Residual value sensitivity on IRR LOW CASE BASE CASE HIGH CASE Residual value end C/P: IRR estimated share price: 6,15 % 8,99 % 11,16 % IRR total capital: 5,35 % 6,35 % 7,26 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessel Corporate management: Manager: P.D Gram AS Purchase price vessel: EUR Paid in capital: EUR Uncalled capital: EUR Commencement of C/P: 27. February 2005 Expiry of C/P: 27. February 2017 Vessel's name: M/V Feedermate Type: Car Carrier, 950 Cars Dwt: tons Last drydock/special survey November 2003 Yard/Built: Detlef Hegemann Rolandwerft Gmbh in Berne, Kiel, Germany/1998 Class/flag: Lloyds Register / Cyprus Cargo Capacity: 950 cars, 8 decks and about lane meters Base case assumptions: BB rate net per day:* Year 1-5 EUR Year 6-12 EUR Charter: Charterer: 12 year B/B K-Line Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Inst. Interest Balloon Mortgage debt ,18 %* Total * 75% of the loan is fixed at a "step up" over five years as follows: : 4,43% : 5,15% : 5,56% : 5,85% onwards: floating 5,25% (estimate) 25% of the loan is not fixed. Assumed interest rate is 5,25%. The balloon is at the end of Estimated Balance (31.12) Additional information Working capital Vessel* Total assets Outstanding debt 1. Prior Total outstanding debt * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 8,0%

19 Markedsrapport Mai 2006 Side 17 Inter Carib DIS - financial shipping project Contact: Endre Landbø (e.landbo@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: 0 Residual value en bloc sensitivity on IRR LOW CASE BASE CASE HIGH CASE Residual value end C/P: IRR estimated share price: 17,01 % 19,46 % 21,36 % IRR total capital: 7,73 % 8,49 % 9,18 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessels Corporate management: Commercial Management: Nordic Maritime AS Purchase price vessels: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: January 2005 Expiry of C/P: January 2015 Base case assumptions: BB rate en bloc net per day year 5-10: en bloc BB rate en bloc net per day year 1-5: en bloc Charterer: Inter Caribbean Maritime Ltd. Vessel's name: Type: M/V Bustein Self Discharger Bulker M/V Tristein Self Discharger Bulker Dominica Offshore Flat Top Towing Barge St. Kitts Offshore Flat Top Towing Barge Troll Tug M/V Bustein M/V Tristein GRT: LOA/ Beam: 76,1 m/ 11,8 m 97,8 m /17,3 m Yard/Built: Germany Turkey Class/flag: Comw. of Dominica Comw. of Dominica Output: 1,000 bhp 4,560 bhp Built: Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Balance Inst. Interest Balloon Mortgage debt ,75 % * Sellers Credit ,00 % Total * Annual instalments: Year 1-5: Year 6-10: Interest rate is not fixed. Margin 160 bps Net project cashflow Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessels* Total assets Outstanding debt 1. Prior Sellers credit Total outstanding debt The Tug, 2 Barges and Selfloader Bulk Carrier M/V Bustein, are fixed on a 5 year BB CP to Inter Caribbean Maritime Ltd. ("ICM") The Selfloader Bulk Carrier M/V Tristein is fixed on a 10 year BB CP to ICM. The charterer has an option to purchase St.Kitts, Troll an M/V Bustein at USD 1 after 5 years. The charterer has an option to purchase M/V Tristein at USD after 10 years. The charterer also has the option to purchase M/V Tristein, end year 5 at a purchase price which gives the initial investors an IRR of 30% p.a. * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 10,48%

20 Side 18 Markedsrapport Mai 2006 Kapitan Korotaev Shipping Ltd. - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR BASE CASE Residual value end C/P: IRR estimated share price: 12,85 % IRR total capital: 1,37 % Corporate details The Vessel Corporate management: Manager: P.D. Gram & Co AS Purchase price vessel: USD Paid in capital: USD Guarantee: USD Commencement of C/P: Dec. 12, 2003 Expiry of C/P: Dec. 31, 2008 Vessel name: M/T Kapitan Korotaev Type: Product/Chemical Tanker Dwt: Engine: MAN- B&W 5L50 MC Yard/Built: Uljanik Shipyard / 1988 Class/flag: DNV ICE 1B / Panama Base case assumptions: BB rate net per day: Variable An increase/decrease in the interest rate will result in an increase/decrease in the BB rate. Bareboat charter: Charterer: 60 months and 20 days + 6 months in owners option Prisco Tanker Limited, Isle of man. Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Sale of vessel Net project cashflow Balance Inst. Interest Balloon Mortgage debt Variable * Sellers Credit ,00 % ** Total * Monthly instalments as follows: 1-18 USD , USD The balloon at end of charter will be An increase/decrease in the interest rate will result in an increase/decrease in the BB rate. ** The sellers credit is interest free and runs as a bullet to end of CP. Estimated dividend Estimated Balance (31.12) Additional information Working capital Vessel* Total assets Outstanding debt 1. Prior Sellers credit Total outstanding debt The Bareboat rate is variable depending on the interest level. The basis for calculating the rate is equity plus mortgage. The charterer has the option to purchase the vessel at the end of the charter for USD If charterer do not declare the option then the owner has an option to extend the charter for 6 months. Owner also has a option to sell the vessel for USD to charterer at the end of the optional period. * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 6,5%

21 Markedsrapport Mai 2006 Side 19 Med Cruise DIS - financial shipping project Contact: Endre Landbø (e.landbo@nrp.as) Date of analysis: Estimated share price USD 1 % Estimated share price USD*: Key figures 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR LOW CASE BASE CASE Residual value end C/P: IRR estimated share price: 8,51 % 13,88 % IRR total capital: 5,90 % 6,90 % * The Share price includes a 5 % deduction on the tax position of the company. Corporate details The Vessel Corporate management: Commercial Management: Arne Blystad AS Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: 31. March 2005 Expiry of C/P: 31. March 2015 Base case assumptions: BB rate net per day: USD Vessel name: M/S Thomson Destiny Type: Cruise vessel Dwt: mt LOA: 214,5 m Beam: 32,64 m Yard/Built: Wartsila, Finland, 1982 Class/flag: DnV / Marshall Island Passenger capasity: 1664 Cabins: 722 Speed: 19 knots Main engine: Sulzer 8ZL40/48 Charterer: Louis Public Company Ltd. Cyprus The vessel is on a 10 year BB charter to Fulmar Shipping Ltd. Cyprus. The Charter is guaranteed by Louis Public Company Ltd. Cyprus. The vessel is on Time Charter from Fulmar Shipping Ltd. to Thomson Transport Ltd until Oct The Time Charter is guaranteed by TUI AG. Estimated Cashflow Financing ( ) Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Inst. Interest Balloon Mortgage debt fixed ,95 % * Mortgage debt not fixed ,50 % ** Sellers credit ,30 % Total * The loan is fixed with FRAs up to july 2012 with the following interest incl. margin: 2006: 5,95% 2007: 6,27% 2008: 6,53% : 6,63% ** The loan is not fixed, assumed interest rate after 2006 is 7,0% incl margin for the remaining period. Estimated Balance (31.12) Additional information Working capital Vessel* Total assets The charterer has an option to purchase the vessel at preagreeed prices from year 4. The purchase option price in year 10 is USD 22 mill. The owner has an option to sell the vessel to the charterer at USD 15 mill. end of charter. Outstanding debt 1. Prior Seller credit Total outstanding debt * NAV (vessel value incl. C/P) is calculated based on a depreciation of annual annuity factor of 7,5%