Innholdsfortegnelse:

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1 Markedsrapport August 2004 Side 1 Innholdsfortegnelse: Side 1. Innledning Prosjekter Shippingprosjekter American Bulker KS Asian Tanker DIS China Bulkers KS Containership Invest KS Eastern Chemical Carrier KS Eastern Chemical Tanker III KS Feedermate DIS Finn RoRo KS Fleetfinance KS Gram Chemical Carrier DIS Indian Tanker KS Kapitan Korotaev Shipping Ltd Korean Chemical Carrier KS Lake Eva DIS Lake Maya DIS Nordsjøferger KS Northeast Chemical Carrier KS Ross Container DIS Scandinavian RoRo KS Sir Matt Reefer DIS Southern Chemical Tankers DIS Eiendomsprosjekter Akersgaten 16 KS Alfasetveien 11 Invest KS Datavegen 27 AS Fornebuveien KS Helsingborg Kjøpesenter AS Hotvedtveien 6 KS Hvamveien 1 KS Karihaugen Kombibygg KS Kyrre Grepps gt 19 KS Moss/Holmestrand Nærsenter KS Nordahl Bruns gate 10 KS Nye Skarvenesveien KS Nygaard Brygge KS Preståsen Park KS Ringeriksveien KS Valløveien 3 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.

2 Side 2 Markedsrapport August Innledning Det har vært en aktiv periode for NRP siden siste markedsrapport ble sendt ut juni Vi har etablert en rekke shipping og eiendomsprosjekter og porteføljen teller nå 33 skip og 22 eiendomsprosjekter. Hovedformålet med rapporten er å informere investorene og andre forretningsforbindelser om utviklingen i prosjektene og samtidig skape interesse for kjøp og salg av andeler. Vi har valgt å endre utgivelsen fra juni til august da vi tror det spesielt med hensyn til omsetning av andeler er et bedre tidspunkt. Som følge av økt aktivitet har vi ansatt to nye medarbeidere innen forretningsførsel. Grethe Pedersen (28 år) begynte 1. februar 2004 og kom fra Deloitte og Arthur Andersen hvor hun har vært revisor og konsulent i over 4 år. Hun er utdannet siviløkonom fra Handelshøyskolen BI. Videre har vi ansatt Heidi Kristine Habberstad (32 år) som vil begynne 1. september Hun har arbeidet i Lyreco Norge AS som controller de siste 4 årene. Som vi tidligere har informert, ble NRP Investorservice AS etablert høsten Selskapet har som forretningside å være regnskap-/forretningsfører for investeringsselskaper og privatpersoner. Regnskapsføring, årsregnskap, ligningspapirer, rapportering til Brønnøysund, betalingsformidling, gårdeierregnskap etc. er selskapets hovedprodukter. Inntil nå har arbeidet i hovedsak vært håndtert av Anita Næsheim og andre ansatte. Fra 9. august vil imidlertid ansvaret overtas av Anne Sørensen (41 år), som overtar som daglig leder. Anne er utdannet siviløkonom fra BI og har også en MBA fra USA. Hun har bred erfaring fra blant annet Fred. Olsen & Co og Norgesinvestor. Vi ønsker våre nye medarbeidere velkommen til NRP og håper at dette vil bidra til at vi vil kunne forsette å presentere gode prosjekter og god service til våre kunder. Markedssituasjon Vi lever i en spennende verden og begivenhetene er store og kommer tettere på enn noen gang. Vår virksomhet blir hele tiden påvirket av det som skjer rundt oss, enten det er shipping eller eiendom. Dette gjør det krevende og utfordrende for alle som er engasjert i investeringsvirksomhet. Resultatene av beslutningene som blir gjort er svært målbare og det gjør arbeidet bare mer interessant. Det er imidlertid vanskeligere å måle risiko, men også den vil avdekkes etter hvert. Vår fokus er langsiktighet og målsetningen er å gjøre prosjekter med best mulig risikojustert avkastning. Rammebetingelsene for vår virksomhet, direkteinvesteringer, kunne nesten ikke vært bedre. Lave innskuddsrenter i bank og lave obligasjonsrenter gjør at investor søker å være mer aktiv med sin kapital for å kunne oppnå meravkastning. Samtidig har børsen over de siste årene vært meget volatil og oppfattes vel av mange å ha en større risiko enn direkteinvesteringer. Til tross for mer krig og terror rundt omkring i verden enn på mange år, er tilstanden i verdensøkonomien nærmest overraskende god. Dette merkes kanskje best i shipping hvor ratene innenfor de største markedene; tank, tørrlast og container har hatt glede av stigende og høye rater over lang tid. Vi kan i stor grad takke Kina for dette, men India, Russland og tidligere østblokkland har også bidratt positivt. At amerikansk økonomi har snudd og tilsynelatende går mot bedre tider er selvfølgelig positivt, men bl.a. med USA s store handelsunderskudd er det usikkerhet knyttet til varigheten av en slik oppgang. Den økonomiske utviklingen i Norge er også positiv. Selv om arbeidsløsheten er høyere enn på lenge, stiger boligprisene i stor grad takket være lave renter. Nye signaler fra Norges Bank kan tyde på at det lave rentenivået kan vare en stund. Det lave rentenivået vil etter hvert skape vekst innenfor næringslivet, men det kan i perioder være vanskelig å se hvilke bransjer/ områder som skal gi stor vekst fremover. Shipping Shipping har opplevd det beste markedet siden 1973, kanskje det beste markedet siden 2. verdenskrig. Nesten alle markeder opplever gode rater og stigende skipsverdier. I kombinasjon med dette har vi et historisk lavt rentenivå. Selv om NRP i hovedsak fokuserer på finansielle prosjekter, har vi innenfor asset play (kjøleskip) oppnådd meget god avkastning. De høye skipsverdiene innebærer en større risiko for verdifall, som vil måtte komme. De høye ratene innebærer også at befraktere påtar seg en større finansiell risiko. Dette innbærer at vi som tilrettelegger av nye shippingprosjekter enda sterkere må evaluere befrakters soliditet og verdien av skipet etter utløpet av certepartiet. Sett i lys av det høye markedet vil vi forsette å fokusere på langsiktige finansielle prosjekter med gode befraktere. Asset play shipping er mindre aktuelt enn på lenge. Eiendom Eiendomsmarkedet har de siste 12 månedene svekket seg ytterligere med større ledighet og fallende leiepriser. Dette gjelder spesielt Oslo området. Det er imidlertid viktig å bemerke at det er store forskjeller i de ulike markedene. Kontormarkedet har opplevd det største fallet i leieprisene, og ledigheten i Oslo området er over 10%. Lager/kontormarkedet har også opplevet et fall i leieprisene, men det er bedre balanse i dette markedet. Gjennomgående har leiemarkedet for butikklokaler vært stabilt. Det ser imidlertid ut til at kontormarkedet har bunnet ut og enkelte optimistiske meglere og eiendomsbesittere forventer en oppgang. Det er imidlertid ikke så lett å se hvor den store veksten i kontormarkedet skal komme. Offentlig sektor forsøker å effektivisere og flytte virksomhet ut av Oslo og norsk konkurranse utsatt industri har hatt og vil formodentlig også i årene fremover ha vanskeligheter med å erobre nye markeder med sterk krone og høyt kostnadsnivå. Det er grenser for hvor mye areal ulike servicebedrifter kan absorbere. Ved vurdering av nye eiendomsprosjekter vil vi fortsette å legge vekt på lange leiekontrakter, men i større grad også vurdere eiendommer med noe større risiko. Det er imidlertid viktig etter det kraftige fallet i leieprisene å vurdere dagens markedsleie i relasjon til eiendommens leienivå. Mange eiendommer som kommer for salg har høyere leienivå enn dagens marked og må verdivurderes spesielt.

3 Markedsrapport August 2004 Side 3 NRP har de siste 3 årene syndikert tre bolig utviklingsprosjekter. Her har risikoen vært større enn for finansielle prosjekter og forventet avkastning har følgelig også vært større, IRR 25-40%. Utviklingen i prosjektene har vært positiv og i stor grad i tråd med kalkylene. Vi vil fortsette å fokusere på dette markedet forutsatt sunne prosjekter og gode samarbeidspartnere. Avkastning Prosjektene i porteføljen tilknyttet NRP har vist en meget positiv utvikling det siste året. Vi fortsetter å legge vekt på løpende utbetalinger til deltagerne, god likviditet i annenhåndsmarkedet og salg av prosjekter når det er mulig å oppnå gode priser eller refinansiering av prosjektene. Prosjektene har i første halvår 2004 utbetalt ca NOK 94 millioner til investorene. Ytterligere ca NOK 104 millioner forventes utbetalt i andre halvår. Til sammenligning er det i 2004 syndikerte 13 prosjekter med innbetalt kapital på ca NOK 317 millioner. Siden siste markedsrapport har vi solgt 5 prosjekter og de har gitt følgende avkastning. Etablert Solgt Avkastning (IRR) Northeast Chemical Carrier KS % Kapitan Rudnev Shipping Ltd % Tofelino KS % North Reefer KS % Skarvenesveien KS % Siden etablering av NRP i 2000 og frem til har porteføljen, shipping og eiendom samlet, hatt en avkastning på ca. 44 % p.a. Utfordringene fremover blir å finne fornuftige prosjekter med god avkastning og akseptabel risiko. Vi vil gjøre vårt beste for å fortsette den positive utviklingen og forventer en aktiv periode frem mot årskiftet. Håper alle har hatt en fin sommer! Oslo 15. august 2004 Med vennlig hilsen Christian F Ness Ragnvald Risan

4 Side 4 Markedsrapport August Prosjekter Prosjekter shipping Andelspris USD IRR %* American Bulker KS % Asian Tanker DIS % China Bulkers KS % Containership Invest KS % Eastern Chemical Carrier KS % Eastern Chemical Tanker III KS % Feedermate DIS (pris i EUR) % Finn RoRo KS % Fleetfinance KS (Pris på andel er i NOK) % Gram Chemical Carrier DIS % Indian Tanker KS % Kapitan Korotaev Shipping Ltd % Korean Chemical Carrier KS % Lake Eva DIS % Lake Maya DIS % Nordsjøferger KS (Pris på andel er i NOK) % Northeast Chemical Carrier KS Ross Container DIS % Scandinavian RoRo KS % Sir Matt Reefer DIS % Southern Chemical Tankers DIS % Prosjekter eiendom Andelspris NOK IRR %* Akersgaten 16 KS % Alfasetveien 11 Invest KS (Pris på andel er i EURO) Datavegen 27 AS Fornebuveien KS Suspendert N/A Helsingborg Kjøpesenter AS % Hotvedtveien 6 KS Hvamveien 1 KS Karihaugen Kombibygg KS Suspendert N/A Kyrre Grepps Gt 19 KS % Moss/Holmestrand Nærsenter KS % Nordahl Bruns gate 10 KS % Nye Skarvenesveien KS % Nygaard Brygge KS % Preståsen Park KS % Ringeriksveien KS % Valløveien 3 KS % Realiserte prosjekter IRR %* Maud Reefer KS 42 % Multipurpose 2000 KS 35 % Northeast Chemical Carrier KS 32 % Kapitan Rudnev Shipping Ltd 14 % Tofelino Shipping KS 23 % North Reefer KS 60 % Skarvenesveien 3 KS 42 % * Dette er beregnet avkastning siden oppstart av prosjektet basert på dagens andelspris.

5 Markedsrapport August 2004 Side 5 3. Shippingprosjekter

6 Side 6 Markedsrapport August 2004 American Bulker KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 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 (June 2011) USD: IRR estimated share price: 7,76 % 12,16 % 16,12 % IRR total capital estimated share price: 6,80 % 8,23 % 9,74 % The Vessels 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 China1990 Jiangnan China1994 Class/flag: ABS/Liberia ABS/Liberia Bareboat charter: 10 years 10 years Charterer: Clipper Bulk Shipping Ltd. Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: June. 6, 2001 Expiry of C/P: June. 6, 2011 BB rate net per day: , en bloc Charterer has provided a bank guarantee of USD 10 mill, beeing reduced by USD 1 mill annually, as security for the BB C/P. In addition there are financial covenants on BB charterer. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessels Total assets Mortgage debt Net Asset Value after dividend* Annual Financing: installments: Interest: Period: Balloon: Mortgage debt ** 95 months * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 11,54%. ** From 11. June 2003 to 11 June 2008 the interest is fixed at 6,31% ex. margin of 1,25%. A total of approx. USD of the loan is floating. We have assumed an interest rate of 5% incl. margin for this part of the loan for the entire period.

7 Markedsrapport August 2004 Side 7 Asian Tanker DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: 0 Residual value sensitivity on IRR : BASE CASE Residual value end C/P USD: IRR estimated share price: 22,2 IRR total capital estimated share price: 7,66 % The Vessels Vessel's name: M/T Sina Type: VLCC Motor Tanker Dwt: Last drydock/special survey / Yard/Built: Nagasaki, Japan / 1992 Class/flag: Lloyds Register / Hong Kong Bareboat charter: 6 years Charterer: Titan (Holdings) Ltd. Corporate details: Corporate management: Purchase price vessels: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: 12 May 2004 Expiry of C/P: 12 May 2010 BB rate net per day:* USD The charterer has a purchase 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 Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessel Total assets Outstanding debt 1. Prior Charterer's loan Total outstanding debt Net Asset Value after dividend* Annual Financing: installments: Interest:*** Period: Balloon: 1. Priority mortgage USD*** Quarterly ** 72 months term USD Charterer's loan USD No installments Zero 72 months term USD * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 9 %. ** 24 installments of USD *** The 1. Priority mortgage is divided in 2 tranches of USD 10 mill. The first tranche is floating at USD LIBOR + 1,50% margin. The second tranche is fixed at the following interest rates: ,5% ,14% ,16% onwards - 5,75% (estimate)

8 Side 8 Markedsrapport August 2004 China Bulkers KS Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR : BASE CASE Residual value end CP USD ( en bloc): IRR estimated share price: 14,00 % IRR total capital estimated share price: 6,18 % The Vessels Vessel name: Hebei Princess Hebei Blessing Type: Panamax bulk carrier Panamax bulk carrier Dwt: 70,000 Dwt 73,000 Dwt LOA 225 m 225 m Engine: HD MAN B&W 6S60 HD MAN B&W 6S90 MC MCR RPM 92 MC MCR RPM 92 Yard/Built: Hudong Shipyard/1996 Hudong Shipyard/1996 Flag: Hong Kong Hong Kong Bareboat Charterer: Hebei Ocean Shipping Company, China. Corporate details: Corporate management: Purchase price vessels: USD Paid in capital: USD Uncalled capital: USD Commencement of C/P: Sep Expiry of C/P: Sep BB rate net per day: USD en bloc The charterer has an option to purchase the vessels for USD 4 mill. en bloc. i.e. USD 2 mill. per vessel end of the charter. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Rapayment sellers` credit Net financial items Net project cashflow Estimated dividend Balance Working capital Vessels Total assets Outstanding debt 1. Prior Outstanding sellers credit Total outstanding debt Financing: Amount: Installments: Interest: Margin: Period: Balloon: 1. Priority mortgage USD** USD * 1,45 % Sellers credit USD USD USD semiannual 2 % * The Interest has a cap at the follwing levels: 5,5% from ,0% from ,5% from In the calculations we have assumed following interest rates: ,8% p.a. incl. margin % p.a. incl. margin - From % p.a. incl margin. - From 2009-end of period 5,75% p.a. incl. margin. ** The 1. Priority mortgage was increased by USD 3 mill. in May 2004.

9 Markedsrapport August 2004 Side 9 Containership Invest KS Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: USD Accumulated dividend USD: 0 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value of shares end of C/P (April 2006) USD: IRR estimated share price: -4,69 % 16,44 % 34,35 % IRR total capital estimated share price: -3,20 % 11,77 % 24,85 % Implisit residual value of the vessels (en bloc): Containership Invest KS owns 34,1% of the company Thor Dahl Containership KS (TDC). TDC owns 3 fully cellular containervessels that are employed on a time charter to Hyundai Merchant Marine Ltd., Korea. The vessels are under technical management of Jahre Wallem AS in Sandefjord and commercial management is performed by Jahre Dahl Bergesen AS, Sandefjord. This anaysis is based on Containership Invest KS receiving 34,1% of the dividends of TDC. It is assumed that the vessels are sold at the end of the present charter (Minimum period April 2006). The dividends and termination proceeds from TDC is based on the operating budget from the technical and commercial manager. The Vessels Vessel names: MV Hyundai Explorer/Inovator/MSC Pretoria Type: Fully cellular container vessels TEU: Reefer capacity: 150 GRT: Lenght: 244 meters Engine: Hyundai Sulzer 7RTA84 Yard/Built: Hyundai Heavy industries, South Korea, 1986 Class/flag: DnV + 1A1 Container / Bahamas Next dry-dock: All vessels have completed dry dock 1 half 2004 Expiry of CP: April charterers option 4 months. Corporate details: Corporate management: Share purchase price: USD Paid in capital: USD Guarentee: USD Guarantee to be reduced in line with the debt repayment. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Sale of share/vessels Net project cashflow Estimated dividend Balance Working capital ,1% share in Thor Dahl Containership KS Total assets Mortgage debt Net Asset Value after dividend* Annual Financing: Principal instalments: Interest: Mortgage debt USD * ** * We have assumed that TDC will increase their mortgage debt in the 2nd half of 2004 with USD 12 mill. Of this USD 4 mill is assumed to be distributed to Containetrship Invest KS, and USD of this will be used to repay the mortgage debt in Containership Invest KS. ** We have used an interest of 4% p.a. for the entire period.

10 Side 10 Markedsrapport August 2004 Eastern Chemical Tankers KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: Residual value (enbloc) sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (July 2006) USD: IRR estimated share price: -43,84 % 19,50 % 33,66 % IRR total capital estimated share price: -8,63 % 2,2 11,3 The Vessels Vessel names: M/T Woo Dong M/T Woo Jong Type: Chemical tanker/imo 3 Chemical tanker/imo 3 Dwt: Engine: MAN B & W MAN B & W Yard/Built: 1994, Cheung Ku, Korea 1993, Cheung Ku, Korea Class/flag: Korean register/panama Korean register/panama Bareboat charter: Woolim Shipping Co., Ltd Seoul, South Korea Corporate details: Corporate management: Purchase price vessels: USD Paid in capital: USD Guarantee: USD Commencment of C/P: January. 11, 2001 Expiry of C/P: July. 11, 2006 BB rate net per day: Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Rapayment sellers` credit Net financial items Sale of vessels Net project cashflow Estimated dividend Balance Working capital Vessels* Total assets Outstanding debt 1. Prior Sellers` credit Total outstanding debt Net Asset Value after dividend* Annual Financing: installments: Interest: Period: Balloon: 1. Priority mortgage USD *** 5,5 years Sellers Credit USD ** 5,50 % 66 months * NAV (vessels value incl. c/p) is calculated based on a depreciation of an annual annuity factor of 16.10% ** The Sellers Credit will be repaid as follows: USD in July 2005 and a balloon of USD at the end of c/p *** We have used an interest of 3,79% incl margin until Thereafter we have assumed interes rate at 5,0% p.a. incl. margin.

11 Markedsrapport August 2004 Side 11 Eastern Chemical Tankers III KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis USD Estimated share price pr Key figures: 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value (enbloc) end C/P USD: IRR estimated share price: 5,7 20,50 % 30,24 % IRR total capital estimated share price: -0,47 % 3,09 % 6,20 % The Vessels Vessel names: M/T Woo Hyeon M/T Woo Seok Type: Chemical tanker/imo 2/3 Chemical tanker/imo 3 Dwt: Engine: Hyundai AKASAKA A34 Ssangyong Man B & W Yard/Built: Class/flag: Korean register/panama Korean register/panama Next dry-dock: December 2002 April 2003 Charterer: Woolim Shipping Co., Ltd Seoul, South Korea Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Commencment of C/P: January 09, 2002 Expiry of C/P: January Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt "Performance bonus" Net financial items Net project cashflow Estimated dividend Balance Working capital Vessels Total assets Outstanding debt 1. Prior "Performance bonus" Total outstanding debt Net Asset Value after dividend* Financing: Installments: Interest:** Period: Balloon: 1. Priority mortgage USD ** *** 5,5 years 0 Sellers Credit USD ** 5,50 % 66 months * NAV is based on value of vessels C/P. The vessels are depreciated as an annuity with a yearly annuity factor of : 12,3%. ** Performance bonus is paid as follows: USD months after delivery, USD and 24 months thereafter and a balloon at the end. 1. Prioriy mortgage is repaid with 4 quarterly instalments of USD , and thereafter quarterly installments of USD *** The interest rate is not fixed.

12 Side 12 Markedsrapport August 2004 Feedermate DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price EUR Key figures: 100 % Paid in equity EUR: Accumulated dividend EUR: 0 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P USD: IRR estimated share price: 10,46 % 14,39 % 17,02 % IRR total capital estimated share price: 6,92 % 7,97 % 8,88 % The Vessel Vessel's name: M/V Feedermate Type: Vehicle Carrier, 850 Cars Dwt: tons Last drydock/special survey November 2003 Yard/Built: Detlef Hegemann Rolandwerft Gmbh in Berne, Kiel, Germany/1998 Class/flag: Lloyds Register / Madeira Cargo Capacity: 850 cars, 7 decks and about lane meters Bareboat charter: 12 years Corporate details: Corporate management: Purchase price vessel: EUR Paid in capital: EUR Uncalled capital: EUR Commencment of C/P: 28. June 2004 Expiry of C/P: 31. December 2016 BB rate per day:* EUR *The vessel is on a T/C until february 2005, and thereafter on a 12 year B/B charter to K-Line. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessel Total assets Outstanding debt 1. Prior Total outstanding debt Net Asset Value after dividend* Financing: Installments: Interest:*** Period: Balloon: 1. Priority mortgage EUR*** Quarterly ** 7 years EUR * NAV (vessel value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 8 %. ** 27 installments of EUR *** The 1.Priority mortgage is fixed at the following interest rates: ,62% ,43% ,15% ,56% ,85% Onwards - 6,0% (estimate)

13 Markedsrapport August 2004 Side 13 Finn Ro-Ro KS Contact: Ragnvald Risan Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (Sept 2007) USD: IRR estimated share price: 1,02 % 15,46 % 19,2 IRR total capital estimated share price: -1,84 % 3,4 7,97 % The Vessel Vessel name: M/V Merchant Type: RoRo vessel Dwt: Lightweight: Engine: 2 x Schultzer by Wärtsilä. Type 12ZV 40, Bore 400 m.m. output 6,600 KW at 520 RPM. Yard/Built: 1982, Rauma-Repola of Rauma Shipyard, Finland Class/flag: Lloyds Register A1, ICE 1A super Next dry-dock: June 2005 Next SS September 2007 Charterer: Finnlines OYJ Gross TC rate pr. day USD less 2,5% commission Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: Expiry of C/P: The vessel is under technical management of Interocean Ugland Management AS, Norway. The disponent owner is Atlantica Shipping AS, Norway. The operating expenses are estimated to be USD pr day including dry dock. Estimated Cashflow Operating revenue Operating expenses Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Sale of vessel Net project cashflow Estimated dividend Balance Working capital Vessel Total assets Mortgage debt Sellers Creditt Net Asset Value after dividend* Annual Financing: installments: Interest:** Period: Balloon: Mortgage debt months USD Sellers Credit ,00 % 48 months USD * NAV (vessel value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 10,10%. ** For the period the interest is 2,84% p.a. incl. margin. For the remaining period we have assumed an interest rate of 4% p.a incl. margin.

14 Side 14 Markedsrapport August 2004 Fleetfinance KS - financial shipping project Contact: Endre Landbø (e.landbø@nrp.as) Date of analysis Estimated share price NOK Key figures: 100 % Paid in equity NOK: Accumulated dividend NOK: Fleetfinance is a company established for the purpose of owning shares in single purpose shipowning companies. The investment philosophy is to obtain a good risk adjusted return by investing in a diversified portfolio of shipping segments and different charterers. Fleetfinance is hence a company with relative low risk. Fleetfinance will focus on financial shipping investments. The fund is a closed end fund with a 5 year investment period. Fleetfinance will aim to pay a dividend to the investors of minimum 10% p.a. Intellus AS is engaged as investment manager for the company. The company is a NOK based investment alternative. Currency contracts have therefor been made in order to reduce the currency risk as most of the projects are USD based. Corporate details: Corporate management: Commercial manager Intellus AS Uncalled capital: NOK Paid in capital*: NOK * NOK of the paid in capital is paid in. Remaining NOK is to be paid in subject to the investment manager finding attractive investments within a 12 months period from incorporation. Portfolio as of Expiry Uncalled Project Ownership Charterer Vessel type of charter Charter type capital USD Southern Chemical Tankers DIS 17 % Grinrod 2 Chemical tankers Bareboat Scandinavian Ro-Ro KS 22 % DFDS 2 RoRo vessels Bareboat Ross Bulk II KS 2 ASP 1 Panmax bulk carrier Bareboat Ross Bulk III KS 13 % COSCO 2 Panmax bulk carrier Time charter Bergshav Cape KS 19 % COSCO 1 Cape size bulk carrier Bareboat - Finn Ro-Ro KS 18 % Finnlines 1 RoRo vessel Time charter Parmar KS 10 % Stelmar 9 Product tankers Bareboat Estimated value** Project Ownership Value USD Southern Chemical Tankers DIS 17 % Scandinavian Ro-Ro KS 22 % Ross Bulk II KS Ross Bulk III KS 13 % Bergshav Cape KS 19 % Finn Ro-Ro KS 18 % Parmar KS 10 % Total value shares USD Share valuation Value of shares in NOK 6, NOK bank deposits USD bank deposits Prepad expenses 0 Short term debt 0 Total value Value pr. 1% share Paid in capital Increased value per 1% Return in % of paid in equity 2,30 % Return on IRR basis 7 % ** The valuation of the shares is performed by the respective corporate managers for each individual company.

15 Markedsrapport August 2004 Side 15 Gram Chemical Carrier DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 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 end C/P USD: IRR estimated share price: 14,78 % 22,03 % 27,59 % IRR total capital estimated share price: 4,7 9,86 % 13,54 % The Vessel Vessels name: M/T Fairchem Vanguard Type: Chemical tanker IMO II/III, double hull. Dwt: Next dry dock: December 2004 Yard/Built: Uzuki Zosenho, Japan 1999 Class/flag: NK class, Panama flag Cargo capasity: 14 tanks, cbm epoxy coating. 14 pumps Corporate details: Corporate management: Purchase price vessels: USD Paid in capital: USD Guarantee: USD Expiry of C/P: Dec The vessel is on bareboat charter until December 2004 to Eurus Marine S.A. The bareboat rate is USD net per day. From December 2004 until december 2009 the vessel will be on Time Charter to Fairfield Chemical Carriers Inc. Connecticut USA. The Time Charter rate is USD from December 2004 to December From December 2005 to December 2006 the Time Charter rate is USD net per day +/- 7,5% depending on the market. From December 2006 to December 2009 the Time Charter rate is depending on the current market rate. The vessel will during the Time Charter be on technical management of Orient Ship Management, Norway. The operation expenses is estimated to USD ex dry dock. In the calculations we have used USD in daily opex excluding dry dock. Estimated Cashflow Operating revenue Operating expenses inc DD Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessel* Total assets Outstanding debt 1. Prior Total outstanding debt Net Asset Value after dividend* Financing: Installments: Interest: Period: Balloon: 1. Priority mortgage ** *** 5 years USD * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 9 %. ** 20 quarterly installments, installment of 1-10 USD , installment *** We have assumed interest rate at 4,5% p.a.

16 Side 16 Markedsrapport August 2004 Indian Tanker KS Contact: Ragnvald Risan Date of analysis 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 end CP (June 2006) USD: IRR estimated share price: -0,40 % 18,4 34,10 % IRR total capital estimated share price: -4,10 % 1,90 % 7,5 The Vessel Vessel name: M/T Sanmar Sonata Type: Product Tanker Dwt: tons CBM: LTD: tons Flag: Marshall Island Yard: Kanashashi Shipbuilding Toyohashi, Japan Class: DNV / Indian Register (dual class) CAP 1 Built: 1982 Charterer: Sanmar Shipping Ltd. Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Guarantee: USD Commencement of C/P: 27. Oct Expiry of C/P: 27. June 2006 BB rate: USD payable on delivery. USD net per day thereafter and no hire shall be payable for the last 83 days of the charter period. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Sale of vessel Net project cashflow Estimated dividend Balance Working capital Vessel Total assets Outstanding debt 1. Prior Net Asset Value after dividend* Financing: Installments: Interest: Margin: Period: Balloon: 1. Priority mortgage USD * ** 2.0% 2, * Installments are on quarterly basis. 1-5: USD : USD ** Assumed interest rate is 4% p.a. incl. margin in 2004 and 5% thereafter.

17 Markedsrapport August 2004 Side 17 Kapitan Korotaev Shipping Ltd. - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in Equity Accumulated dividend USD: Residual value sensitivity on IRR : BASE CASE Residual value end C/P (Dec. 2008) USD: IRR estimated share price: 15,0 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. The Vessel 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 1A1 tanker for oil ESP and caustic soda - ICE 1B / Panama Bareboat charter: 60 months and 20 days + 6 months in owners option Bareboat Charterer: Prisco Tanker Limited, Isle of man. Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Guarantee: USD Start of C/P: Dec. 12, 2003 Expiry of C/P: Dec. 31, 2008 BB rate net per day: Variable Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessel Total assets Outstanding debt 1. Prior Sellers` credit Total outstanding debt Net Asset Value after dividend* Annual Financing: installments: Interest:** Period: Balloon: 1. Priority mortgage: ** *** 60 months USD Sellers Credit: 0 0,00 % - USD * NAV (vessels value incl c/p) is calculated based on a depreciastion of an annual annuity factor of 6,5% ** Monthly instalments as follows: 1-18 USD , Installment USD *** As the BB rate is variable we have used an interest of 3% for the entire period. An increase/decrease in the interest rate will result in an increase/decrease in the BB rate.

18 Side 18 Markedsrapport August 2004 Korean Chemical Tankers KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (Sept 2005) USD: IRR estimated share price: -56,24 % 21,79 % 78,54 % IRR total capital estimated share price: **** -9,78 % 13,38 % 34,24 % The Vessels Vessel names: M/T Woo Duck M/T Woo Gum Type: Chemical tanker IMO 3 Chemical tanker IMO 3 Dwt: Engine: MAN 6L28 / 32 B + W 8L28-32 Yard/Built: 1991, Shin Yong, S. 1992, Cheung Ku, S. Class/Flag: Korean register/panama Korean register/panama Bareboat charter: Woolim shipping Co., Ltd. Seoul, Korea Corporate details: Corporate management: Purchase price vessels: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: June. 27, 2000 Expiry of C/P: Sept. 27, 2005 BB rate net per day: Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Rapayment sellers` credit Net financial items Sale of vessels Net project cashflow Estimated dividend Balance Working capital Vessels* Total assets Outstanding debt 1. Prior Sellers` credit Total outstanding debt Net Asset Value after dividend* Annual Financing: installments: Interest:** Period: Balloon: 1. Priority mortgage USD Due Sept Sellers Credit*** Se below 5,50 % Due Sept * NAV (vessels value incl. c/p) is calculated based on a depreciation of an annuity factor of 15,65% ** The interest rate is not fixed, we have assumed an interest rate at 3,75% p.a. *** The seller credit will be repaid as a balloon of USD at the end of c/p ie sept **** The IRR on total capital (based on estimated share price) is including the sellers credit.

19 Markedsrapport August 2004 Side 19 Lake Eva DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: 0 Residual value sensitivity on IRR : BASE CASE Residual value end C/P USD: IRR estimated share price: 14,94 % IRR total capital estimated share price: 5,35 % The Vessel Vessel name: Lake Eva Type: Product/Chemical IMO III Tanker Dwt: Engine: MAN- B&W 5L50 MC Yard/Built: Uljanik Shipyard Class/flag: DNV 1A1 tanker for oil ESP and chemicals (IMO III)-ICE 1B /Marshall Island Bareboat charter: 6 years Bareboat charterer: Blystad Shipholding Inc. Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: 12 February 2004 Expiry of C/P: 28 February 2010 BB rate net per day:* USD * The Bareboat rate is variable depending on the interest level. The basis for calculating the rate is equity plus mortgage. The charterer has purchase options to buy the Vessel from end of 18 months after time of delivery which gives a return on paid in equity from 18% down to 16,2%. The owner has a put option to extend the Bareboat Charter for 6 months and a put option to sell the vessel at a equity return of 15,6%. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessel Total assets Outstanding debt 1. Prior Sellers credit Total outstanding debt Net Asset Value after dividend* Financing: Installments: Interest: Period: Balloon: 1. Priority mortgage USD Quarterly ** 2,75 % 72 months term USD Sellers Credit USD Semiannual*** Zero 72 months term Zero * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 8 %. ** First 12 installments will be USD , and the next 12 installments will be USD *** 10 installments of USD that starts after year 1.

20 Side 20 Markedsrapport August 2004 Lake Maya DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis Estimated share price USD Key figures: 100 % Paid in equity USD: Accumulated dividend USD: 0 Residual value sensitivity on IRR : BASE CASE Residual value end C/P USD: IRR estimated share price: 14,96 % IRR total capital estimated share price: 4,99 % The Vessel Vessel name: Lake Maya Type: Product/Chemical IMO III Tanker Dwt: Engine: MAN- B&W 5L50 MC Yard/Built: Uljanik Shipyard Class/flag: DNV 1A1 tanker for oil ESP and caustic soda - ICE 1B / Marshall Island Bareboat charter: 6 years Bareboat charterer: Blystad Shipholding Inc. Corporate details: Corporate management: Purchase price vessel: USD Paid in capital: USD Uncalled capital: USD Commencment of C/P: February 2004 Expiry of C/P: February 2010 BB rate net per day:* USD * The Bareboat rate is variable depending on the interest level. The basis for calculating the rate is equity plus mortgage. The charterer has purchase options to buy the Vessel from end of 18 months after time of delivery which gives a return on paid in equity from 18% down to 16,2%. The owner has a put option to extend the Bareboat Charter for 6 months and a put option to sell the vessel at a equity return of 15,6%. Estimated Cashflow Operating revenue Administration expenses Net operating cashflow Interest earned Interest expenses Repayment long term debt Net financial items Net project cashflow Estimated dividend Balance Working capital Vessels Total assets Outstanding debt 1. Prior Sellers credit Total outstanding debt Net Asset Value after dividend* Financing: Installments: Interest: Period: Balloon: 1. Priority mortgage USD Quarterly ** 2,75 % 72 months term USD Sellers Credit USD Semiannual*** Zero 72 months term Zero * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 8 %. ** First 12 installments will be USD , and the next 12 installments will be USD *** 10 installments of USD that starts after year 1.