Market Report December 2015

2151062 Bolt Communication AS www.boltcommunication.no Market Report December 2015 NRP Finans AS Haakon VIIs gate 1 Postbox 1358 Vika 0113 Oslo Telephone: +47 22 00 81 81 Telefax: +47 22 00 81 91 E-mail: nrp@nrp.no Homepage: www.nrp.no 2151141 Markedsrapport-omslag.indd 1 23.11.2015 11.01

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

Table of contents 1. Introduction... 5 2. Sold projects... 8 3. Real estate... 10 3.1 Status real estate market in Norway and Sweden by Newsec AS (in Norwegian)... 11 3.2 Key figures real estate portfolio... 25 3.3 Real estate projects overview... 27 3.4 Real estate projects Berger Terminal DIS... 28 Brønnøysund Kontorbygg AS... 29 Dagligvarelogistikk AS... 30 E-Logistikk AS... 31 Etterstad Utvikling DIS... 32 Finlog AS... 33 Fokserødsenteret Nord AS... 34 Fredenborgveien Eiendom AS... 35 Gasolin Handelseiendom DIS... 36 Hoffsveien Kontorbygg AS... 37 Holmsbu Invest KS... 38 Hovfaret 4 DIS... 39 Hvalstad Forretningsbygg AS... 40 Kongholm Invest KS... 41 Kristiansund Handelseiendom AS... 42 KS Torggata Bad AS... 43 Lillestrøm Logistikkbygg AS... 44 Lilleby Eiendom AS... 45 Logistikk og Lagershop AS... 46 Lørenskogveien 75 Holding AS... 47 Majorstuen Kontorbygg DIS... 48 Martodden Utbygging KS... 49 Maskinveien Kontorbygg AS... 50 Moa Handelseiendom Holding II AS... 51 Nydalen Kontorbygg AS... 52 Nydalen Kontorbygg II AS... 53 Nye Alfasetveien DIS... 54 Nye Berghagan Næringseiendom AS... 55 Nässjö Logistikkbygg AS... 56 Pottemakerveien Kombibygg AS... 57 Ringeriksveien 2012 DIS... 58 Rud Fryserlager AS... 59 Stadion Utbygging KS... 60 Statens Hus Lillehammer KS... 61 Sydsvenskan Lager & Handel AS... 62 Sørenga Utvikling KS... 63 Tangen Havnelager AS... 64 Teknikstaden Utvikling AS... 65 TFGS Kombi AS... 66 Torslanda Lagerbygg AS... 67 Vestby Logistikk AS... 68 Wilfast i Torslanda AB... 69 Wilfast Mølndal AB... 70 NRP Finans AS - Market Report December 2015 Page 3 Page

Wilfast Mölnlycke Holding AB... 71 Økernveien Kontorbygg AS... 72 4. Shipping & offshore... 73 4.1 Shipping & offshore market comments... 74 4.2 Key figures shipping & offshore portfolio... 80 4.3 Shipping & offshore projects overview... 82 4.4 Shipping & offshore projects Arca Shipping DIS... 83 BB Troll DIS... 84 Beta DIS... 85 Bulk Avanti DIS... 86 Bulk Transloading DIS... 87 Cresco Shipping DIS... 88 Eastern Reefer II DIS... 89 Gjende DIS... 90 Inter Carib II DIS... 91 Jupiter Bulker DIS... 92 KUO DIS... 93 Mount Lyderhorn LLC... 94 Neptune Seismic DIS... 95 Olympic Kombiskip KS... 96 Olympic Master KS... 97 Olympic Octopus KS... 98 Spero DIS... 99 Stril Offshore DIS... 100 TDSC Opportunity AS... 101 UACC Bergshav Tanker DIS... 102 UACC Ross Tanker DIS... 103 5. Explanation of procedures and key figures... 104 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

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 2015. 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 2015. 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

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 2000. This high return shows that direct investments is an asset class that should be part of an investor s portfolio. Return: 2015 2001- 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

1800 Development NRP Finans portfolio vs Oslo Stock Exchange benchmark 1600 1400 Weighted NRP portfolio (1 535) 1200 1000 800 600 400 OSEBX (330) 200 0 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

2. Sold projects 2002 2006 continues Property: Shipping: Project Established IRR since project start Project Established IRR since project start China Bulker KS 2003 75 % p.a. Shipping: China Cape DIS 2004 27 % p.a. Project Established IRR since project start Containership Invest KS 2004 76 % p.a. Maud Reefer KS 2001 30 % p.a. European Container DIS 2004 47 % p.a. Multipurpose 2000 KS 2000 28 % p.a. European Container II DIS 2005 25 % p.a. Finn RoRo KS 2003 99 % p.a. 2003 Indian Tanker KS 2003 115 % p.a. Kapitan Korotaev Shipping Ltd. 2003 35 % p.a. Property: Mesa Invest DIS 2006 11 % p.a. Project Established IRR since project start Nye Northeast Chemical Carrier KS 2003 35 % p.a. Skarvenesveien 3 KS 2002 42 % p.a. Olympia DIS 2005 58 % p.a. Rem Balder DIS 2005 77 % p.a.* Shipping: Rem Fortress DIS 2005 77 % p.a.* Project Established IRR since project start Rem Forza DIS 2006 68 % p.a.* Tofelino Shipping KS 2000 23 % p.a. Rem Fosna 2006 86 % p.a.* Kapitan Rudnev Shipping Ltd 2002 14 % p.a. Rem Odin DIS 2006 70 % p.a.* Northeast Chemical Carrier KS 2001 34 % p.a. Rem Provider DIS 2006 130 % p.a.* Rem Songa DIS 2006 69 % p.a.* 2004 Ross Container DIS 2004 29 % p.a. Scandinavian RoRo KS 2002 64 % p.a. Property: Sir Matt Reefer DIS 2005 46 % p.a. Project Established IRR since project start TDS Containership II KS 2005 34 % p.a. Fornebuveien 38-44 KS 2003 123 % p.a. Karihaugen Kombibygg KS 2000 36 % p.a. *Not taken into account paid in capital in tranches Nye Skarvenesveien 3 KS 2003 84 % p.a. 2007 Shipping: Project Established IRR since project start Property: North Reefer KS 2002 60 % p.a. Project Established IRR since project start Banebakken 38 AS 2006 128 % p.a. 2005 Helsingborg Kjøpesenter AS 2002 34 % p.a. Kombibygg Invest I AS 2006 38 % p.a. Property: Lillsjøvegen Invest AS 2005 60 % p.a. Project Established IRR since project start Preståsen Park KS 2002 25 % p.a. Alfasetveien 11 Eiendom KS 2003 59 % p.a. Pueblo Amistad DIS 2005 22 % p.a. Datavegen 27 AS 2003 42 % p.a. Hotvedtveien 6 KS 2002 44 % p.a. Shipping: Valløveien 3 KS 2003 106 % p.a. Project Established IRR since project start Selga Kombinasjonsbygg AS 2004 65 % p.a. Asian Tanker DIS 2004 44 % p.a. BOP 15 DIS 2005 69 % p.a. Shipping: Dynasty DIS 2004 56 % p.a. Project Established IRR since project start Eagle Shipping DIS 2005 40 % p.a. Eastern Chemical Carrier KS 2000 125 % p.a. Ivory Ace DIS 2006 93 % p.a. Gram Chemical Carrier DIS 2004 275 % p.a. Rem Norway DIS 2006 152 % p.a. Korean Chemical Carrier KS 2001 87 % p.a. Southern Chemical Tanker DIS 2003 36 % p.a. Lake Eva DIS 2004 18 % p.a. Lake Maya DIS 2004 18 % p.a. 2008 Sir Matt Reefer KS 2004 1001 % p.a. 2006 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 2001 7 % p.a. Chem VI DIS 2007-35 % p.a. Berghagan Næringseiendom KS 2004 181 % p.a. Inter Carib DIS 2006 36 % p.a. Entreprenørbygg Invest KS 2004 87 % p.a. Med Cruise DIS 2005 23 % p.a. Finnestadveien 44 ANS 2004 98 % p.a. TDS III DIS 2006 31 % p.a. Hvamveien 1 KS 2004 87 % p.a. Kyrre Grepps gt. 19 KS 2001 25 % p.a. Moss Holmestrand Nærsenter KS 2003 60 % p.a. Nye Alfasetveien 11 KS 2005 106 % p.a. Nygaard Brygge Invest KS 2003 27 % p.a. Scandigade 8 AS 2005 191 % p.a. Page 8 NRP Finans AS - Market Report December 2015

2009 2013 Property: Property: Project Established IRR since project start Project Established IRR since project start Buskerud Handelseiendom DIS 2010 11 % p.a Shipping: Project Established IRR since project start Shipping: American Bulker KS 2001 44 % p.a. Project Established IRR since project start Eastern Chemical Tankers III KS 2001 65 % p.a. M-Tanker DIS 2005-12 % p.a* Indian Chemical Tanker DIS 2007 6 % p.a. Atlantic Seismic DIS 2007 31 % p.a Peg Chemical Carrier DIS 2006 20 % p.a. Perrine DIS 2007-36 % p.a* Default/bankruptcy project Default/bankruptcy project Established IRR since project start Chem Lily DIS 2007-100 % p.a.* Oceanlink Reefer II DIS 2007-68 % p.a* Handy Container DIS 2008-100 % p.a.* TDS Containerships V DIS 2012-100 % p.a* MPP Container DIS 2007-99 % p.a.* Swetank DIS 2005-79 % p.a.* 2014 Swetank III DIS 2006-98 % p.a.* Swetank IV DIS 2007-77 % p.a.* Property: Project Established IRR since project start * Including paid in uncalled capital Alingsås Lager og Handel DIS 2008-2 % p.a. Berger Kombibygg AS 2013 7 % p.a. 2010 Borås Logistikk AS 2012 17 % p.a. El Logistikk DIS 2011 14 % p.a. Property: Finlogistikk DIS 2011 14 % p.a. Project Established IRR since project start Gøteborg Logistikk DIS 2011 15 % p.a. Ringeriksveien KS 2001 30 % p.a. Halmstad Logistikk AS 2013 2 % p.a. Vestfold Kombibygg DIS 2006 7 % p.a. Prime Logistikk DIS 2012 14 % p.a. Shipping: Shipping: Project Established IRR since project start Project Established IRR since project start China Ropax DIS 2004 34 % p.a. BB Troll (before refinancing) 2010-100 % p.a Indian Bulker DIS 2007-37 % p.a.* E-Tanker DIS 2006-9 % p.a Pacific Bulker DIS 2008-50 % p.a.* Eastern Reefer DIS (now refinanced) 2006 22 % p.a Ross Container II DIS 2006 21 % p.a. Default/bankruptcy project Established IRR since project start Default/bankruptcy project Gram LPG DIS 2007-100 % p.a.* Indian Chemical Tanker II DIS 2008-50 % p.a.* * Including paid in uncalled capital * Including paid in uncalled capital 2015 2011 Property: Property: Project Established IRR since project start Project Established IRR since project start Gasolin Eiendom DIS* 2009 20 % p.a Alingsås Handel AS 2006 16 % p.a. Nye Bergen Lagerbygg AS* 2006 8 % p.a Hallsberg Logistikk DIS 2008 16 % p.a. Nye Nordahl Brunsgate 10 KS 2003 46 % p.a. *Waiting for final settlement Shipping: Shipping: Project Established IRR since project start Project Established IRR since project start Arendal Offshore DIS 2008 24 % p.a. Feedermate 2004 41 % p.a Longa DIS 2007 21 % p.a. Inter Carib III DIS 2007-27 % p.a.* United Cape DIS 2007-38 % p.a.* * Including paid in uncalled capital Property: Project Established IRR since project start Haugenstua Butikksenter AS 2006 2 % p.a. Shipping: Default/bankruptcy project Established IRR since project start Oceanlink Reefer DIS 2007-100 % p.a* TDS Containerships IV DIS 2007-100 % p.a* * Including paid in uncalled capital 2012 NRP Finans AS - Market Report December 2015 Page 9

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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 36 000 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 2014. 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

1.1 Kontormarkedet i Oslo Ledigheten har vært meget stabil i Oslo de siste kvartalene. Vår ferskeste tellingen viser at det er totalt 715 000 m² ledig i Oslo, en marginal nedgang på 3 000 m² fra forrige kvartal. Etter et meget høyt nivå på hele 720 000 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 2016. Det er inngått en 10 årskontrakt med leienivå omkring 3 550 kr/ m² hvor advokatfirmaet opptar 8 500 m² av totalt 11 000 m². Et annet advokatfirma som flytter er Steenstrup Stordrange, som flytter til Cort Adelers gate hvor de skal leie 6 500 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 3 220 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 2017. Arealstørrelsene er ca. 1 000-1 500 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 2017-2019, 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

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 2 900 kr/m² og 2 100 kr/m². Samtidig ser vi relativt høye leienivåer på for eksempel Skøyen og Lysaker, men disse er fallende og har sunket gradvis gjennom hele 2015. 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 Q3 2015 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 350 000 300 000 250 000 200 000 150 000 100 000 50 000 Nybygg - Absorpsjon - Ledighet Oslo - Asker/Bærum 0 2011 2012 2013 2014 2015 2016 2017 2018-50 000 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 2016-2017. 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

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 2 000 m² og i inneværende kvartal forsetter ledigheten å stige med 4 000 m². Det er nå totalt 42 000 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 2 938 kr/ m². Videre faller snittleie for A-kat i CBD dette kvartalet til ca. 3 900 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 4 500 kvadratmeter i Haakon VIIs gate 10 også kalt «Epleskrotten». Leienivået er 3 000 kr/ m², og partene har blitt enige om en 10 årskontrakt med oppstart i 3. kvartal 2016. 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 6 000 kvadratmeter. I Indre by sentrum (innenfor ring 1) går ledigheten ned fra forrige kvartal og er nå 6,48 %. Det er totalt 161 000 m² som står ledig indre by sentrum, en nedgang på 9 000 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 2 130 kr/m² hvilket er noe over gjennomsnittet for de siste fire kvartalene. Gjennomsnittlig leie for A-kategori fortsetter å stige og er nå 3 160 kr/m². Leverandør av AV-løsninger, Bravo Audiovisual AS, har signert kontrakt på leie av 1 000 m² i Grev Wedels plass 9. Her betaler de 2 100 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 3 400 m² i bygget. Det er Utdanningsforbundet som eier eiendommen som skal totalrehabiliteres før leietaker flytter inn i 2. kvartal 2016. 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 4 000 kr/ m². IT-selskapet Sopra Steria som holder til i samme eiendom har forlenget sin avtale og utvidet arealet med 1 000 m². Page 14 NRP Finans AS - Market Report December 2015

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 2015. I vår ledighetsliste er det registrert 65 000 m² ledig i området i inneværende kvartal. Det er 4 000 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 17-19 og Hagegata 22. Gjennomsnittlig leienivå de siste fire kvartalene har holdt seg stabilt rundt 1 800 kr/ m². Den største kontrakten som er signert i området er Manpower. Leieavtalen på 4 200 m² i Sundkvartalet har en planlagt ferdigstillelse i slutten av 2016. 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 56 000 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 2 100 kr/m². Snittleien var på hele 2 300 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 7 500 m² fra og med november 2015. Leieavtalen er på ca. 5 år, men leienivået er foreløpig ukjent NRP Finans AS - Market Report December 2015 Page 15

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 2014. 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 119 000 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 1 850 kr/ m². Leienivået forventes å falle kommende kvartal(er). Gjennomsnittlig leienivå synker noe i Oslo Ytre øst til 1 330 kr/ m². Gjennomsnittlig leienivå i området de fire siste kvartalene er 1 160 kr/ m². Ledigheten holder seg stabil på rundt 14 % og det er totalt 123 000 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 25 000 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

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 78 000 m² ledige kontorarealer i området, en økning på 2 000 m² fra forrige kvartal. Gjennomsnittlig leienivå på kontrakter som ble inngått i området i forrige kvartal er 1 630 kr/ m². Dette er en klar økning fra forrige kvartal, mens gjennomsnittet for hele året er 1 565 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 30 000 m² ledig i denne bydelen fordelt på kun 11 eiendommer. Gjennomsnittlig leienivå i Oslo ytre vest er 1 370 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. 1 400 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

Ledigheten på Nydalen er like under 10 %. Ledigheten har vært stabil gjennom hele 2015, etter et kraftig fall i begynnelsen av 2014. Leienivået stiger i 3. kvartal til 1 750 kr/m². Dette er basert på signerte kontrakter i området. Gjennomsnittlig leienivå de siste fire kvartalene er 1 635 kr/ m². Videre fortsetter snittleie for A-kat å stige og er 2 138 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 2016. 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 Q4 2014. 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 15 000 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 2030. 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 20 000 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 25 000 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 26 000 kvadratmeter. Videre er det kjent at Norgesdekk har tegnet en 10 års kontrakt med Oxer Eiendom i Enebakk. Eiendommen skal ferdigstilles i 2016. 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

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 300 000 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 110 100 90 80 70 60 50 40 30 20 10 0 Kilde: Newsec Federal Reserve har hatt en rente på 0,25 % siden desember 2008. 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 2008. 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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 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 Q3 2015. 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 2016. 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

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 4 800 SEK/m², opp med 100 SEK/m² fra forrige kvartal og opp hele 300 SEK/m² fra januar 2015. 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 4 800 5 550 4,50 % 4,75 % Innerstaden 2 900 3 700 4,25 % 5,00 % Gamla Stan 2 950 3 400 4,50 % 5,25 % Sødermalm 2 950 3 400 4,50 % 5,25 % Kungsholmen 2600 3 250 4,75 % 5,25 % Østermalm 3 200 3 700 4,25 % 5,00 % Kista 1 900 2 600 5,25 % 6,50 % Frøsunda 2 200 2 600 5,25 % 6,25 % Solna Business Park 2 100 2 450 5,50 % 6,25 % Arenastaden 2 500 2 750 5,00 % 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 40 000 kvm, for så å øke i 2012 til hele 135 000 kvm. I 2013 sank nivået til 80 000 kvm. mens det i fjor ble oppført hele 150 000 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 70 000 kvm. Mye av dette er allerede blitt absorbert. 2.2 Kontormarkedet i Gøteborg Stockholm CBD Markedsleie Ledighet Yield (Sek/kvm) 4 800 4,50 % 4,10 % Videre stiger toppleien som når nye toppnivåer. Det er blitt signert leiekontrakter på opp mot 5 550 SEK/m² i Stockholm CBD. NRP Finans AS - Market Report December 2015 Page 21

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 2015. Kontorområdene for Gøteborg er klassifisert i henhold til kartet over. Områdene innenfor CBD huser totalt ca. 840 000 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 2 550 SEK/m². Gøteborg CBD Markedsleie Ledighet Yield (Sek/kvm) 2 550 4,90 % 4,40 % Toppleie i Gøteborg CBD har utviklet seg markant fra 2 950 til 3 200 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 2 550 3 200 4,90 % 5,50 % Innerstaden 2 150 2 650 4,50 % 6,20 % Norra Alvstranden 1 800 2 450 4,90 % 6,50 % Hisingen 1 025 1 375 9,50 % 8,50 % Mølndal 1 400 2 225 7,90 % 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 80 000 kvm. mot ca. 40 000 kvm. i både 2013, 2014 og 2015. 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 11 400 kvm. med Forsikringkassan som største leietaker. Videre ferdigstilles det såkalte SCA-huset på Mølndal i 2016 som er på 25 000 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 600 000 kvm, hvorav eiendommene i Sverige representerer i overkant av 450 000 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. 20 000 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 2014. 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

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 2014. 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 2015. Leienivå Logistikk 2013 2014 2015 Stockholm A beliggenhet (SEK/ m²) 825 830 850 B beliggenhet (SEK/ m²) 655 660 670 Yield Logistikk Stockholm 2014 2015 A beliggenhet (SEK/ m²) 6,25 % 5,90 % B beliggenhet (SEK/ m²) 7,25 % 6,75 % Ledighet Logistikk Stockholm Q3 2015 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 2005. Gøteborg har Nordens største import og eksporthavn og opplever fortsatt en stor vekst i logistikketableringer. Bl. a. ferdigstilles prosjektet Mølnlycke Føretagspark på hele 17 000 kvm utenfor Gøteborg i januar 2016. 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

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 2013 2014 2015 Gøteborg A beliggenhet (SEK/ m²) 700 700 710 B beliggenhet (SEK/ m²) 600 600 610 Yield Logistikk Gøteborg 2014 2015 A beliggenhet 6,45 % 6,00 % B beliggenhet 6,70 % 6,25 % Ledighet Logistikk Gøteborg Q3 2015 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 2014. I likhet med Gøteborg vokser leieprisene svakt også i Malmøregionen. Gjennomsnittlig leienivå for A- beliggende eiendom var 670 SEK/m² i både 2013 og 2014. 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 2015. 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 2013 2014 2015 A beliggenhet (SEK/ m²) 670 670 680 B beliggenhet (SEK/ m²) 450 450 455 Yield Logistikk Malmø 2014 2015 A beliggenhet 6,95 % 6,50 % B beliggenhet 7,70 % 7,50 % Ledighet Logistikk Malmø Q3 2015 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) 2015 197 91,4 30 % 2014 185 84,2 13 % Kontor- og handelssegmentet utgjør ca. 52 % av det totale transaksjonsvolumet hittil i 2015. 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

3.2 Key figures real estate portfolio 2 000 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 Jan. 2001 NRP Finans real estate portfolio vs Oslo Stock Exchange benchmark Jan. 2002 Jan. 2003 Jan. 2004 Jan. 2005 Jan. 2006 Jan. 2007 Jan. 2008 Jan. 2009 Jan. 2010 Jan. 2011 Jan. 2012 NRP Finans real estate Index (1 766) Jan. 2013 Jan. 2014 Jan. 2015 OSEBX (330) Dec. 2015 80 % 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 % 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 NRP Finans real estate portfolio Return OSEBX Development in number of real estate projects 15 50 13 10 10 10 40 8 3 4 5 8 4 3 4 6 6 7 7 30 20 10-2 -7-12 -1-1 -2-2 -2-2 -3-5 -5-9 -10-11 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Projects established (left axis) Sold projects (left axis akse) Projects in portfolio end of year (right axis) 0-10 -20-30 NRP Finans AS - Market Report December 2015 Page 25

mnok 12 000 Value NRP Finans real estate portfolio NRP's current real estate portfolio has a cost price of NOK 11.2 billion 10 000 8 000 6 000 4 000 2 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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* 2 183 527 304 1 644 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. 122 2 020 10 189 Hotel Housing Fund Industry 5 905 NLP* Page 26 NRP Finans AS - Market Report December 2015

3.3 Real estate projects overview Projects real estate Estimated value per 1% Established IRR since established Return 2015*** Berger Terminal DIS NOK 1 062 103 2012 27 p.a. % 36 % Brønnøysund Kontorbygg AS** N.A 2005 N.A N.A Dagligvarelogistikk AS NOK 1 096 512 2006 14 % 3 % E-Logistikk AS** N.A 2013 N.A N.A Etterstad Utvikling DIS NOK 376 628 2008 3 % 4 % Finlog AS* EUR 491 665 2015 N.A N.A Fokserødsenteret Nord AS NOK 937 520 2011 16 % 8 % Fredensborgveien Eiendom AS* NOK 653 958 2015 N.A N.A Gasolin Handelseiendom DIS NOK 2 954 813 2010 15 % 20 % Hoffsveien Kontorbygg AS NOK 1 756 799 2014 37 % 29 % Holmsbu Invest KS NOK 187 842 2005-9 % -8 % Hovfaret 4 DIS NOK 431 724 2012 18 % 83 % Hvalstad Forretningsbygg AS NOK 592 574 2013 3 % 1 % Kongholm Invest AS** N.A 2005 N.A N.A Kristiansund Handelseiendom AS NOK 640 090 2013 20 % 17 % KS Torggata Bad AS** N.A 2011 N.A N.A Lillestrøm Logistikkbygg AS* NOK 299 919 2015 N.A N.A Logistikk og Lagershop AS** N.A 2014 N.A N.A Lørenskogveien 75 Holding AS NOK 245 470 2007 3 % 22 % Majorstuen Kontorbygg DIS NOK 2 113 625 2012 29 % 71 % Martodden Utbygging KS NOK 450 000 2006 6 % 28 % Maskinveien Kontorbygg AS NOK 304 603 2014 3 % -9 % Moa Handelseiendom Holding II AS** N.A 2011 N.A N.A Nydalen Kontorbygg AS NOK 2 634 389 2013 38 % 44 % Nydalen Kontorbygg II AS** N.A 2014 N.A N.A Nye Alfasetveien DIS EUR 93 979 2009 20 % 18 % Nye Berghagan Næringseiendom AS NOK 207 986 2005-4 % -23 % Nässjö Logistikkbygg AS SEK 525 603 2005-1 % 6 % Pottemakerveien Kombibygg AS NOK 90 245 2006-6 % -16 % Ringeriksveien 2012 DIS NOK 189 765 2012 20 % 38 % Rud Fryselager AS NOK 450 788 2014 62 % 62 % Stadion Utbygging KS NOK 460 000 2006 3 % -6 % Statens Hus Lillehammer KS** N.A 2006 N.A N.A Sydsvenskan Lager & Handel AS SEK 330 662 2006 5 % 6 % Sørenga Utvikling KS NOK 5 850 000 2007 13 % 11 % Tangen Havnelager AS EUR 14 860 2006 8 % 18 % Teknikstaden Utvikling AS** N.A 2007 N.A N.A TFGS Kombi AS SEK 261 156 2007-11 % -20 % Torslanda Lagerbygg AS* NOK 2 282 367 2015 22 % 20 % Vestby Logistikk AS NOK 1 276 366 2014 26 % 30 % Wilfast i Torslanda AB** N.A 2009 N.A N.A Wilfast Mølndal AB SEK 213 962 2014 14 % 14 % Wilfast Mölnlycke Holding AB* SEK 220 430 2015 N.A N.A Økernveien Kontorbygg AS NOK 1 611 610 2015 22 % 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 01.12.2014 - NRP Finans AS - Market Report December 2015 Page 27

Berger Terminal DIS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1%: ** 1 062 103 Key figures 100 % Paid in capital: 59 600 000 Accumulated dividends/repayments: 10 600 000 Average rent/sqm (without discount): 1 002 Sensitivity Yield net rent 2018 8,00 % 7,50 % 7,00 % Property value 211 950 856 226 080 913 242 229 549 Property value after deferred tax 210 128 036 222 845 088 237 378 861 Price/sqm (average) 12 202 13 016 13 945 Tax-based value* 193 722 661 193 722 661 193 722 661 Market value hedging (73%) -992 759-992 759-992 759 Share price per 1% ** 934 932 1 062 103 1 207 441 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 235 000 000 **** The yield is based on rent without discount (2018 rent), and residual value of NOK 235 000 000 Company information Property information Business management: NRP Business Management AS Property type: Terminal, Logistics and Office Location: Berger, Skedsmo Lettable area (sqm): 17 370 Initial cost of property: 175 000 000 Plot size: 72 000 Paid in capital: 59 600 000 Construction year: 2001/2004/2006 Established: November 2012 Occupancy rate: 100 % Yield rent without discount 2018: 17 400 000 Tenant: DHL Express (Norway) AS Lease agreement: Owner responsible for own administration Lease period: 24.10.2017 Number of gates: 155 Estimated cash flow ( 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 10 304 708 7 860 377 8 791 024 Mortgage tranche 1 60 000 000 0 5,03 % p.a.* 60 000 000 Cost of ownership 435 227 443 932 453 920 Mortgage tranche 2 60 000 000 0 4,06 % p.a.** 60 000 000 Net operating income 9 869 481 7 416 445 8 337 104 Total 120 000 000 120 000 000 Interest income 56 119 49 619 45 198 Interest expense 5 454 000 5 388 000 5 229 000 Value of interest rate swap per 30.06.2015: -1 359 944 Net finance -5 397 881-5 338 381-125 183 802 Sale of property 235 000 000 Net cash flow 4 471 600 2 078 065 118 153 302 Dividend/capital repayment 4 100 000 4 100 000 2 400 000 *No instalments first 5 years. Has entered into an interest rate swap agreement until 11.05.2017 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) 2015 2016 2017 Working capital 4 877 698 2 855 763 3 153 302 Property value 222 845 088 222 845 088 222 845 088 Total assets 227 722 786 225 700 850 225 998 389 Debt (tranche 1-2) 120 000 000 120 000 000 120 000 000 Total debt 120 000 000 120 000 000 120 000 000 Lease runs until 24.10.2017, with an option to extend for 10 years. NAV after dividend and tax 107 722 786 105 700 850 105 998 389 Page 28 NRP Finans AS - Market Report December 2015

Brønnøysund Kontorbygg AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1%:** Key figures 100 % Paid in capital: 30 300 000 Accumulated dividends/repayments: 12 538 520 Originally paid in participant loan: 14 000 000 Outstanding participant loan: 14 000 000 Repaid interest on participant loan: 3 406 045 Average rent/sqm: 1 257 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): 13 890 sqm Initial cost of property after deferred tax: 180 000 000 Construction year: 1979, 1984, 1994 and 2000 Paid in capital: 30 300 000 Occupancy rate: 100 % Guarantee from investors: 20 000 000 Tenants: Brønnøysundregistrene / Participant loan: 14 000 000 (The State / Department of Justice) (99%) Established: 13. December 2005 Brønnøy Blikk AS (0,6%) Yearly rent 2016: 17 458 693 Lease period: Brønnøysundregisterne: 31.12.2020 Adjustment of rent: 80% of CPI Brønnøy Blikk AS: Continuing Estimated cash flow (assumed 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2020 Rental income 17 116 366 17 458 693 17 807 867 Mortgage tranche 1 25 125 000 0 3,15 % p.a. 25 125 000 Cost of ownership 2 556 500 2 609 241 2 665 126 Mortgage tranche 2 59 000 000 6 000 000 5,32 % p.a. 32 000 000 Net operating income 14 559 866 14 849 452 15 142 741 Mortgage tranche 3 11 250 000 0 3,15 % p.a. 11 250 000 Interest income 78 958 96 912 199 030 Participant loan 14 000 000 0 1,11 % p.a. 14 000 000 Interest expense 4 524 013 4 204 813 3 885 613 Shareholder loan 22 550 000 0 1,11 % p.a. 16 050 000 Interest participant loan 155 400 155 400 155 400 Total 131 925 000 6 000 000 82 375 000 Interest shareholder guarantee 250 305 248 918 241 980 Instalments mortgage 6 000 000 6 000 000 6 000 000 Value of interest rate swap per 30.06.2015: -4 347 405 Net finance -10 850 759-10 512 218-10 083 963 Tax payable 1 190 000 1 943 017 2 335 308 Project cost 400 000 0 0 Net cash flow 2 119 107 2 394 217 2 723 470 NOK 65 mill. is fixed to interest of 5.32% p.a. including margin from 15.12.14 until 15.12.2020 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

Dagligvarelogistikk AS Contact: Christian Ness (c.ness@nrp.no) Share price 1 % Share price per 1%:** 1 096 512 Key figures 100 % Paid in capital: 47 100 000 Accumulated dividends/repayments: 38 738 324 Outstanding participant loan: 0 Repaid instalments and interest on participant loan: 18 185 559 Average rent/sqm. (combination building): 716 Average rent/sqm. (office): 1 763 Sensitivity Yield 2016 7,75 % 7,50 % 7,25 % Property value 272 278 851 281 354 812 291 056 702 Property value after deferred tax 256 496 756 264 665 121 273 396 822 Price/sqm (average) 11 347 11 726 12 130 Tax-based value* 114 457 900 114 457 900 114 457 900 Market value hedging agreement (73%) -3 168 583-3 168 583-3 168 583 Share price per 1% ** 1 014 828 1 096 512 1 183 829 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: 321 500 000 Lettable area (sqm): 19 971 sqm warehouse and 3 667 sqm office Sales price Lagerveien: 75 000 000 Construction year: 1972-2006 Paid in capital: 47 100 000 Occupancy rate: 100 % Participant loan: 15 000 000 Tenants: Asko Rogaland AS (27.08.2017), Asko Drammen AS (27.08.2022) Established: 31. March 2006 Kiwi Minidrift AS (31.12.2017) Yearly rent 2016: 21 878 711 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2017 Rental income 21 383 296 21 878 711 22 831 173 Mortgage tranche 1 100 159 375 3 272 500 6,48 % p.a. 93 614 375 Cost of ownership 760 000 777 100 796 528 Mortgage tranche 2 40 063 750 1 309 000 5,98 % p.a. 37 445 750 Net operating income 20 623 296 21 101 611 22 034 646 Mortgage tranche 3 8 235 625 1 963 500 3,00 % p.a. 4 308 625 Interest mortgage (tranche 1-3) 9 433 972 6 859 464 4 769 435 Total 148 458 750 6 545 000 135 368 750 Instalments mortgage (tranche 1-3) 6 545 000 6 545 000 141 913 750 Net finance -15 978 972-13 404 464-146 683 185 Value of interest rate swap per 31.07.2015: -4 340 525 Sale of property 264 665 121 Tax payable 1 618 299 1 797 558 6 878 325 Net cash flow 3 026 025 5 899 589 133 138 257 Dividend/capital repayment 3 000 000 6 000 000 1 500 000 Mortgage tranche 1 has fixed interest of 6.48% p.a. until July 2016. Mortgage tranche 2 has fixed interest of 5.98% p.a. until April 2016. Mortgage tranche 3 has floating interest rate. Estimated balance (31.12) 2015 2016 2017 Working capital -640 380-740 791 292 095 Properties 264 665 121 264 665 121 264 665 121 Total assets 264 024 741 263 924 330 264 957 216 Mortgage (tranche 1-3) 148 458 750 141 913 750 135 368 750 Total debt 148 458 750 141 913 750 135 368 750 NAV after dividend and tax 115 565 991 122 010 580 129 588 466 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

E-Logistikk AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK)*: Key figures (SEK) 100 % Paid in capital: 207 000 000 Accumulated dividends: 36 557 788 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.): 93 585 Initial gross property value: SEK 560 000 000 Construction year: Varies, approx. 1990 Paid in capital: SEK 207 000 000 Occupancy rate: 100 % Mortgage: SEK 330 000 000 Tenant: Ellos AB Established: 01.11.2013 Lease agreement: Owner responsible for insurance and own administration Yield rent 2016: 45 432 751 Lease period: Logistics-part: 31.10.2030, Office: 31.10.2032 Adjustment of rent: 100% of CPI Estimated cash flow (assumed 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2031 Rental income 45 432 751 45 432 751 46 227 824 Mortgage tranche 1 270 000 000 0 3,78 % p.a.* 132 000 000 Cost of ownership 1 210 401 1 237 732 1 265 687 Mortgage tranche 2 42 000 000 12 000 000 1,65 % p.a.** 0 Net operating income 44 222 350 44 195 019 44 962 137 Total 312 000 000 12 000 000 132 000 000 Interest expense 11 047 500 10 849 500 10 786 500 Instalments mortgage 12 000 000 12 000 000 12 000 000 Value of interest rate swap per 30.06.2015: -17 988 262 Net finance -23 047 500-22 849 500-22 786 500 Tax payable 4 821 883 7 141 778 7 771 547 Net cash flow 16 352 967 14 203 741 14 404 090 Dividend/capital repayment 31 500 000 14 500 000 14 000 000 * Tranche 1 has fixed interest of 3.78% p.a. including margin from 01.07.2014 until 01.11.2018. ** Tranche 2 has floating interest adjusted with the forward curve. The loan runs until 2Q 2019. Estimated balance (31.12) Working capital Property value Total assets Debt (tranche 1-2) Total debt NAV after dividend and tax 2015 2016 2017 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 2016. 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

Etterstad Utvikling DIS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 376 628 Key figures 100 % Paid in capital: 29 500 000 Accumulated dividends/repayments: 0 Average rent/sqm (rented space): 1 127 Sensitivity Yield 2016 8,00 % 7,75 % 7,50 % Property value 109 629 876 112 843 743 116 271 868 Property value afte deferred tax 100 881 329 103 773 809 106 859 122 Price/sqm (average) 12 177 12 534 12 915 Tax-based value* 22 144 404 22 144 404 22 144 404 Market value hedging (73%) -3 788 492-3 788 492-3 788 492 Share price per 1% ** 347 704 376 628 407 481 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.): 9 003 Initial cost of property after deferred tax: 98 500 000 Construction year: 1960 and 1997 Paid in capital: 29 500 000 Occupancy rate: Approx. 90% Established: 28. February 2008 Tenant: Rema 1000 AS, Lighthouse Company, Varoma Yearly rent 2016: 9 129 396 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2017 Rental income 8 799 411 9 129 396 9 334 807 Mortgage tranche 1 16 000 000 589 286 3,00 % p.a. 13 053 570 Cost of ownership 1 284 396 1 159 006 1 187 981 Mortgage tranche 2 50 000 000 0 7,07 % p.a. 50 000 000 Net operating income 7 515 015 7 970 390 8 146 826 Total 66 000 000 589 286 63 053 570 Interest income 36 232 49 018 73 249 Interest expense (tranche 1-2) 4 015 000 4 039 000 4 038 929 Value of interest rate swap per 30.06.2015: -5 189 715 Instalments mortgage 0 589 286 65 410 714 Net finance -3 978 768-4 579 268-69 376 393 Mortgage tranche 1 has floating interest. Tax payable 759 137 0 0 Upgrading costs/ Feasibility study 1 975 000 200 000 200 000 Mortgage tranche 2 has fixed interest of 7.07% p.a. including margin until 05.03.18. Sale of property 110 000 000 Net cash flow 802 110 3 191 122 48 770 433 Estimated balance (31.12) 2015 2016 2017 Working capital 2 560 788 5 751 910 7 375 914 Property value 103 773 809 103 773 809 103 773 809 Total assets 106 334 597 109 525 720 111 149 723 Debt (tranche 1-2) 66 000 000 65 410 714 63 053 570 Total debt 66 000 000 65 410 714 63 053 570 NAV after dividend and tax 40 334 597 44 115 006 48 096 153 Development potential of approx. 2 500-5 000 sqm. The residual value in the project is adjusted for a development potential of 2 500 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

Finlog AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1%: (EUR) 491 665 Key figures (EUR) 100 % Paid in capital: 45 200 000 Accumulated dividends/repayments: - Average rent/sqm: 59 Sensitivity Yield 2016 6,50 % 6,25 % 6,00 % Property value 110 820 615 115 253 440 120 055 667 Property value after deferred tax 110 483 172 114 605 699 119 071 770 Price/sqm 890 925 964 Tax-based value* 106 000 000 106 000 000 106 000 000 Market value hedging (78%)** 238 948 238 948 238 948 Share price per 1% 450 440 491 665 536 326 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.) 124 568 Initial gross property value: 109 500 000 Lettable area incl. Prikkala (sqm.) 133 888 Paid in capital: 45 200 000 Construction years: Mainly newer buildings, 2009-2016 Established 2015 Occupancy rate: 100 % Yearly 2016 rent: 7 360 165 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: 21.04.2027 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.2015) 2015* 2016 2017 Principal Inst. 16 Interest Balloon 2026 Rental income 5 336 719 7 360 165 8 368 167 Mortgage tranche 1 52 503 750 0 2,03 % p.a. 52 503 750 Cost of ownership 115 313 156 825 167 942 Mortgage tranche 2 16 626 188 1 750 124 1,75 % p.a. 437 531 Net operating income 5 221 407 7 203 340 8 200 226 Mortgage tranche 3 0 53 660 1,75 % p.a.* 6 493 760 Interest expense 662 893 1 414 196 1 558 557 Total 69 129 938 1 803 784 59 435 041 Instalments mortgage 875 062 1 803 784 1 964 764 Investment in property 13 200 000 Value of interest rate swap per 01.10.2015: 306 343 New loan 8 586 500 Net finance -1 537 955-7 831 480-3 523 321 Net cash flow 3 683 452-628 140 4 676 905 Dividend/ capital repayment 0 1 500 000 5 650 000 *project-start Q2 2015 Tranche 1 has fixed interest until 15.07.2022. 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* 2016 2017 Working capital 3 652 388 1 524 248 551 152 Property value 114 605 699 127 805 699 127 805 699 Total assets 118 258 087 129 329 947 128 356 851 Debt 69 129 938 75 912 654 73 947 890 Total debt 69 129 938 75 912 654 73 947 890 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 49 128 149 53 417 293 54 408 961 NRP Finans AS - Market Report December 2015 Page 33

Fokserødsenteret Nord AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Date of analysis Share price 1 % Share price per 1%: ** 937 520 Key figures 100 % Paid in capital: 66 800 000 Accumulated dividends/repayments: 19 900 000 Average rent/sqm office: 1 634 Average rent/parking space outside: 5 327 Average rent/parking space inside: 11 394 Sensitivity Yield 2016 7,50 % 7,25 % 7,00 % Property value 232 674 046 240 697 289 249 293 621 Property value after deferred tax 226 938 141 234 159 060 241 895 759 Price/sqm (average) 15 301 15 829 16 394 Tax-based value* 175 315 000 175 315 000 175 315 000 Market value hedging (73%) -6 003 734-6 003 734-6 003 734 Share price per 1% ** 865 311 937 520 1 014 887 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): 15 206 Initial gross property value: 220 000 000 Number of parking spaces: 300 Paid in capital: 66 800 000 Construction year: 2009 Established: 22. December 2011 Occupancy rate: 100 % Yearly rent 2016: 18 354 783 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 18 008 388 18 354 783 18 796 438 Mortgage tranche 1 72 950 000 4 500 000 2,75 % p.a. 31 325 000 Cost of ownership 886 500 904 230 926 836 Mortgage tranche 2 60 000 000 0 4,93 % p.a.* 60 000 000 Net operating income 17 121 888 17 450 553 17 869 602 Total 132 950 000 4 500 000 91 325 000 Interest income 64 833 77 509 84 041 Interest expense (tranche 1-2) 5 056 938 4 933 188 4 809 438 Value of interest rate swap per 01.09.2015: -8 224 293 Instalments mortgage 4 500 000 4 500 000 4 500 000 Net finance -9 492 104-9 355 678-9 225 397 Tax payable 1 416 000 1 900 999 2 140 891 Net cash flow 6 213 784 6 193 876 6 503 314 Dividend/ capital repayment 6 000 000 6 000 000 7 000 000 * Tranche 2 runs without instalments, and has fixed interest rate of 4.93% including margin. Estimated payment (31.12) 2015 2016 2017 Working capital 290 573 484 449-12 237 Property value 234 159 060 234 159 060 234 159 060 Net operating income 234 449 633 234 643 509 234 146 823 Debt (tranche 1-2) 132 950 000 128 450 000 123 950 000 Total debt 132 950 000 128 450 000 123 950 000 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 101 499 633 106 193 509 110 196 823 Page 34 NRP Finans AS - Market Report December 2015

Fredensborgveien Eiendom AS Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%: ** 653 958 Key figures 100 % Paid in capital: 53 440 000 Accumulated dividends/repayments: - Average rent/sqm: 1 982 Sensitivity Yield 2016 5,90 % 5,75 % 5,60 % Property value 223 593 305 229 426 174 235 571 518 Property value after deferred tax 217 070 268 222 319 850 227 850 659 Price/sqm 31 215 32 029 32 887 Tax-based value* 158 362 933 158 362 933 158 362 933 Market value hedging (73%) 365 000 365 000 365 000 Share price per 1% ** 601 462 653 958 709 266 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.) 7 163 Initial gross property value: 215 000 000 Construction year: 1876 Paid in capital: 53 440 000 Occupancy rate: 100 % Established 26.03.2015 Tenant: Diakonova, Hudpleieakademiet (Dermanor), Rema 1000, Q-Park Yearly yield rent 2016: 14 197 005 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 (31.12.15) 2015* 2016 2017 Principal Inst. 16 Interest Balloon 2030 Rental income 10 619 753 14 197 005 14 551 930 Mortgage tranche 1 83 160 000 1 680 000 3,20 % * 57 960 000 Cost of ownership 767 555 1 027 613 1 048 165 Mortgage tranche 2 83 160 000 1 680 000 3,20 % 57 960 000 Net operating income 9 852 198 13 169 393 13 503 765 Total 166 320 000 3 360 000 115 920 000 Interest income 76 364 129 214 121 989 Interest expense (tranche 1-2) 2 948 923 4 881 660 5 413 632 Value of interest rate swap per 12.04.2015: 500 000 Instalments mortgage 1 680 000 3 360 000 3 360 000 Net finance -4 552 559-8 112 446-8 651 643 Other costs 171 900 0 0 Net cash flow 5 127 739 5 056 946 4 852 122 Dividend/ capital repayment 0 6 800 000 6 400 000 * Project-start 26.3.2015 * Mortgage 1 has a swap agreement from 15.04.17-15.04.2027, with an interest rate of 3.76% including margin. Estimated balance (31.12) 2015* 2016 2017 Working capital 5 299 639 3 556 585 2 008 707 Property value 222 319 850 222 319 850 222 319 850 Total assets 227 619 488 225 876 435 224 328 557 Debt (tranche 1-2)) 166 320 000 162 960 000 159 600 000 Total debt 166 320 000 162 960 000 159 600 000 Diakonova's contract lasts until 31.07.2032, and Stiftelsen Diakonova guarantees the lease contract. Option for 10 years at same terms. Rema 1000 has a contract until 18.02.2026, and pays 2.75% rent out of total sales (currently not effective). Option for 15 years at market terms. Hudpleieakademiet's contract lasts until 31.12.2025 but with exit option in 31.12.2020. NAV after dividend and tax 61 299 488 62 916 435 64 728 557 NRP Finans AS - Market Report December 2015 Page 35

Gasolin Handelseiendom DIS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 2 954 813 Key figures 100 % Paid in capital: 173 000 000 Accumulated dividends/repayments: 49 500 000 Average rent/sqm: 4 454 Sensitivity Yield 2016 7,75 % 7,50 % 7,25 % Property value 568 079 205 587 015 178 607 257 081 Property value after deferred tax 532 825 902 549 868 278 568 085 990 Price/sqm (average) 42 991 44 424 45 956 Tax-based value* 215 546 172 215 546 172 215 546 172 Market value hedging (73%) -29 067 258-29 067 258-29 067 258 Share price per 1% ** 2 784 389 2 954 813 3 136 990 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.): 13 214 Initial gross property value: 800 000 000 Occupancy rate: 100 % Paid in capital: 173 000 000 Tenant: Reitan Convenience Norway AS, Established: 6. September 2010 Scandinavian Fuel Infrastructure, Uno-X Automatic, YX Service station. Yearly rent 2016: 58 858 406 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 (01.12.15) 2015 2016 2017 Principal Interest Balloon 2022 Rental income 69 251 907 58 858 406 60 182 720 Mortgage 274 294 925 5.63% p.a.* 163 794 925 Cost of ownership 14 470 505 14 832 268 15 165 994 Net operating finance 54 781 402 44 026 138 45 016 726 * weighted average of four interest rate swaps: Interest income 22 277 15 154 14 208 Swap-agreement of 5.79% incl. margin until 15.09.2021. Interest expense 23 480 229 17 350 068 16 352 806 Swap-agreement of 5.76% incl. margin until 15.09.2021. Instalments mortgage 202 844 055 17 000 000 17 000 000 Swap-agreement of 5.18% incl. margin until 04.11.2019. Net finance -226 302 007-34 334 914-33 338 598 Swap-agreement of 5.62% incl. margin until 08.11.2020 Sale of property 232 719 266 0 0 Tax payable 6 695 843 6 380 630 5 208 531 Value of interest rate swaps per 30.06.2015: -39 818 162 Net cash flow 54 502 818 3 310 594 6 469 598 The project has an overhedging on the loan of NOK 77 705 075. Dividend/ capital repayment 60 000 000 5 000 000 5 000 000 Extraordinary repayment on floating loan in 2015 due to sale of property. Estimated balance (31.12) 2015 2016 2017 Working capital 1 774 629 85 223 1 554 821 Property value 549 868 278 549 868 278 549 868 278 Total assets 551 642 907 549 953 501 551 423 099 Debt 274 294 925 257 294 925 240 294 925 Total debt 274 294 925 257 294 925 240 294 925 NAV after dividend and tax 277 347 982 292 658 576 311 128 174 The lease agreement with Reitan Convenience Norway AS, Scandinavian Fuel Infrastructure, Uno-X Automatic and YX-Service stations run until 31. December 2022. Other tenants stand for 4% of the rent. The expiry of the lease agreements to the other tenants vary from 2015-2032. 14 gas stations have been sold so far in 2015. 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 3 500 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

Hoffsveien Kontorbygg AS Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%: ** 1 756 799 Key figures 100 % Paid in capital: 119 300 000 Accumulated dividends/repayments: 22 000 000 Average rent/sqm office: 1 800 Average rent per parking lot: 11 800 Sensitivity Yield 2016 6,25 % 6,00 % 5,75 % Property value 448 400 347 467 653 851 487 986 627 Property value after deferred tax 440 923 028 458 251 181 476 550 680 Price/sqm excl. parking 28 067 29 272 30 545 Tax-based value* 373 627 150 373 627 150 373 627 150 Market value hedging (73%) -7 124 070-7 124 070-7 124 070 Share price per 1% ** 1 583 517 1 756 799 1 939 794 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.): 14 698 Initial gross property value: 394 000 000 Parking spaces: 194 Paid in capital: 119 300 000 Construction year: 2001 Established 01.03.2014 Occupancy rate: 100 % Yearly rent 2016: 29 427 606 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 (31.12.15) 2015 2016 2016 Principal Inst. 16 Interest Balloon 2024 Rental income 28 822 337 29 427 606 30 163 296 Mortgage tranche 1 144 000 000 5 000 000 2,65 % p.a.* 101 500 000 Cost of ownership 1 368 375 1 402 584 1 437 649 Mortgage tranche 2 131 000 000 0 2,65 % p.a.** 131 000 000 Net operating income 27 453 962 28 025 022 28 725 647 Total 275 000 000 5 000 000 232 500 000 Interest income 229 049 170 080 181 609 Interest expense (tranche 1-2) 7 068 938 6 159 375 10 172 600 Value of interest rate swap per 30.04.2015: -9 759 000 Instalments mortgage 5 000 000 5 000 000 5 000 000 Net finance -11 839 888-10 989 295-14 990 991 Net cash flow 15 614 074 17 035 726 13 734 656 Dividend/ capital repayment 22 000 000 16 000 000 15 000 000 * 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 18.04.2017 until 15.04.2022 with interest rate of 3.375% p.a. excluding margin. Estimated balance (31.12) 2015 2016 2016 Working capital 1 247 074 2 282 800 1 017 456 Property value 458 251 181 458 251 181 458 251 181 Total assets 459 498 255 460 533 981 459 268 637 Debt (tranche 1) 144 000 000 139 000 000 134 000 000 Debt (tranche 2) 131 000 000 131 000 000 131 000 000 Total debt 275 000 000 270 000 000 265 000 000 NAV after dividend and tax 184 498 255 190 533 981 194 268 637 The project owns two properties, Hoffsveien 70 B and C. Hoffsveien 70 B is 100% leased to Lindorff until 31.03.2024. 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 31.12.2019 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

Holmsbu Invest KS Contact: Christian Ness (c.ness@nrp.no) Share price 1 % Share price per 1%: 187 842 Key figures 100 % Paid in capital: 49 100 000 Accumulated dividends/repayments: 8 600 000 Average rent/sqm: 407 Sensitivity Yield 2016 8,25 % 7,75 % 7,25 % Property value (after deferred tax) 66 932 848 71 127 732 75 813 762 Price/sqm. 5 442 5 783 6 164 Share price per 1% 145 893 187 842 232 509 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: 122 000 000 Lettable area (sqm):* 12 300 Paid in capital: 49 100 000 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: 6 000 000 Adjustment of rent: 100% of CPI * 6 800 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 (31.12.2015) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2018 Rental income 5 000 000 5 000 000 5 000 000 Mortgage tranche 1 54 500 000 2 000 000 4,25 % p.a. 49 500 000 Cost of ownership 478 040 487 601 499 791 Total 54 500 000 2 000 000 49 500 000 Net operating income 4 521 960 4 512 399 4 500 209 Interest expense 1 700 000 2 295 000 2 210 000 Instalments mortgage 500 000 2 000 000 2 000 000 Net finance -2 200 000-4 295 000-4 210 000 Refinancing costs 550 000 0 0 Net cash flow 1 771 960 217 399 290 209 Loan was refinanced 17.04.2015. The mortgage has floating interest rate of 4.25% including margin. Quarterly instalments of NOK 500 000 from October 2015. Estimated balance (31.12) 2015 2016 2017 Working capital 2 523 433 2 740 832 3 031 041 Property 71 127 732 71 127 732 71 127 732 Total assets 73 651 164 73 868 564 74 158 773 Debt 54 500 000 52 500 000 50 500 000 Total debt 54 500 000 52 500 000 50 500 000 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 19 151 164 21 368 564 23 658 773 Page 38 NRP Finans AS - Market Report December 2015

Hovfaret 4 DIS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: 431 724 Key figures 100 % Paid in capital: 30 000 000 Accumulated dividends/repayments: 5 000 000 Average rent/sqm: 1 357 Sensitivity Yield 2016 6,25 % 6,00 % 5,75 % Property value 114 991 839 119 783 165 124 991 129 Property value after deferred tax 108 039 531 112 351 725 117 038 893 Price/sqm (average) 14 769 15 384 16 053 Tax-based value* 45 468 763 45 468 763 45 468 763 Market value hedging (73%) -496 537-496 537-496 537 Share price per 1% 388 602 431 724 478 596 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.): 7 786 Initial gross property value: 85 000 000 Construction year: 1925/1944 Paid in capital: 30 000 000 Occupancy rate: 80 % Established: 4. December 2012 Tenant: Zalaris AS, Norco Interiør, Agria Dyreforsikring, 2Clean AS, Yearly rent 2016: 8 453 237 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 (31.12.2015) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 8 076 447 8 453 237 9 900 393 Mortgage tranche 1 36 000 000 1 000 000 3,30 % p.a. 34 000 000 Cost of ownership 1 235 363 1 266 247 1 297 903 Mortgage tranche 2 36 000 000 0 3,48 % p.a. 36 000 000 Net operating income 6 841 084 7 186 990 8 602 490 Total 72 000 000 1 000 000 70 000 000 Interest income 12 403 13 833 31 149 Interest expense 2 214 900 2 521 925 2 573 300 Value of interest rate swap per 30.06.2015: -680 188 Instalments mortgage 0 1 000 000 71 000 000 Net finance -2 202 497-3 508 092-73 542 151 Upgrading costs 2 126 376 6 927 500 0 Sale of property 112 351 725 Net cash flow 2 512 211-3 248 602 47 412 064 Dividend/capital repayment 5 000 000 0 3 500 000 Estimated tax for participants 135 342 1 108 607 1 189 605 The mortgage was refinanced 2015. Instalments from 2016. Mortgage tranche 1 has floating interest. Mortgage tranche 2 has fixed interest until 15.04.2022. Estimated balance (31.12) 2015 2016 2017 Working capital 4 543 791 1 295 188 5 355 527 Property value 112 351 725 112 351 725 112 351 725 Total assets 116 895 516 113 646 914 117 707 252 Debt 72 000 000 71 000 000 70 000 000 Total debt 72 000 000 71 000 000 70 000 000 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 01.01.2018. NAV after dividend and tax 44 895 516 42 646 914 47 707 252 NRP Finans AS - Market Report December 2015 Page 39

Hvalstad Forretningsbygg AS Contact: Morten Berg (m.berg@nrp.no) Share price: 1 % Share price per 1%: 592 574 Key figures 100 % Paid in capital: 58 655 000 Accumulated dividends: 3 000 000 - Average rent/sqm: 1 483 Sensitivity Yield 2016 7,75 % 7,50 % 7,25 % Property value 61 376 259 63 422 135 65 609 105 Property value after deferred tax 56 581 056 58 422 344 60 390 617 Price/sqm (average) 16 629 17 183 17 775 Tax-based value* 13 424 227 13 424 227 13 424 227 Share price per 1% 574 161 592 574 612 256 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: 61 772 861 Lettable areal (sqm): 3 691 Paid in capital: 58 655 000 Construction year: 1978 Established: 11.06.2013 Occupancy rate: 100 % Yield rent 2016: 5 472 404 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 (31.12.2015) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2018 Rental income 5 338 931 5 472 404 5 595 533 Mortgage tranche 1 39 666 667 1 333 332 2,75 % 35 666 671 Cost of ownership 698 287 715 744 731 848 Total 39 666 667 1 333 332 35 666 671 Net operating income 4 640 644 4 756 660 4 863 685 Interest income 2 622 4 966 9 121 Interest expense 550 000 1 140 667 1 197 000 Instalments mortgage 333 333 1 333 332 1 333 332 Net finance -880 711-2 469 033-2 521 211 Other costs 170 000 250 000 100 000 Net cash flow 3 589 933 2 037 627 2 242 474 New loan in the project 10.07.2015, 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) 2015 2016 2017 Working capital 724 409 2 762 036 5 004 510 Property value 63 422 135 63 422 135 63 422 135 Claim 39 666 667 38 333 335 37 000 003 Total assets 103 813 211 104 517 506 105 426 648 Debt (tranche 1-3) 39 666 667 38 333 335 37 000 003 Total debt 39 666 667 38 333 335 37 000 003 The project has three tenants: 4Subsea AS, Norgesgruppen AS (Kiwi) and Jakt og Friluft AS. The lease with Norgesgruppen expires 31.08.2026, the lease with 4Subsea AS lasts until 31.12.2018, and the lease with Jakt og Friluft AS lasts until 28.02.2017. NAV after divivend and tax 64 146 544 66 184 171 68 426 645 Page 40 NRP Finans AS - Market Report December 2015

Kongholm Invest KS Contact: Knut Ekjord (knut.ekjord@nrp.as) Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: 18 150 000 Accumulated dividends/repayments: 4 200 000 Initial paid in participant loan: 4 000 000 Outstanding participant loan: 0 Paid back instalments and interest on participant loan: 4 570 410 Average rent/sqm office: 409 Average rent/sqm apartments: 2 222 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: 83 500 000 Location: Holmestrand / Kongsberg Paid in capital: 15 650 000 Lettable area (sqm.): 2 595 sqm. and 1 134 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 (31.12.15) Principal Inst. 16 Interest Ballon 2016 Mortgage 58 390 250 0 3,00 % p.a. 58 390 250 Total 58 390 250 58 390 250 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 1 000 sqm office space is vacant in Holmestrand. NRP Finans AS - Market Report December 2015 Page 41

Kristiansund Handelseiendom AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 640 090 Key figures 100 % Paid in capital: 45 000 000 Accumulated dividends/repayments: - Average rent/sqm: 1 149 Sensitivity Yield 2016 7,75 % 7,50 % 7,25 % Property value 185 701 670 191 891 726 198 508 682 Property value after deferred tax 178 486 586 184 057 636 190 012 897 Price/sqm (average) 13 729 14 187 14 676 Tax-based value* 113 550 828 113 550 828 113 550 828 Market value hedging (73%) -2 449 917-2 449 917-2 449 917 Share price per 1% ** 584 380 640 090 699 643 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.): 13 526 Initial gross property value: NOK 183 000 000 Construction year: 2012 Paid in capital: NOK 45 000 000 Occupancy rate: 100 % Established: 06.12.2013 Tenant: COOP Orkla Møre AS, Jula Norge, G-Sport, Ekstra Leker Yearly rent 2016: 15 542 268 Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: Weighted approx. 01.03.2023 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 15 163 188 15 542 268 15 891 969 Mortgage tranche 1 65 125 000 1 250 000 2,95 % p.a. 38 250 000 Cost of ownership 1 122 330 1 150 388 1 176 272 Mortgage tranche 2 33 187 500 625 000 4,79 % p.a. 23 687 500 Net operating income 14 040 858 14 391 879 14 715 697 Mortgage tranche 3 16 593 750 312 500 4,13 % p.a. 15 281 250 Interest income 138 810 174 664 197 321 Mortgage tranche 4 16 593 750 312 500 3,68 % p.a. 16 281 250 Interest expense (tranche 1-4) 4 875 255 4 784 036 4 760 022 Total 131 500 000 2 500 000 93 500 000 Instalments mortgage 2 500 000 2 500 000 4 000 000 Net finance -7 236 445-7 109 372-8 562 701 Value of interest rate swaps per 30.06.2015: -3 356 051 Other costs 550 000 0 0 Tax payable 1 278 314 1 645 686 1 880 771 Net cash flow 4 976 099 5 636 822 4 272 225 Dividend/capital repayment 1 500 000 2 900 000 2 500 000 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) 2015 2016 2017 Working capital 13 626 967 16 363 788 18 136 013 Property value 184 057 636 184 057 636 184 057 636 Total assets 197 684 603 200 421 424 202 193 649 Debt (tranche 1-4) 131 500 000 129 000 000 125 000 000 Total debt 131 500 000 129 000 000 125 000 000 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 66 184 603 71 421 424 77 193 649 Page 42 NRP Finans AS - Market Report December 2015

KS Torggata Bad AS Contact: Christian Ness (c.ness@nrp.no) Share price 1 % Share price per 1%: - Key figures 100 % Paid in capital: 32 850 000 Uncalled capital: 2 400 000 Accumulated dividends/repayments: 6 500 000 Average rent/sqm: 1 126 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): 11 548 Initial gross property value: 137 000 000 Construction year: 1925 Paid in capital: 32 850 000 Occupancy rate: Approx. 93% Uncalled capital: 2 400 000 Tenant: Auditorium AS, Torggata Bad & Treningssenter AS, Established: 25. March 2011 Oslo Bowling AS, Hans & Olaf Fysioterapi AS, and several smaller tenants Yield rent: 13 000 000 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 01.05.2015 2015 2016 2017 Principal Inst. 15 Interest Balloon 2020 Rental income 11 207 801 10 863 738 11 081 079 Mortgage tranche 1 124 375 000 1 325 000 3,00 % p.a. 101 875 000 Cost of ownership 2 280 000 2 335 050 2 393 426 Total 124 375 000 1 325 000 101 875 000 Net operating income 8 927 801 8 528 688 8 687 653 Interest income 34 930 37 429 71 600 Interest mortgage 5 649 775 3 901 606 4 253 438 Instalments mortgage 1 325 000 0 4 000 000 Net finance -6 939 845-3 864 178-8 181 838 Net cash flow 1 987 956 4 664 510 505 815 Loan refinanced May 2015, with floating interest and annual instalments of NOK 4 000 000. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt 2015 2016 2017 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

Lillestrøm Logistikkbygg AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: 299 919 Key figures 100 % Paid in capital 29 500 000 Accumulated dividends/repayments: - Average rent/sqm: 658 Sensitivity Yield 2016 7,00 % 6,50 % 6,00 % Property value 101 705 328 109 528 815 118 656 216 Property value after deferred tax 98 091 027 105 132 165 113 346 827 Price/sqm (average) 8 417 9 064 9 819 Tax-based value* 65 562 323 65 562 323 65 562 323 Share price per 1% 229 507 299 919 382 065 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.): 12 084 Initial cost of property after deferred tax: 105 200 000 Construction years: 1983/1987 Paid in capital: 29 500 000 Occupancy rate: 100 % Established: 15.04.2015 Tenant: DSV Road AS Yearly rent 2016: 7 945 279 Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance, property tax and own administration Lease period: 30.06.2024 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.2015) 2015* 2016 2017 Principal Inst.16 Interest Balloon Rental income 5 813 619 7 945 279 8 124 048 Mortgage tranche 1 78 820 000 1 360 000 2,80 % p.a. 56 805 305 Cost of ownership 604 322 825 906 846 554 Total 78 820 000 1 360 000 56 805 305 Net operating income 5 209 298 7 119 373 7 277 494 Interest income 2 484 5 704 9 195 The mortgage has floating interest rate. Interest expense 1 019 500 2 315 160 2 467 840 Instalments mortgage (tranche 1-2) 680 000 1 360 000 1 360 000 Net finance -1 697 016-3 669 456-3 818 645 Other cost 1 000 000 0 0 Net cash flow 2 512 282 3 449 917 3 458 849 * project start 15.04.2015 Estimated balance (31.12) 2015* 2016 2017 Working capital 3 064 282 6 514 199 9 973 048 Property value 105 132 165 105 132 165 105 132 165 Total assets 108 196 447 111 646 364 115 105 214 Debt 78 820 000 77 460 000 76 100 000 Total debt 78 820 000 77 460 000 76 100 000 Parent company, DSV Road Holding AS, guarantees NOK 9.5 mill of the rent. NAV after dividend and tax 29 376 447 34 186 364 39 005 214 Page 44 NRP Finans AS - Market Report December 2015

Lilleby Eiendom AS - residential development project Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%:** 3 190 250 Key figures 100 % Paid in capital: 319 024 000 Accumulated dividends/repayments: - Key data Base case Share price per 1% 3 190 250 Land price per sqm (based on 82 00 BRAS) 6 960 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): 82-85 000 Sum budgeted sales revenue: 5.16 billion Plot size: 93 000 Sales period residential: 2014-2025 Planned residential units: 1 000 Sales start first building stage: 10.11.2014 Last sale start Ladebekken 2: 14. October 2015 : www.nyelilleby.no 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 01.04.2015 Plot 570 714 000 Cash and cash equivalents 65 434 000 Value commercial land 12 000 000 Activated development costs 47 174 000 Receivables 10 847 000 Total Assets 706 169 000 Equity 319 024 000 Land loan 367 000 000 Payables 15 045 000 Deferred tax 5 100 000 Total debt 387 145 000 Total equity and debt 706 169 000 The average salesprice used is NOK 54 000 per sqm. Building cost is approx. NOK 35 600 per sqm. Infrastructure cost estimated to NOK 1 600 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

Logistikk og Lagershop AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price of 1%: (SEK)* Key figures (SEK) 100 % Paid in capital: 114 000 000 Accumulated dividends/repayments: 28 800 000 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): 34 328 Initial cost of property after deferred tax: SEK 286 500 000 Construction years: 2009, 2012 Paid in capital: SEK 114 000 000 Occupancy rate: 100 % Established: 12.02.2014 Tenants: PostNord Logistics TPL AB, NetOnNet AB Yield rent: 18 014 993 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: 31.08.2023, NetOnNet: 31.10.2024 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 18 124 993 18 097 493 18 308 187 Mortgage tranche 1 117 577 586 1 811 208 4,14 % p.a. 103 087 922 Cost of ownership 1 445 254 1 474 159 1 503 642 Mortgage tranche 2 29 394 399 452 800 2,25 % p.a. 25 771 999 Net operating income 16 679 739 16 623 334 16 804 545 Total 146 971 985 2 264 008 128 859 921 Interest expense (tranche 1-2) 5 592 965 5 507 793 5 566 763 Instalments mortgage 2 264 008 2 264 008 2 264 008 Value of interest rate swap per 30.06.2015: -6 498 126 Net finance -7 856 973-7 771 801-7 830 771 Tax payable 0 527 856 518 775 Net cash flow 8 822 766 8 323 677 8 454 999 Tranche 1 has fixed interest of 4.14% p.a. including margin until 28.02.2019. Yearly instalments of SEK 1 811 208. Dividend/capital repayment 7 800 000 6 000 000 8 700 000 Tranche 2 has floating interest rate adjusted according to the forward rate. Yearly instalments of SEK 452 800. Estimated balance (31.12) Additional Information Working capital Property value Total assets Debt (tranche 1-2) Total debt NAV after dividend and tax 2015 2016 2017 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 2014. Distribution to investors from sale of the property in Umeå is SEK 24.8 mill. The property in Helsingborg is 29 700 sqm, located right by E4/E6 and E20, approx. 10 km northeast of Helsingborg. The property in Linkøping is 4 628 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

Lørenskogveien 75 Holding AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 245 470 Key figures 100 % Paid in capital: 19 800 000 Accumulated dividends/repayments: 0 Average rent/sqm: 850 Sensitivity Yield 2016 7,75 % 7,50 % 7,25 % Property value 63 674 075 65 796 545 68 065 391 Property value after deferred tax 59 497 569 61 407 791 63 449 753 Price/sqm (average): 7 166 7 405 7 661 Tax-based value* 21 909 012 21 909 012 21 909 012 Market value hedging (73%): -2 205 710-2 205 710-2 205 710 Share price per 1% ** 226 367 245 470 265 889 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.): 8 885 Initial cost of property after deferred tax: NOK 57 447 510 Construction year: 1987/1993/1997 Paid in capital: NOK 19 800 000 Occupancy rate: 100 % Establishment: 21. September 2007 Tenant: Gummiservice Produksjon AS, Schiedel Skorsteiner AS, Yearly rent 2016: 7 552 897 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2017 Rental income 7 368 680 7 552 897 7 722 837 Mortgage tranche 1 5 103 324 1 456 668 3,05 % p.a. 2 189 988 Cost of ownership 2 562 747 2 618 156 2 669 742 Mortgage tranche 2 28 400 000 0 7,48 % p.a. 28 400 000 Net operating income 4 805 933 4 934 741 5 053 095 Mortgage tranche 3 975 000 150 000 3,05 % p.a. 675 000 Interest income 613 746 1 022 Total 34 478 324 1 606 668 31 264 988 Interest expense (tranche 1-3) 2 346 461 2 305 973 2 264 735 Instalments mortgage 1 606 668 1 606 668 33 021 656 Value of interest rate swap per 30.06.2015: -3 021 521 Net finance -3 952 517-3 911 896-35 285 369 Tax payable 621 855 400 000 680 000 Other costs 532 737 0 0 Sale of property 61 407 791 Net cash flow -301 176 622 845 30 495 517 Tranche 1 has floating interest, and has quarterly instalments of NOK 364 167. Tranche 2 has fixed interest of 7.48% p.a. including margin until 16.10.2017, and no instalments. Tranche 3 has floating interest rate and quarterly instalments of NOK 37 500. Estimated balance (31.12) 2015 2016 2017 Working capital 204 864 827 710 1 329 130 Property value 61 407 791 61 407 791 61 407 791 Total asset 61 612 656 62 235 501 62 736 921 Debt (tranche 1-3) 34 478 324 32 871 656 31 264 988 Total debt 34 478 324 32 871 656 31 264 988 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 27 134 332 29 363 845 31 471 933 NRP Finans AS - Market Report December 2015 Page 47

Majorstuen Kontorbygg DIS Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%: ** 2 113 625 Key figures 100 % Paid in capital: 104 800 000 Uncalled capital: 20 000 000 Accumulated dividends/repayments: 6 000 000 Average rent/sqm: 2 116 Sensitivity Yield 2016 5,25 % 5,00 % 4,75 % Property value 405 646 514 425 928 840 448 346 147 Property value after deferred tax 387 079 789 405 333 882 425 509 459 Tax-based value* 219 979 263 219 979 263 219 979 263 Price/sqm (average): 36 525 38 351 40 370 Share price per 1% ** 1 931 084 2 113 625 2 315 380 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.): 11 106 Initial cost of property after deferred tax: 309 000 000 Construction year: 1996 Paid in capital: 104 800 000 Occupancy rate: 98 % Uncalled capital: 20 000 000 Tenant: Nordea, Help, NHO, Atferdssenteret, Capus Established: 01.01.2013 Lease agreement: Owner responsible for exterior maintenance, Yearly rent for yield: 23 501 442 technical installations, insurance and own administration Net operating income for yield (see additional information): 21 296 442 Lease period: Average length is approx. 5 years Adjustment for rent: 100% of CPI Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 23 501 442 17 937 571 24 586 900 Mortgage tranche 1 203 000 000 3 500 000 3,00 % p.a.* 196 000 000 Cost of ownership 2 205 000 2 080 000 2 132 000 Total 203 000 000 3 500 000 196 000 000 Net operating income 21 296 442 15 857 571 22 454 900 Interest income 198 171 102 776 52 475 Interest expense 6 168 750 6 063 750 6 951 875 Instalments mortgage 3 500 000 3 500 000 3 500 000 Net finance -9 470 579-9 460 974-10 399 400 Net cash flow 11 825 863 6 396 597 12 055 500 Tax payable/ upgrade costs 4 700 000 9 500 000 1 500 000 Dividend/capital repayment 6 000 000 6 000 000 6 000 000 Tranche 1 runs for 5 years, with quarterly instalments of NOK 875 000. The interest rate is floating. Financing is currently under negotiation due to upgrade costs related to new lease contracts. Estimated balance (31.12) 2015 2016 2017 Working capital 3 901 932-5 201 471-645 971 Property value 344 625 000 358 875 000 366 000 000 Total asset 348 526 932 353 673 529 365 354 029 Debt 203 000 000 199 500 000 196 000 000 Total debt 203 000 000 199 500 000 196 000 000 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. 4000 sqm Refurbishment costs are under discussion with lender, and financing parameters will therefore probably be altered. NAV after dividend and tax 145 526 932 154 173 529 169 354 029 Page 48 NRP Finans AS - Market Report December 2015

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%: 450 000 Key figures 100 % Paid in capital: 35 000 000 Uncalled capital: 0 Accumulative dividends: 9 900 000 Sensitivity BASE CASE Selling price per sqm (housing)* 41 400 Estimated share price 1% 450 000 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. 17 000 sqm Sum budgeted revenue: 539 400 000 Sum budgeted project cost: 486 300 000 Budgeted builder margin: 10,9 % Projected number of apartments: Ca.180 Paid in capital: 35 000 000 Uncalled capital: 0 Lot size (sqm): 63 000 Established: 10. November 2006 Projected completion (estimate): 2011-2019 Estimated cash flow (assuming 2,5% CPI) 2015 2016 2017 Budgeted homes completed 0 40 12 Budgeted revenue 17 910 552 111 975 377 17 481 369 Budgeted expenses 5 687 500 89 797 832 14 007 757 Cash flow before loan property 12 223 052 22 177 545 3 473 612 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 9 900 000 15 000 000 15 000 000 Estimated balance (31.12) Additonal information For more information regarding the project, visit: www.nordviken.com. The analysis is only adjusted for the time effect since the last analysis 01.06.2015. NRP Finans AS - Market Report December 2015 Page 49

Maskinveien Kontorbygg AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 304 603 Key figures 100 % Paid in capital: 30 000 000 Accumulated dividends/repayments: 1 000 000 Average rent/sqm: 1 555 Sensitivity Yield 2016 8,50 % 8,25 % 8,00 % Property value 93 601 010 96 437 405 99 451 073 Propert value after deferred tax 91 579 147 94 131 902 96 844 204 Price/sqm (average) 16 608 17 111 17 646 Tax-based value* 72 068 338 72 068 338 72 068 338 Market value hedging (73%) -666 308-666 308-666 308 Share price per 1% ** 279 076 304 603 331 726 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.): 5 636 Initial cost of property after deferred tax: NOK 97 700 800 Construction year: 2009 Paid in capital: NOK 30 000 000 Occupancy rate: 100 % Established: 11.04.2014 Tenant: MHWIRTH AS Yearly rent 2016: 8 762 730 Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI insurance and own administration Lease period: 01.04.2021 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2020 Rental income 8 549 005 8 762 730 8 981 798 Mortgage tranche 1 29 540 000 3 500 000 4,24 % p.a.* 12 040 000 Cost of ownership 786 970 806 644 826 810 Mortgage tranche 2 35 000 000 0 3,20 % p.a.** 35 000 000 Net operating income 7 762 035 7 956 086 8 154 988 Total 64 540 000 3 500 000 47 040 000 Interest income 26 113 27 850 31 482 Interest expense (tranche 1-2) 2 483 796 2 335 396 2 256 996 Value of interest rate swap per 30.06.2015: -912 750 Instalments mortgage 3 500 000 3 500 000 3 500 000 Net finance -5 957 683-5 807 546-5 725 514 Tax payable 0 0 0 Other costs 125 000 0 0 Net cash flow 1 679 352 2 148 540 2 429 474 Dividend/capital repayment 2 000 000 1 500 000 2 000 000 * Tranche 1 has fixed interest rate of 4.24% p.a. including margin until 11.04.2019. ** Tranche 2 has floating interest rate. Estimated balance (31.12) 2015 2016 2017 Working capital 2 211 327 2 859 867 3 289 341 Property value 94 131 902 94 131 902 94 131 902 Total assets 96 343 229 96 991 769 97 421 243 Debt (tranche 1-2) 64 540 000 61 040 000 57 540 000 Total debt 64 540 000 61 040 000 57 540 000 MHWIRTH AS has an option to extend the lease agreement for 5 years at Fair Market Rent. NAV after dividend and tax 31 803 229 35 951 769 39 881 243 Page 50 NRP Finans AS - Market Report December 2015

Moa Handelseiendom Holding II AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: 26 700 000 Accumulated dividends/repayments: 6 250 000 Average rent/sqm: 1 233 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.): 7 057 Initial gross property property: 114 000 000 Construction year: 2008 Paid in capital: 26 700 000 Occupancy rate: 100 % Established: 23. Feb 2011 Tenant: Jula Norge AS, Lefdal Elektromarked AS, Ikea AS Yield rent: 8 703 074 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. 2020 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 8 356 309 8 703 074 8 898 893 Mortgage tranche 1 28 200 000 2 600 000 3,35 % p.a. 2 600 000 Cost of ownership 479 879 489 477 500 490 Mortgage tranche 2 53 400 000 0 6,44 % p.a. 53 400 000 Net operating income 7 876 430 8 213 597 8 398 403 Total 81 600 000 2 600 000 56 000 000 Interest income 25 018 20 446 16 944 Interest expense 4 428 885 4 499 635 4 395 685 Value of interest rate swap per 30.06.2015: -8 663 901 Instalments mortgage 1 800 000 2 600 000 3 000 000 Net finance -6 203 867-7 079 189-7 378 741 Other cost 139 000 0 0 Net cash flow 1 533 563 1 134 408 1 019 662 Dividend/capital repayment 1 400 000 2 000 000 1 100 000 Mortgage tranche 1 has floating interest rate. Tranche 2 has fixed interest rate of 6.44% p.a. including margin until 15. April 2021. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt NAV after dividend and tax 2015 2016 2017 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 15.10.2015. IKEA can terminate their lease agreement from 15.10.2018, with one years notice. Sales process initiated. NRP Finans AS - Market Report December 2015 Page 51

Nydalen Kontorbygg AS Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%: * 2 634 389 Key figures 100 % Paid in capital: 171 775 000 Accumulated dividends/repayments: 62 822 160 Average rent/sqm: 1 811 Sensitivity: Yield 2016 5,80 % 5,60 % 5,40 % Property value 728 222 066 754 229 996 782 164 441 Estimated total value** 940 886 636 962 993 378 986 737 655 Price/sqm excl. parking 28 146 29 151 30 231 Market value hedging (73%) -32 850 000-32 850 000-32 850 000 Share price per 1% * 2 413 322 2 634 389 2 871 832 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.): 25 873 Initial gross property value: 930 000 000 Parking spaces: 219 Paid in capital: 171 775 000 Construction year: 2000 Established: 1. September 2013 Occupancy rate: 100 % Yearly rent 2016: 80 460 602 Tenant: Ministry of Justice and Public Security Net operating income for yield: 42 236 880 Lease agreement: Owner responsible for exterior maintenance, Adjustment of rent: 100% of CPI technical installations, insurance and administration Valuation of capital element: 280 000 000 Lease period: 21. August 2024 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 78 498 148 80 460 602 82 472 117 Mortgage tranche 1 462 875 000 21 700 000 4,74 % p.a.* 234 675 000 Cost of ownership 2 075 625 2 117 138 2 170 066 Mortgage tranche 2 198 375 000 9 300 000 2,75 % p.a.* 100 575 000 Net operating income 76 422 523 78 343 464 80 302 051 Total 661 250 000 31 000 000 335 250 000 Interest income 787 816 362 480 380 737 Interest expense (tranche 1-2) 28 948 402 29 198 380 28 251 781 Value of interest rate swap per 15.9.2015: -45 000 000 Instalments mortgage 30 875 000 31 000 000 34 750 000 Net finance -59 035 586-59 835 900-62 621 044 Net cash flow 17 386 937 18 507 564 17 681 007 Tax payable 6 226 407 6 673 720 6 673 720 Dividend/capital repayment 47 822 160 13 000 000 13 000 000 *Tranche 1 has fixed interest of 4.74% p.a. incl. margin until 04.09.2023. 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 2014. The loans have increasing quarterly instalments, starting with NOK 30 mill yearly and increasing to NOK 41 mill yearly. Estimated balance (31.12) 2015 2016 2017 Working capital -1 999 505-3 165 661-6 413 654 Property value and capital lease 937 993 378 912 993 378 887 993 378 Total assets 935 993 872 909 827 716 881 579 724 Debt (fixed) 462 875 000 441 175 000 416 850 000 Debt (floating) 198 375 000 189 075 000 178 650 000 Total debt 661 250 000 630 250 000 595 500 000 NAV after dividend and tax 274 743 872 279 577 716 286 079 724 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. 14.2 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

Nydalen Kontorbygg II AS Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: 96 212 000 Accumulated dividends/repayments: 15 000 000 Average rent/sqm office: 1 577 Average rent per parking lot: 19 000 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: 19 800 / 11 559 Initial gross property value: 337 000 000 Parking spaces: 178 Paid in capital: 96 212 000 Construction year: 2001 Established 01.09.14 Occupancy rate: 100 % Yearly rent 2016: 25 358 403 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2024 Rental income 24 985 834 25 358 403 25 992 364 Mortgage tranche 1 83 622 000 3 000 000 3,95 % * 40 122 000 Cost of ownership 1 161 500 1 190 538 1 220 301 Realkredit 153 000 000 0 2,80 % ** 153 000 000 Net operating income 23 824 334 24 167 866 24 772 063 Total 236 622 000 3 000 000 193 122 000 Interest income 186 091 207 097 220 110 Interest expense (tranche 1-2) 6 515 807 6 247 404 7 959 892 Value of interest rate swap per 30.10.2015: -12 500 000 Instalments mortgage 4 500 000 3 000 000 3 000 000 Net finance -10 829 716-9 040 307-10 739 782 Net cash flow 12 994 618 15 127 559 14 032 281 Tax & other costs 850 000 2 354 744 2 857 445 Dividend/ capital repayment 15 000 000 12 000 000 12 000 000 * 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 05.10.2016-05.10.2021 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 2015 2016 2017 Get AS has a contract until 07.06.2026, but can exit fully, or floor by floor, in 07.06.2021 exept for approx 1 500 sqm. Boots Norge AS has a contract until 31.10.2016. Get will take over the Boots area from 30.6.2015 and have signed a contract for this area until 7.6.2026 without any exit option. Konica Minolta Business Solutions AS has a contract until 01.06.2025. 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

Nye Alfasetveien DIS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1%(EUR): ** 93 979 Key figures 100 % Paid in capital (EUR): 4 858 000 Accumulated dividends/repayments (EUR): 3 700 000 Average rent/sqm: EUR 122 Sensitivity Yield 2016 8,25 % 8,00 % 7,75 % Property value 19 929 369 20 552 162 21 215 135 Property value after deferred tax 19 426 548 19 987 062 20 583 737 Price/sqm 1 440 1 485 1 533 Tax-based value* 14 901 160 14 901 160 14 901 160 Market value hedging (73%) -304 449-304 449-304 449 Share price per 1% ** 88 374 93 979 99 945 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.): 13 841 Initial cost of property after deferred tax: EUR 18 187 158 Construction year: 1980 Paid in capital: EUR 4 858 000 Occupancy rate: 100 % Established: 31. March 2009 Tenant Elektroskandia AS Yearly rent 2016 (EUR): 1 753 919 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Ballong 2017 Rental income 1 719 528 1 753 919 1 797 767 Mortgage tranche 1 5 125 000 350 000 5,06 % p.a.* 4 425 000 Cost of ownership 107 500 109 746 112 688 Mortgage tranche 2 4 592 299 313 643 2,00 % p.a.** 3 928 656 Net operating income 1 612 028 1 644 173 1 685 079 Mortgage tranche 3 532 701 36 357 2,00 % p.a.** 496 344 Interest expense (tranche 1-3) 379 916 363 204 349 688 Total 10 250 000 700 000 8 850 000 Instalments mortgage 675 000 700 000 9 550 000 Net finance -1 054 916-1 063 204-9 899 688 Value of interest rate swap per 30.06.2015: -417 053 Sale of property 19 987 062 Net cash flow 557 112 580 969 11 772 453 Dividend/ capital repayment 600 000 550 000 350 000 Est. tax for participants* 210 560 228 636 248 019 *tax will be paid in NOK * Tranche 1 has fixed interest of 5.06% p.a. including margin from 15.01.15 until 31.12.2017. ** Tranche 2 & 3 have floating interest rate. Estimated balance (31.12) 2015 2016 2017 Working capital 77 525 108 494 985 391 Property value 19 987 062 19 987 062 19 987 062 Total assets 20 064 587 20 095 556 20 972 453 Debt (tranche 1-3) 10 250 000 9 550 000 8 850 000 Total debt 10 250 000 9 550 000 8 850 000 The lease agreement runs until 31.12.2017, 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 9 814 587 10 545 556 12 122 453 Page 54 NRP Finans AS - Market Report December 2015

Nye Berghagan Næringseiendom AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 207 986 Key figures 100 % Paid in capital: 44 325 000 Accumulated dividends/repayments: 11 001 200 Average rent/sqm 929 Sensitivity Yield 2016 9,00 % 8,65 % 8,30 % Property value 129 908 972 135 165 405 140 865 151 Property value after deferred tax 125 520 805 130 251 594 135 381 366 Price/sqm (average) 6 837 7 114 7 414 Tax-based value* 86 027 302 86 027 302 86 027 302 Market value hedging (73%) -2 767 753-2 767 753-2 767 753 Share price per 1% ** 160 678 207 986 259 284 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.): 19 000 Initial cost of property after deferred tax: 140 000 000 Construction year: 1978 Paid in capital: 44 325 000 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 31.12.2020 Yearly rent 2016: 15 000 000 The project has approximately 30 tenants Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2021 Rental income 15 000 000 15 000 000 15 337 500 Mortgage tranche 1 16 472 000 4 056 000 2,95 % p.a. 0 Cost of ownership 3 253 000 3 308 193 3 390 897 Mortgage tranche 2 12 000 000 0 7,06 % p.a. 10 848 000 Net operating income 11 747 000 11 691 808 11 946 603 Mortgage tranche 3 25 000 000 0 2,95 % p.a. 22 568 000 Interest expense 4 273 825 4 262 944 4 061 567 Mortgage tranche 4 25 000 000 0 2,95 % p.a. 22 568 000 Instalments mortgage 3 528 000 4 056 000 4 056 000 Mortgage tranche 5 25 000 000 0 5,52 % p.a. 22 568 000 Net finance -7 801 825-8 318 944-8 117 567 Total 103 472 000 4 056 000 78 552 000 Upgrading costs 5 100 000 1 500 000 700 000 Net cash flow -1 154 825 1 872 864 3 129 036 Value of interest rate swap per 30.06.2015: -3 791 443 Dividend/capital repayment 4 000 800 0 0 Tranche 1, 3 and 4 have floating interest rate. Tranche 2 has fixed interest rate of 7.06% p.a. including margin until 15.04.2017. Tranche 5 has fixed interest rate of 5.52% p.a. including margin until 17.01.2022. Estimated balance (31.12) 2015 2016 2017 Working capital -811 579 1 061 285 4 190 320 Property value 130 251 594 130 251 594 130 251 594 Total assets 129 440 015 131 312 879 134 441 915 Debt 103 472 000 99 416 000 95 360 000 Total debt 103 472 000 99 416 000 95 360 000 The property has development- potential of approximately 7 000 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 2014-2017 to upgrade the property. NAV after dividend 25 968 015 31 896 879 39 081 915 NRP Finans AS - Market Report December 2015 Page 55

Nässjö Logistikkbygg AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price SEK 1 % Share price per 1% (SEK): 525 603 Key figures (SEK) 100 % Paid in capital including converted participant loan: 62 693 314 Accumulated dividends/repayments: 8 422 924 Average rent/sqm: 309 Sensitivity Yield 2016 9,00 % 8,50 % 8,00 % Property value 135 222 378 143 176 635 152 125 175 Property value after deferred tax 130 439 065 137 955 838 146 412 208 Price/sqm (average) 1 905 2 017 2 143 Tax-based value 48 253 052 48 253 052 48 253 052 Share price per 1% 450 435 525 603 610 166 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.): 71 000 Initial cost of property after deferred tax: 190 000 000 Construction year: 1941-2001 Paid in capital (including converted participant loan): 62 693 314 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: 17 545 042 showeling, technical maintenance, insurance and own administration Weighted adjustment of rent: Approx. 90% of CPI Lease period: Weighted approx. Q4 2016 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2018 Rental income 18 014 244 14 364 081 17 545 042 Mortgage debt 84 000 000 4 000 000 2,10 % p.a. 72 000 000 Cost of ownership 5 366 866 5 375 028 5 261 961 Total 84 000 000 4 000 000 72 000 000 Net operating income 12 647 378 8 989 053 12 283 081 Interest expense 1 970 063 1 743 000 1 854 000 Instalments mortgage 10 625 000 4 000 000 4 000 000 Net finance -12 595 063-5 743 000-5 854 000 Tax payable 0 1 504 077 454 546 Other costs 700 000 1 715 900 0 Net cash flow -647 685 26 076 5 974 535 The mortgage has floating interest rate. Extraordinary repayment in 2015 due to restructuring of the loan. The loan agreement runs until 30.09.2016, and the loan is assumed refinanced at equal terms. Estimated balance (31.12) 2015 2016 2017 Working capital 2 242 000 2 268 076 8 242 611 Property value 137 955 838 137 955 838 137 955 838 Total assets 140 197 839 140 223 915 146 198 449 Mortgage debt 84 000 000 80 000 000 72 000 000 Total debt 84 000 000 80 000 000 72 000 000 Work is being done to attract new tenants, and to extend lease agreements with existing tenants. Rusta AB will leave their premises 31.12.2015, and their yearly rent is SEK 5 300 000. 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 56 197 839 60 223 915 74 198 449 Page 56 NRP Finans AS - Market Report December 2015

Pottemakerveien Kombibygg AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 90 245 Key figures 100 % Paid in capital: 15 685 000 Accumulated dividends/repayments: - Initial participant loan: 5 000 000 Outstanding participant loan: - Repaid instalments and interest participant loan: 5 963 436 Average rent/sqm: 977 Sensitivity Yield 2016 9,50 % 9,25 % 9,00 % Property value 98 970 096 101 644 964 104 468 435 Property value after deferred tax 90 941 619 93 349 000 95 890 124 Price/sqm (average) 9 560 9 819 10 092 Tax-based value* 18 685 327 18 685 327 18 685 327 Market value hedging (73%) -3 380 940-3 380 940-3 380 940 Share price per 1% ** 66 171 90 245 115 656 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.): 10 352 Initial cost of property after deferred tax: 119 000 000 Construction year: 1973-1992 Paid in capital: 15 685 000 Occupancy rate: 100 % Established: 13.12.2006 Tenant: WJ Business Partner AS Yearly rent 2016: 10 116 250 Lease agreement: Owner responsible for exterior maintenance and Adjustment of rent: 100% of CPI technical installations Lease period: 21.12.2016 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 Principal Inst. 16 Interest Balloon Rental income 10 145 197 10 116 250 Mortgage tranche 1 70 000 000 0 7,30 % p.a.* 70 000 000 Cost of ownership 696 674 714 091 Mortgage tranche 2 12 550 000 5 550 000 3,60 % p.a.** 7 000 000 Net operating income 9 448 523 9 402 159 Total 82 550 000 5 550 000 77 000 000 Interest income 19 892 11 895 Interest expense (tranche 1-2) 4 843 800 6 220 500 Value of interest rate swap per 30.06.2015: -4 631 425 Instalments mortgage 2 850 000 82 550 000 Net finance -7 673 908-88 758 605 Tax payable 758 980 1 905 550 Sale of property 93 349 000 Net cash flow 1 015 635 12 087 005 * Tranche 1 has fixed interest of 7.30% p.a. including margin until 31.12.2016, no instalments. ** Tranche 2 has floating interest rate. Estimated balance(31.12) 2015 2016 Working capital 1 018 796 206 800 Property value 93 349 000 93 349 000 Total assets 94 367 796 93 555 800 Debt (tranche 1-2) 82 550 000 77 000 000 Total debt 82 550 000 77 000 000 NAV after dividend and tax 11 817 796 16 555 800 The property is leased to WJ Business Partner AS until 21.12.2016. The tenant has subleased 1 805 m2 warehouse to Enviropac AS, and 2 523 m2 to Accelerator AS. The sublease agreements run until 20.12.2016. 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

Ringeriksveien 2012 DIS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: ** 189 765 Key figures 100 % Paid in capital: 14 500 000 Accumulated dividends/repayments: 6 700 000 Average rent/sqm: 1 041 Sensitivity Yield 2016 7,75 % 7,50 % 7,25 % Property value 80 514 566 83 198 385 86 067 294 Property value after deferred tax 76 875 880 79 291 317 81 873 336 Price/sqm (average) 12 465 12 881 13 325 Tax-based value* 44 127 711 44 127 711 44 127 711 Market value hedging (73%) -1 461 993-1 461 993-1 461 993 Share price per 1% ** 165 611 189 765 215 585 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): 6 459 Initial cost of property after deferred tax: 79 074 697 Plot size: 43 000 sqm Paid in capital: 14 500 000 Occupancy rate: 100 % Established: 16. March 2012 Tenant: Veidekke Entreprenør AS (barehouse) Yearly rent 2016: 6 723 727 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 31.12.2026, Mølla Kompetansesenter AS 31.03.2017 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.2015) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 6 575 772 6 723 727 7 169 653 Mortgage tranche 1 25 920 000 880 000 5,09 % p.a.* 0 Cost of ownership 473 201 483 848 495 944 Mortgage tranche 2 25 920 000 880 000 3,06 % p.a.** 32 920 000 Net operating income 6 102 571 6 239 879 6 673 709 Seller's credit 8 000 000 0 5,50 % p.a.*** 8 000 000 Interest income 23 112 23 958 23 215 Total 59 840 000 1 760 000 40 920 000 Interest expense (tranche 1-2) 2 166 270 2 094 550 2 330 598 Interest seller's credit 440 000 440 000 440 000 Value of interest rate swap per 30.06.2015: -2 002 730 Instalments mortgage 1 760 000 1 760 000 1 760 000 Net finance -4 343 158-4 270 592-4 507 383 Net cash flow 1 759 413 1 969 287 2 166 326 Dividend/capital repayment 1 500 000 2 400 000 2 400 000 * Tranche 1 has entered into an interest rate swap of 5.09% p.a.including margin until 15.04 2020. ** 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 Q1 2017. Estimated balance (31.12) 2015 2016 2017 Working capital 1 047 454 616 741 383 066 Property value 79 291 317 79 291 317 79 291 317 Total assets 80 338 771 79 908 058 79 674 384 Debt (tranche 1-2) 51 840 000 50 080 000 48 320 000 Seller's credit 8 000 000 8 000 000 8 000 000 Total debt 59 840 000 58 080 000 56 320 000 The property consists of offices, warehouse and industrial premises. Mølla Kompetansesenter AS will move out 31.03.3017. NAV after dividend and tax 20 498 771 21 828 058 23 354 384 Page 58 NRP Finans AS - Market Report December 2015

Rud Fryselager AS Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%:** 450 788 Key figures 100 % Paid in capital 30 500 000 Accumulated dividends/repayments: 3 600 000 Average rent/sqm: 909 Sensitivity Yield 2016 6,60 % 6,40 % 6,20 % Property value 151 300 318 156 028 453 161 061 629 Property value after deferred tax 143 652 642 147 907 963 152 437 822 Price/sqm (average) 13 449 13 869 14 317 Tax-based value* 74 823 554 74 823 554 74 823 554 Market value hedging (73%) -899 360-899 360-899 360 Share price per 1%** 408 235 450 788 496 087 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: 139 200 000 Lettable area (sqm.): 11 250 Pain in capital: 30 500 000 Construction year: 1976/2001 Established: 17.12.2014 Occupancy rate: 100 % Yearly rent 2016: 10 231 221 Tenant: Bring Frigo Warehouse AS Adjustment of rent: 100% CPI Rental agreement: Barehouse. Owner responsible for own administration Lease period: 30.09.2024 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst.16 Interest Balloon Rental income 10 028 728 10 231 221 10 487 002 Mortgage tranche 1 63 000 000 0 3,70 % p.a. 63 000 000 cost of ownership 240 000 245 400 251 535 Mortgage tranche 2 41 250 000 1 500 000 2,85 % p.a. 17 750 000 Net operating income 9 788 728 9 985 821 10 235 467 Total 104 250 000 1 500 000 80 750 000 Interest income 39 054 31 002 26 161 Interest expense 3 524 438 3 557 250 3 901 000 Value of interest rate swap per 20.08.2015: -1 232 000 Instalments mortgage (tranche 1-2) 750 000 1 500 000 2 000 000 Net finance -4 235 384-5 026 248-5 874 839 Tax payable 913 973 1 198 207 1 215 969 Other costs 802 518 0 0 Net cash flow 3 836 853 3 761 365 3 144 658 Dividend/capital repayment 3 600 000 5 400 000 2 950 000 Mortgage tranche 1 has fixed interest of 3.70% including margin until 23.12.2024. Mortgage tranche 2 has floating interest. Estimated balance (31.12) 2015 2016 2017 Working capital 1 641 155 2 520 197 179 Property value 147 907 963 147 907 963 147 907 963 Total assets 149 549 118 147 910 484 148 105 142 Debt 104 250 000 102 750 000 100 750 000 Total debt 104 250 000 102 750 000 100 750 000 Parent company, Bring Frigo AB, guarantees the rent. The tentant has an option to extend the lease-agreement for 10 + 10 years at equal terms. Must be declared three years before expiration. NAV after dividend and tax 45 299 118 45 160 484 47 355 142 NRP Finans AS - Market Report December 2015 Page 59

Stadion Utbygging KS - construction/sale of apartments in Fredrikstad Contact: Morten Berg (m.berg@nrp.no) Share price 1 % Share price per 1%: 460 000 Key figures 100 % Paid in capital: 37 000 000 Uncalled capital: 0 Accumulated dividends/repayments: 0 Sensitivity BASE CASE Sales price per sqm (apartments) 44 000 Estimated share price 1% 460 000 IRR estimated share price before tax* 23,3 % IRR estimated share price after tax** 16,6 % * Project completion estimated to 2019. ** 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. 13 500 sqm residential Sum budgeted revenue: Approx. NOK 603 million Approx. 1 500 sqm commercial Sum budgeted project cost: Approx. NOK 532 million Budgeted builder margin: 13,0 % Projected number of apartments Approx. 160 Paid in capital: 37 000 000 Uncalled capital: 0 Plot size (sqm): 19 000 Established: 23. November 2006 Projected completion (estimated): 2011-2019 Estimated cash flow (assuming 2.5% CPI) 2015 2016 2017 Budgeted homes completed 0 0 36 Budgeted revenue 0 0 132 700 000 Budgeted expenses 0 0 97 500 000 Cash flow before loan property 0 0 35 200 000 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 0 0 17 000 000 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 01.06.2015. Page 60 NRP Finans AS - Market Report December 2015

Statens Hus Lillehammer KS Contact: Christian Ness (c.ness@nrp.no) Share price 1 % Share price per 1%: ** Key figures 100 % Paid in capital: 16 200 000 Uncalled capital: 4 400 000 Accumulated dividends/repayments: 5 300 000 Initial participant loan: 8 000 000 Outstanding participant loan: 3 392 413 Repaid instalments and interest on participant loan: 6 010 069 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.): 10 657 Initial cost of property after deferred tax: 116 000 000 Construction year: 1966 and 1978, upgraded in 1997/98 Paid in capital: 16 200 000 Occupancy rate: approx. 35% Uncalled capital: 4 400 000 Tenant: Rema 1000 Norge AS, GK Norge AS Established: 25. April 2006 Telenor ASA, Torshov Bilrekvisita AS Yearly rent 2015: 8 895 931 Rental agreement: Owner responsible for exterior maintenance, Adjustment of rent: 75-100% of CPI insurance and own administration Lease period: 31.12.2029 (Rema 1000) Estimated cash flow (cash flow 2.5% CPI) Financing (31.12.15) 2015 Principal Inst. 16 Interest Balloon 2020 Rental income 8 895 931 Mortgage 68 400 000 3 000 000 3,35 % p.a. 54 900 000 Cost of ownership 1 301 749 Participant loan 3 426 661 1,52 % p.a. 3 695 126 Net operating income 7 594 182 Total 71 826 661 3 000 000 58 595 126 Interest income 92 454 Interest expenses 3 446 705 The mortgage has floating interest rate. Instalments mortgage 3 000 000 Net finance -6 354 251 Compensation 4 000 000 Net cash flow 5 239 931 Estimated tax for participants 848 605 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

Sydsvenskan Lager & Handel AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK): 330 662 Key figures (SEK) 100 % Paid in capital (SEK): 36 007 234 Accumulated dividends/repayments (SEK): 21 684 733 Average rent/sqm (SEK): 776 Sensitivity Yield 2016 8,50 % 8,25 % 8,00 % Property value 111 246 610 114 617 720 118 199 523 Property value after deferred tax 109 269 683 112 455 382 115 840 186 Price/sqm (average) 8 000 8 243 8 501 Tax-based value 75 302 480 75 302 480 75 302 480 Share price per 1% (SEK) 298 805 330 662 364 510 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.): 13 905 Initial cost of property after deferred tax (SEK): 128 400 000 Construction year: 1929,1970,2003,2004 Paid in capital (SEK), including converted participant loan: 36 100 000 Occupancy rate: 100 % Established: 13. November 2006 Tenant: Iittala AB ( 21%), Auto 7H AB (46%), Yearly rent 2016 excluded hire rent discount: 10 791 746 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: 31.12.2017 Bilia Group 1 AB: 28.02.2018 Goodbrand Scandinavia AB: 31.12.2017 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2017 Rental income 10 386 746 10 736 746 10 925 602 Mortgage tranche 1 80 704 592 2 751 288 2,60 % p.a. 75 202 016 Cost of ownership 1 309 592 1 335 784 1 362 500 Total 80 704 592 2 751 288 75 202 016 Net operating income 9 077 154 9 400 962 9 563 102 Interest expense 2 151 970 2 080 436 2 395 230 The mortgage has floating interest rate. Instalments mortgage 2 751 288 2 751 288 77 953 304 Net finance -4 903 258-4 831 724-80 348 534 Tax payable 0 955 388 2 534 865 Upgrading cost and hire discount 1 355 000 55 000 55 000 Sale of property 112 455 382 Net cash flow 2 818 896 3 558 850 39 080 085 Dividend/capital repayment 2 700 000 2 800 000 3 200 000 Estimated balance (31.12) 2015 2016 2017 Working capital -170 400 588 450 2 674 198 Property value 112 455 382 112 455 382 112 455 382 Total assets 112 284 981 113 043 831 115 129 579 Debt 80 704 592 77 953 304 75 202 016 Total debt 80 704 592 77 953 304 75 202 016 The lease agreement with Iittalla is extended until April 2017. Bilia Group 1 AB has signaled that they will relocate in 2018. There are discussions in regards to a sale of the Höganäs properties. Combined lease discounts for some of the tenants in 2015 is SEK 405 000. Some smaller discounts also in 2016 and 2017. NAV after dividends and tax 31 580 389 35 090 527 39 927 563 Page 62 NRP Finans AS - Market Report December 2015

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%: 5 850 000 Key figures 100 % Paid in capital: 330 000 000 Uncalled capital: 300 000 000 Accumulated dividends including tax paid in the general partner: 107 000 000 Sensitivity BASE CASE Share price per 1 % 5 850 000 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. 62 000 sqm Sum budgeted sales revenue (index adjusted): 4.9 billion Approx. 5 000 sqm commercial Paid in capital: 330 000 000 Expected remaining equity payments: 0 Number of apartments: 746 Uncalled capital: 300 000 000 Estabilshed: 8. November 2007 Plot (sqm): 35 000 Projected completion: 2011-2017 Estimated progress 2015 2016 2017 Budgeted sqm completed 14 441 8 403 2 822 Estimated payments* 105 000 000 105 000 000 600 000 000 * 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) 31.12.2012 31.12.2013 31.12.2014 Total assets 1 314 674 1 143 000 1 467 876 Total debt 748 582 576 000 974 008 Sum equity 566 091 567 000 493 868 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 2017. 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

Tangen Havnelager AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (EUR):** 14 860 Key figures 100 % Paid in capital (EUR): 1 875 307 Accumulated dividends/repayments (EUR): 1 521 291 Average rent/sqm. (NOK/EUR): 960 / 120 Sensitivity Yield 2016 8,25 % 8,00 % 7,75 % Property value 9 342 576 9 634 531 9 945 323 Property value after deferred tax 8 573 636 8 836 396 9 116 109 Price/sqm (EUR) 1 370 1 413 1 458 Tax-based value* 1 653 182 1 653 182 1 653 182 Market value hedging (73%) -472 762-472 762-472 762 Share price per 1%** 12 232 14 860 17 657 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 7 500 000 Company information Property information Business management: NRP Business Management AS Property type: Industry/ warehouse Technical mangement: Aker Eiendomsdrift AS Location: Drammen Lettable area (sqm.): 6 820 Initial cost of shares after deferred tax: (NOK/EUR) 80 550 030/10 072 150 Construction year: 1986/1991/2001/2003 Paid in capital: (NOK/EUR) 15 250 000/1 875 307 Occupancy rate: 100 % Established: 12. December 2006 Tenant: Midsona Norge AS, guaranteed by FMC Biopolymer AS Yearly rent 2016: (EUR) 836 684 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 (31.12.15) (EUR) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 823 508 836 684 851 744 Mortgage tranche 1 1 783 303 36 832 6,46 % p.a. 1 580 727 Cost of ownership 64 465 65 922 67 570 Mortgage tranche 2 1 783 303 36 832 6,57 % p.a. 1 580 727 Net operating income 759 043 770 763 784 175 Mortgage tranche 3 2 056 476 0 6,45 % p.a. 2 056 476 Interest expense (tranche 1-4) 403 829 399 337 290 302 Mortgage tranche 4 1 384 312 71 116 2,45 % p.a. 993 174 Instalments mortgage (tranche 1-4) 144 780 144 780 144 780 Total 7 007 394 144 780 6 211 104 Net finance -548 609-544 117-435 082 Tax payable 0 65 494 118 967 Value of interest rate swap per 30.06.2015: -640 759 Upgrading cost 15 733 0 0 Market value currency hedging per 30.06.2015: -6 860 Net cash flow 194 701 161 151 230 126 Tranche 1: Fixed interest rate of 6.46% p.a. including margin until 2017. Dividend/capital repayment 250 000 150 000 250 000 Tranche 2: Fixed interest rate of 6.57% p.a. including margin until 2017. Tranche 3: Fixed interest of 6.45% p.a. including margin until 2020. Tranche 4: Floating interest rate. Total quarterly instalments for tranche 1-4 combined is EUR 36 195. Estimated balance (31.12) (EUR) 2015 2016 2017 Working capital 146 710 157 861 137 987 Property value 8 836 396 8 836 396 8 836 396 Total assets 8 983 106 8 994 258 8 974 384 Debt (tranche 1-4) 7 007 394 6 862 614 6 717 834 Total debt 7 007 394 6 862 614 6 717 834 The property is leased to Midsona Norge AS, guaranteed by FMC Biopolymer AS. NAV after dividend and tax 1 975 712 2 131 644 2 256 550 Page 64 NRP Finans AS - Market Report December 2015

Teknikstaden Utvikling AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1%: (SEK)* Key figures (SEK) 100 % Paid in capital: 98 500 000 Accumulated dividends/repayments: 80 351 485 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.): 144 718 Initial cost of property after deferred tax: SEK 293 400 000 Occupancy rate: 83 % Paid in capital: SEK 98 500 000 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: 45 212 520 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2020 Rental income 44 326 000 45 212 520 46 116 770 Mortgage tranche 1 54 650 000 4 520 000 1,90 % p.a.* 32 050 000 Cost of ownership 25 546 212 26 058 744 26 579 919 Mortgage tranche 2 58 200 000 0 2,65 % p.a.** 58 200 000 Net operating income 18 779 788 19 153 776 19 536 851 Total 112 850 000 4 520 000 90 250 000 Interest income 3 421 402 3 299 607 2 901 289 Interest expense 2 645 060 2 559 180 2 718 300 Value of interest rate swap per 30.06.2015: -685 987 Instalments mortgage 4 520 000 4 520 000 4 520 000 Net finance -3 743 658-3 779 573-4 337 011 Tax payable 0 0 2 711 804 Upgrading costs 17 633 554 0 0 Net cash flow -2 597 424 15 374 203 12 488 037 Dividend/capital repayment 0 8 518 600 11 550 000 * Tranche 1 has floating interest rate adjusted with the forward curve. ** Tranche 2 has fixed interest of 2.65% until June 2019. Estimated balance (31.12) Working capital Property value Total assets Debt Total debt NAV after dividend and tax 2015 2016 2017 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

TFGS Kombi AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK): 261 156 Key figures (SEK) 100 % Paid in capital: 91 058 789 Accumulated dividends/repayments: 16 396 000 Average rent/sqm: 514 Sensitivity Yield 2016 9,00 % 8,75 % 8,50 % Property value 233 970 022 240 654 880 247 732 965 Property value after deferred tax 229 488 325 235 805 516 242 494 306 Price/sqm (average) 5 184 5 333 5 489 Tax-based value 152 484 624 152 484 624 152 484 624 Share price per 1% 197 984 261 156 328 044 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): 45 129 Initial cost of property after deferred tax: SEK 337 400 000 Construction year: Varies Paid in capital: SEK 91 058 789 Occupancy rate: Approx. 85% Established: 11. May 2007 Tenant: LEAX, Daros Piston Rings AB, Prestando AB Yearly rent before discounts: 23 190 122 Lease period: LEAX AB until 31.12.2020 Adjustment of rent: 100% of CPI Daros Piston Rings AB until 2022 Prestando AB until 2025 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2021 Rental income 20 171 408 20 908 397 23 864 849 Mortgage 208 550 000 6 000 000 4,80 % p.a. 172 550 000 Cost of ownership 2 091 000 2 132 820 2 175 476 Total 208 550 000 6 000 000 172 550 000 Net operating income 18 080 408 18 775 577 21 689 373 Interest mortgage 10 214 400 10 456 025 11 158 275 The loan has floating interest rate. Instalments mortgage 5 500 000 6 000 000 6 000 000 Net finance -15 714 400-16 456 025-17 158 275 Other costs 0 0 0 Net cashf flow 2 366 008 2 319 552 4 531 098 Estimated balance (31.12) 2015 2016 2017 Working capital 27 996 2 347 548 6 878 645 Property value 235 805 516 235 805 516 235 805 516 Total assets 235 833 512 238 153 064 242 684 161 Debt 208 550 000 202 550 000 196 550 000 Total debt 208 550 000 202 550 000 196 550 000 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 27 283 512 35 603 064 46 134 161 Page 66 NRP Finans AS - Market Report December 2015

Torslanda Lagerbygg AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK): 2 282 367 Key figures (SEK) 100 % Paid in capital: 197 000 000 Accumulated dividends/repayments: 8 500 000 Average rent/sqm: 1 358 Sensitivity Yield 2016 7,15 % 6,90 % 6,65 % Property value 471 813 315 488 908 000 507 288 000 Property value after deferred tax 461 463 610 477 618 088 494 987 188 Price/sqm 17 792 18 436 19 129 Tax-based value 283 636 868 283 636 868 283 636 868 Market value hedging (78%) -498 175-498 175-498 175 Share price per 1%* 2 120 822 2 282 367 2 456 058 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.) 26 519 Initial gross property value: 465 500 000 Construction year: 2008 Paid in capital: 197 000 000 Occupancy rate: 100 % Established 30.01.2015 Tenant: The International Automotive Components AB (IAC AB) Yearly rent 2016: 36 023 787 Lease agreement: Owner responsible for maintenance, Adjustment rent: 100% CPI technical installations, insurance and administration Lease period: 31.12.2028 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015* 2016 2017 Principal Inst. 16 Interest Balloon Rental income 33 768 448 36 023 787 36 654 203 Mortgage tranche 1 135 000 000 0 2,80 % p.a. 135 000 000 Cost of ownership 2 049 896 2 289 135 2 337 498 Mortgage tranche 2 126 025 000 7 950 000 2,39 % p.a. 22 675 000 Net operating income 31 718 552 33 734 652 34 316 706 Total 261 025 000 7 950 000 157 675 000 Interest expense (tranche 1-2) 4 897 260 6 747 597 6 557 393 Instalments mortgage 3 975 000 7 950 000 7 950 000 Value of interest rate swap per 01.07.2015: -638 686 Net finance -8 872 260-14 697 597-14 507 393 Purchase of plot 3 500 000 0 0 Net cash flow 19 346 293 19 037 055 19 809 312 Dividend/ capital repayment 8 500 000 30 000 000 17 100 000 * project-start 30.01.2015 Tranche 1 has fixed interest of 2.80% p.a. including margin until 15.01.2020. Tranche 2 has fixed interest of 3.3925% until 15.10.2018. Estimated balance (31.12) 2015* 2016 2017 Working capital 14 062 100 3 099 154 5 808 467 Property value 477 618 088 477 618 088 477 618 088 Total assets 491 680 187 480 717 242 483 426 554 Debt (tranche 1-2) 261 025 000 253 075 000 245 125 000 Total debt 261 025 000 253 075 000 245 125 000 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 230 655 187 227 642 242 238 301 554 NRP Finans AS - Market Report December 2015 Page 67

Vestby Logistikk AS Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1%:** 1 276 366 Key figures 100 % Paid in capital 106 000 000 Accumulated dividends/repayments: 10 000 000 Average rent/sqm: 737 Sensitivity Yield 2016 7,25 % 7,00 % 6,75 % Property value 284 060 322 294 205 333 305 101 827 Property value after deferred tax 276 239 186 285 369 696 295 176 540 Price/sqm (average) 9 332 9 665 10 023 Tax-based value* 205 848 961 205 848 961 205 848 961 Market value hedging (73%) -681 908-681 908-681 908 Share price per 1%** 1 185 061 1 276 366 1 374 435 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.): 30 440 Initial cost of property after deferred tax: 265 400 000 Construction year: 2007 Paid in capital: 106 000 000 Occupancy rate: 100 % Established: 26.08.2014 Tenant: DHL Supply Chain Norway AS Yearly rent 2016: 22 446 876 Rental agreement: Owner responsible for insurance and own administration Adjustment of rent: 100 % Lease period: 70% until 31.12.2023, and 30% until 30.04.2018 Estimated cash flow (assuming 2.5% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst.16 Interest Balloon 2023 Rental income 21 905 613 22 446 876 22 946 192 Mortgage tranche 1 82 500 000 0 3,82 % p.a. 0 Cost of ownership 1 807 320 1 852 503 1 894 184 Mortgage tranche 2 60 000 000 0 3,30 % p.a. 121 687 500 Net operating income 20 098 293 20 594 373 21 052 007 Mortgage tranche 3 18 787 500 4 950 000 3,25 % p.a. 0 Interest income 56 510 68 289 65 899 Total 161 287 500 4 950 000 121 687 500 Interest expense 5 619 094 5 795 194 5 678 813 Instalments mortgage (tranche 1-2) 3 712 500 4 950 000 4 950 000 Value of interest rate swap per 30.06.2015: -934 120 Net finance -9 275 084-10 676 905-10 562 913 Tax payable 2 489 321 1 672 211 1 854 584 Net cash flow 8 333 888 8 245 257 8 634 510 Dividend/capital repayment 10 000 000 9 300 000 8 800 000 Tranche 1 has fixed interest of 3.82% p.a. incl. margin until 07.11.2019. Tranche 2 has fixed itnterest of 3.30% from 15.10.2015 until 15.10.2019. Tranche 3 has floating interest rate. Estimated balance (31.12) 2015 2016 2017 Working capital 3 069 001 2 014 259 1 848 769 Property value 285 369 696 285 369 696 285 369 696 Total assets 288 438 697 287 383 955 287 218 465 Debt 161 287 500 156 337 500 151 387 500 Total debt 161 287 500 156 337 500 151 387 500 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 30.04.2018. NAV after dividend and tax 127 151 197 131 046 455 135 830 965 Page 68 NRP Finans AS - Market Report December 2015

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: 24 800 000 Accumulated dividends/repayments: 19 901 539 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.): 8 587 Initial cost of property after deferred tax: SEK 70 000 000 Construction year 2006 Paid in capital: SEK 24 800 000 Occupancy rate: 100 % Established: 10. September 2009 Tenant: Almondy AB Yearly rent 2016: 7 326 682 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 (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon 2028 Rental income 7 254 141 7 326 682 7 454 899 Mortgage tranche 1 25 000 000 1 625 000 2,15 % p.a. 3 875 000 Cost of ownership 414 000 423 350 432 914 Mortgage tranche 2 31 500 000 0 4,34 % p.a. 31 500 000 Net operating income 6 840 141 6 903 332 7 021 986 Mortgage tranche 3 2 550 000 200 000 1,60 % p.a. 0 Interest income 9 135 10 450 12 087 Total 59 050 000 1 825 000 35 375 000 Interest expense 1 974 003 1 935 866 1 491 722 Instalments mortgage 1 825 000 1 825 000 1 825 000 Value of interest rate swap per 30.06.2015: -1 034 528 Net finance -3 789 868-3 750 416-3 304 635 Tax payable 0 259 769 281 369 Tranche 1 and 3 have floating interest rate. Net cash flow 3 050 273 2 893 148 3 435 982 Tranche 2 has fixed interest rate of 4.34% p.a. including margin until 11.11.2016. Dividend/ capital repayment 2 700 000 2 700 000 2 950 000 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

Wilfast Mølndal AB Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK): * 213 962 Key figures (SEK) 100 % Paid in capital: 19 700 000 Accumulated dividends/repayments: 3 500 000 Average rent/sqm: 1 296 Sensitivity Yield 2016 6,75 % 6,50 % 6,25 % Property value 55 701 333 57 843 692 60 157 440 Property value after deferred tax 55 304 156 56 853 083 59 039 575 Price/sqm (average) 17 013 17 668 18 374 Tax-based value 48 479 935 48 479 935 48 479 935 Market value hedging (78%) -675 999-675 999-675 999 Share price per 1% * 198 473 213 962 235 827 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.): 3 274 Initial cost of property after deferred tax: 55 000 000 Construction year: 2012 Paid in capital: 19 700 000 Occupancy rate: 100 % Established: 15.01.2014 Tenant: Bravida Sverige AB Yearly rent 2016: 4 244 640 Rental agreement: Owner responsible fo exterior maintenance, technical Adjustment of rent: 100% of CPI installations, insurance and own administration Lease period: 01.12.2020 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst. 16 Interest Balloon Rental income 4 244 640 4 244 640 4 318 921 Mortgage tranche 1 10 000 000 0 3,75 % p.a. 10 000 000 Cost of ownership 480 000 484 800 494 496 Mortgage tranche 2 5 250 000 1 000 000 1,75 % p.a. 250 000 Net operating income 3 764 640 3 759 840 3 824 425 Mortgage tranche 3 10 000 000 0 2,74 % p.a. 10 000 000 Interest expense 965 000 947 500 950 000 Mortgage tranche 4 10 000 000 0 2,11 % p.a. 10 000 000 Instalments mortgage 1 000 000 1 000 000 1 000 000 Total 35 250 000 1 000 000 30 250 000 Net finance -1 965 000-1 947 500-1 950 000 Net cash flow 1 799 640 1 812 340 1 874 425 Value of interest rate swap per 30.06.2015: -866 665 Dividend/capital repayment 3 500 000 2 400 000 2 000 000 Estimated balance (31.12) 2015 2016 2017 Working capital 838 966 246 506 116 035 Property value 56 853 083 56 853 083 56 853 083 Total assets 57 692 049 57 099 589 56 969 118 Debt 35 250 000 34 250 000 33 250 000 Total debt 35 250 000 34 250 000 33 250 000 Tranche 1 has fixed interest of 3.75% p.a. incl. margin until 28.12.2018. Tranche 2 has floating interest rate. Tranche 3 has fixed interest of 2.74% p.a. until 08.09.2019. Tranche 4 has fixed interest of 2.11% p.a. until 31.01.2019 The property consists of 2 buildings, one office-building of 2 142 sqm and a warehouse of 1 132 sqm. NAV after dividend and tax 22 442 049 22 849 589 23 719 118 Page 70 NRP Finans AS - Market Report December 2015

Wilfast Mölnlycke Holding AB Contact: Knut Ekjord (knut.ekjord@nrp.no) Share price 1 % Share price per 1% (SEK): 220 430 Key figures (SEK) 100 % Paid in capital 18 102 000 Accumulated dividends/repayments: - Average rent/sqm: 2 000 Sensitivity Yield 2016 6,50 % 6,25 % 6,00 % Property value 45 733 815 47 563 168 49 544 967 Property value after deferred tax 44 995 726 46 724 464 48 597 264 Price/sqm (average) 27 684 28 791 29 991 Tax-based value 32 314 000 32 314 000 32 314 000 Market value hedging (78%) -122 925-122 925-122 925 Share price per 1% 203 142 220 430 239 158 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.): 1 652 Initial cost of property: 43 500 000 Construction year: 2015 Paid in capital: 18 102 000 Occupancy rate: 100 % Established: 20.02.2015 Tenant: Arla Foods AB Yearly rent 2016: 3 304 098 Rental agreement: Owner is responsible for insurance, Adjustment of rent: 100% of CPI technical replacements, and own administrative expenses. Lease period: 31.01.2030 Estimated cash flow (assuming 2.0% CPI) Financing (31.12.15) 2015 2016 2017 Principal Inst.16 Interest Balloon 2029 Rental income 2 753 415 3 304 098 3 370 180 Mortgage tranche 1 18 100 000 0 2,51 % p.a. 15 052 500 Cost of ownership 275 833 331 400 338 028 Mortgage tranche 2 8 292 500 810 000 2,11 % p.a. 0 Net operating income 2 477 582 2 972 698 3 032 152 Total 26 392 500 810 000 15 052 500 Interest expense 479 439 625 009 607 918 Instalments mortgage (tranche 1-2) 607 500 810 000 810 000 Value of interest rate swap per 30.09.2015: -157 596 Net finance -1 086 939-1 435 009-1 417 918 Net cash flow 1 390 643 1 537 689 1 614 234 Dividend/capital repayment 0 2 800 000 1 600 000 Mortgage tranche 1 has fixed interest of 2.51% including margin until 20.02.2020. Mortgage tranche 2 has floating interest rate. Estimated balance (31.12) 2015 2016 2017 Working capital 1 433 824 171 513 185 747 Property value 46 724 464 46 724 464 46 724 464 Total assets 48 158 288 46 895 977 46 910 211 Debt 26 392 500 25 582 500 24 772 500 Total debt 26 392 500 25 582 500 24 772 500 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 21 765 788 21 313 477 22 137 711 NRP Finans AS - Market Report December 2015 Page 71

Økernveien Kontorbygg AS - financial real estate project Contact: Erlend Torsen (erlend.torsen@nrp.no) Share price 1 % Share price per 1%:** 1 611 610 Key figures 100 % Paid in capital 121 780 000 Accumulated dividends/repayments: - Average rent/sqm: 1 740 Sensitivity Yield 2016 6,00 % 5,75 % 5,50 % Property value 405 733 080 423 373 649 442 617 905 Property value after deferred tax 394 492 106 410 368 617 427 688 449 Price/sqm (average) 27 637 28 838 30 149 Tax-based value* 293 323 337 293 323 337 293 323 337 Market value hedging (73%) -408 653-408 653-408 653 Share price per 1%** 1 452 845 1 611 610 1 784 808 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.): 14 681 Initial cost of property: 395 191 017 Construction year: 1968 Pain in capital: 121 780 000 Occupancy rate: 99 % Established: 2014 Tenant: Sporveien Oslo AS (65%), NIFU (20%), Yearly rent 2016: 25 548 765 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 (31.12.15) Weighted average remaining 11 years 2015 2016 2017 Principal Inst.16 Interest Balloon Rental income 25 023 276 25 548 765 26 187 484 Mortgage tranche 1 107 556 000 5 644 000 3,00 % p.a. 39 828 000 cost of ownership 1 180 000 1 204 780 1 234 900 Mortgage tranche 2 169 000 000 0 2,68 % p.a. 169 000 000 Net operating income 23 843 276 24 343 985 24 952 584 Total 276 556 000 5 644 000 208 828 000 Interest income 74 910 140 357 83 248 Interest expense 8 237 770 7 798 050 8 426 985 Value of interest rate swap per 04.05.2015: -559 798 Instalments mortgage (tranche 1-2) 5 644 000 5 644 000 5 644 000 Net finance -13 806 860-13 301 693-13 987 737 Net cash flow 10 036 416 11 042 292 10 964 847 Dividend/capital repayment 0 15 200 000 18 300 000 Mortgage tranche 1 is a 5 year loan with Danske Bank with annual ammortization of NOK 5 644 000. 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 Q415. 50% of the total loan amount is fixed with a 10 year interest swap agreement at 1.99% ex. margin. Estimated balance (31.12) 2015 2016 2017 Working capital 12 036 416 7 878 709 543 556 Property value 410 368 617 410 368 617 410 368 617 Total assets 422 405 034 418 247 326 410 912 173 Debt 276 556 000 270 912 000 265 268 000 Total debt 276 556 000 270 912 000 265 268 000 NAV after dividend and tax 145 849 034 147 335 326 145 644 173 Sporveien Oslo has a contract until 20.8.2029, except from floor 7 were they can exit in 1.10.2022. 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 31.12.2025. 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

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

Date 1997-Q1 1998-Q2 1999-Q3 2000-Q4 2002-Q1 2003-Q2 2004-Q3 2005-Q4 2007-Q1 2008-Q2 2009-Q3 2010-Q4 2012-Q1 2013-Q2 2014-Q3 Number of vessels 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 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. 60 000 50 000 40 000 30 000 20 000 10 000 0 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 2014. 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 2016. 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. 1000 900 800 700 600 500 400 300 200 100 0 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

USDm USD/day 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 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. 50 40 30 20 10 0-10 -20-30 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%. 100 000 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 1-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. 180 160 140 120 100 80 60 40 20 0 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

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 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-15 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 - run rate Million tonnes Baltic Dry Index Chinese seaborne coal import 12 000 10 000 8 000 350 300 250 200 6 000 150 100 4 000 2 000 50 0 0 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 2015. 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 2014. One of the main reasons for this has been increased scrapping through the year and deliveries being postponed at the yards. 120 100 80 60 40 20 Dry Bulk fleet developmet 18% 15% 12% 9% 6% 3% 30% 25% 0-20 -40 0% -3% -6% 20% 15% 10% 5% 0% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014-5% 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

1993-02 1994-07 1995-12 1997-05 1998-10 2000-03 2001-08 2003-01 2004-06 2005-11 2007-04 2008-09 2010-02 2011-07 2012-12 2014-05 2015-10 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 180 160 140 120 100 80 60 40 20 0 Box volumes are currently projected to grow 4.6% in 2015. 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 400 300 200 100 0-100 -200 12% 9% 6% 3% 0% -3% -6% 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 6-12 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

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 1996-10 1997-11 1998-12 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2013-01 2014-02 2015-03 USDm 50 45 40 35 30 25 20 15 10 5 0 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 2016. A study carried out by DNB suggests that investments in international offshore activities might decrease as much as 35% from 2014 to 2016. 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. 30 000 25 000 20 000 15 000 10 000 5 000 0 Source: Clarksons Research Day rates for PSVs (USD/day) Medium PSV Large PSV Page 78 NRP Finans AS - Market Report December 2015

1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 Number of vessels YoY growth 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Number of vessels YoY growth 60 000 50 000 40 000 30 000 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. 20 000 10 000 0 250 200 Fleet overview AHTSs 20% 16% 150 12% 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. 100 8% 50 4% 0 - -50-4% Deliveries Scrapping Fleet growth Source: IHS Petrodata 300 250 200 150 100 50 0-50 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

4.2. Key figures shipping & offshore portfolio 1 800 NRP Finans Shipping/offshore portfolio vs Oslo Stock Exchange benchmark 1 600 1 400 1 200 1 000 800 600 NRP Finans Shipping Index (424) 400 200 0 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 OSEBX (330) Dec 2015 80 % 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 % 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 NRP Finans Shipping/offshore portfolio OSEBX 25 20 15 10 5 Development number of shipping/offshore projects 21 14 13 12 8 8 4 4 3 2 3 5 40 30 20 10 0-5 -10-15 -2-2 -2-7 -12-4 -11-5 -4-3 -5-4 -1 0-10 -20-20 -17 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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

musd 900 800 700 Accumulated equity raised to NRP shipping & offshore projects Accumulated equity raised to NRP Finans shipping and offshore projects from 2000 up to today. 600 500 400 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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. 19.3 % Bulk 20.3 % Container Offshore Product Reefer 43.1 % Arranged NRP Shipping & Offshore projects - segments Total paid in capital of USD 806 mill 36 41 20 18 184 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 203 90 Offshore Product Reefer RoRo 33 212 168 Tank NRP Finans AS - Market Report December 2015 Page 81

4.3 Shipping & offshore projects overview Projects Shipping Estimated value per 1% Established IRR since established p.a. Return 2015** Arca Shipping DIS USD 39 000 2013 12 % 12 % BB Troll DIS NOK 1 050 000 2014-2 % -22 % Beta DIS NOK 130 000 2006 22 % -47 % Bulk Avanti DIS USD 45 943 2013-18 % -60 % Bulk Transloading DIS* N.A 2007 N.A N.A Cresco Shipping DIS USD 45 000 2014 5 % 5 % Eastern Reefer II DIS JPY 3 600 000 2007 16 % 12 % Gjende DIS USD 30 500 2014 14 % 12 % Inter Carib II DIS USD 12 000 2006 6 % -52 % Jupiter Bulker DIS USD 29 500 2014-60 % -66 % KUO DIS USD 85 000 2012 21 % -2 % Mount Lyderhorn LLC USD 49 000 2014 6 % -2 % Neptune Seismic DIS USD 55 000 2007-12 % -66 % Spero DIS USD 59 000 2013 14 % 3 % Stril Offshore DIS NOK 2 250 000 2007-3 % -25 % TDSC Opportunity AS USD 66 897 2010-20 % 0 % UACC Bergshav Tanker DIS USD 156 000 2011 12 % 2.5 % UACC Ross Tanker DIS USD 122 000 2010 14 % 0 % *The project has been suspended **Return is equivalent to change in value from 01.12.2014 - Page 82 NRP Finans AS - Market Report December 2015

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):* 39 000 Key figures: 100 % Paid in equity (USD): 3 650 000 Accumulated dividends (USD): 700 000 Tax value vessel (USD): 1 514 207 Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value end C/P: 2 895 000 4 000 000 5 430 000 Net residual value end C/P:** 2 895 000 3 895 000 4 895 000 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 2 800 000 Dwt/Ldwt: 21 480 dwt/7 007 mt Paid in capital: USD 3 650 000 LOA/ Beam/Draught: 167.98 m/27.25 m/9.22 m Uncalled capital: USD 0 Speed & Cons: 19 knots on 49 TS Fuel (laden) Delivery: 01.11.2013 Yard: Hanjin HI Co. Ltd, South Korea Commencement of C/P 01.11.2013 Built: 1994 Expiry of C/P: 01.11.2018 Flag: Liberia Charterer: SPC, Timber Shipping Inc. Main engine: B&W 6S60MC 16,681 BHP @ 105 RPM guaranteed by Conbulk Shipping S.A, Greece Reefer plugs: 108 Average BB-rate year 1-5: USD 1 004/day Next intermediate: Jan. 2017 Est. net TC-rate 2015* USD 8 143/day Next SS: Mar. 2019 Est. net TC-rate year 2016 USD 9 025/day Other information: 1 199 TEU homogeneous, 7 holds, 8 hatches, Est. net TC-rate year 2017 USD 10 925/day Est. net TC-rate year 2018 USD 11 400/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 01.11.2015 Estimated Cashflow Financing (31.12.2015) 2015 2016 2017 Balance Inst. 16 Interest Balloon Operating revenue 394 940 381 375 340 770 Mortgage debt 0 0 0,00 % p.a. 0 Profit split* 0 77 195 577 646 Total 0 0 0 Administration expenses 121 482 124 215 127 010 Net operating cashflow 273 458 334 355 791 406 Currently no debt on the vessel. Net financial items 0 0 0 Net project cashflow 273 458 334 355 791 406 Estimated dividend 300 000 500 000 850 000 * Profit split initially used to pay docking-cost of USD 500 000, paid by investors. Implicit vessel value Estimated equity value 3 900 000 Working capital 25 075 Net implicit vessel value* 3 874 925 * 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 1 000 000, to be split 50/50 between Arca Shipping DIS and Conbulk. The actual cost was USD 1 700 000. The extra DD/SS expense of USD 700 000 to be fully redeemed to Conbulk before any profit splits from trading and sale will occur. When the DD/SS cost of USD 1 700 000 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 3 650 000 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

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):* 1 050 000 Key figures: 100 % Paid in equity (NOK): 116 700 000 Accumulated dividends (NOK): 10 000 000 Tax value vessel (NOK): 100 543 625 Net asset value seisitivity: LOW CASE BASE CASE HIGH CASE Vessel value 70 000 000 110 000 000 130 000 000 Working capital 21 729 643 21 729 643 21 729 643 Net asset value 91 729 643 131 729 643 151 729 643 * 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 15 000 bhp DPSII - VS 473 design Commercial management: Buksér og Berging AS Class: DNV LOA: 73.8 m Purchase price vessel*: NOK 120 000 000 Breadth: 16.0 m Paid in capital: NOK 116 700 000 Yard: Ferguson Shipbuilders, Glasgow, UK *including working capital Delivery: Apr 2000 Dwt: 2,881 t Opex break even 2015 per day**: NOK 82 620 Main engine: Wartsila 12V32 Diesel, 2 x 7 500 BHP Current Employment: The Vessel trades in the spot market Bollard pull: 165 t Delivery: 01.05.2014 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 (31.12.2015) Balance Inst. 16 Interest Balloon Mortgage debt 1 0 0 0,00 % p.a. 0 Total 0 0 0 Implicit vessel value The vessel is operating in the spot market in the North Sea. Page 84 NRP Finans AS - Market Report December 2015

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):* 130 000 Key figures: 100 % Paid in equity (NOK): 19 500 000 Accumulated dividends (NOK): 46 700 000 Tax value vessel (NOK): 16 108 356 Net asset value sensitivity: BASE CASE Liquidation costs incl. sale -1 800 000 Working capital 14 800 000 Project value 13 000 000 * 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: 1 217 mt LOA: 67.8m Purchase price vessel: NOK 47 000 000 Breadth: 14.5m Paid in capital: NOK 19 500 000 Yard/Built: H.Surken West Germany/ 1982 Uncalled capital: NOK 0 Class: DNV Delivery: 29.09.2006 Flag: NOR Expiry of C/P: 31.12.2015 Deck cargo 720 sqm Speed: 15.5 knots Gross TC-rate 2015: NOK 100 640 /day Main engine: 4 x Wichmann 6AXAG, 10 560 BHP Assumed operating expenses 2015: NOK 72 672 / day Next DD/SS: February 2016 Next intermediate survey: May 2019 Estimated Cashflow Financing (31.12.2015) 2015 Balance Inst. 16 Interest Balloon Operating revenue* 42 684 674 Mortgage debt 1 0 0 0 % p.a. 0 Operating expenses 25 306 567 Total 0 0 0 Administration expenses 1 370 653 Net operating cashflow 16 007 454 The mortgage loan and investor loan have been repaid in full. Interest earned 49 757 Net financial items 49 757 Net project cashflow 16 057 211 Estimated dividend 3 400 000 * Hire for 2 months, equal to NOK 6 062 277, received in 2016 is added to the hire in 2015. The Vessel is being utilized as a stand-by emergency vessel by Kystverket until 31.12.2015 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

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):* 45 943 Key figures: 100 % Paid in equity (USD): 9 250 000 Accumulated dividends (USD): 1 100 000 Tax value vessel (USD): 10 516 132 Net asset value senstivity LOW CASE BASE CASE HIGH CASE Vessel value 8 500 000 11 500 000 14 500 000 Working capital 651 348 651 348 651 348 Debt 7 557 068 7 557 068 7 557 068 Net asset value 1 594 280 4 594 280 7 594 280 * 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 17 000 000 Dwt: 56,042 mt Paid in capital: USD 9 250 000 Ldwt: 8,500 Uncalled capital: USD 0 LOA/ Beam: 189.99 m / 32.26 m / 12.55 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: 11.04.2013 Built: 2006 Expected TC rate -31.12.2016: USD 7 500 Flag: Panama Operational expenses 2015*: USD 5 085 Main engine: MAN B&W, 12,880 KM @ 127 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 (31.12.2015) 2015 2016 Balance Inst. 16 Interest Balloon 2016 Operating revenue 3 388 893 2 380 500 Mortgage debt* 7 557 068 562 500 5,23 % p.a. 6 994 568 Operating expenses 2 375 205 1 912 296 Total 7 557 068 562 500 6 994 568 Dry docking 0 762 000 Administration expenses 81 017 81 413 Net operating cashflow 932 671-375 209 Interest expenses 426 572 415 639 Repayment long term debt 880 432 562 500 Funding from partners 0 700 000 Net financial items -1 307 004-278 139 Net project cashflow -374 333-653 347 * The mortgage loan has quarterly instalments of USD 281 250. The project is exempt from paying instalments Q4 2015 and the first half of 2016. 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 4 594 280 Debt 7 557 068 Working capital 651 348 Implicit vessel value 11 500 000 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 700 000 might be necessary in 2016 to pay the scheduled docking. Page 86 NRP Finans AS - Market Report December 2015

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): 23 200 000 Accumulated dividends (USD): 4 300 000 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 115 000 000 Yard: Daewoo Paid in capital: USD 23 200 000 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 (31.12.2015) Balance Interest Balloon Mortgage debt 3 924 055 4,50 % p.a.* 1 924 055 Total 3 924 055 1 924 055 The mortgage lender has a cash sweep on the project Implicit vessel value M/V Trans Emirates was sold June 2015. Sales process for M/V Trans Bay is initiated. NRP Finans AS - Market Report December 2015 Page 87

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):* 45 000 Key figures: 100 % Paid in equity (USD): 4 150 000 Accumulated dividends (USD): 0 Tax value vessel (USD): 2 204 144 Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value 2019: 3 200 000 4 000 000 5 000 000 Net residual value 2019:** 3 200 000 4 000 000 4 745 000 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 3 500 000 Dwt/Ldwt: 22,996 dwt/7,771 mt Paid in capital: USD 4 150 000 LOA/ Beam/Draught: 184.10 m/25.30 m/9.89 m Uncalled capital: USD 0 Speed: 19.6 knots Delivery: 20.06.2014 Yard: Stocz, Szczecin, Poland Commencement of C/P 20.06.2014 Built: 1996 Expiry of C/P: 20.06.2019 Flag: Liberia Charterer: SPC guaranteed by Main engine: Sulzer, 6RTA&"U; 17,848 BHP @ 113 RPM Conbulk Shipping S.A., Greece Next DD/SS: Dec. 2015 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 2015-2019: USD 10 510/day * excluded USD 500/day in repositioning deficit cover Estimated Cashflow Financing (31.12.2015) 2015 2016 2017** Balance Inst. 16 Interest Balloon Operating revenue 463 989 462 090 461 457 Mortgage debt 0 0 0,00 % p.a. 0 Profit split 0 381 959 487 593 Total 0 0 0 Dry docking* 700 000 0 0 Administration expenses 131 058 133 679 136 353 Currently no debt on the vessel. Net operating cashflow -367 069 710 370 812 697 Net financial items 0 0 0 Net project cashflow -367 069 710 370 812 697 Estimated dividend 0 600 000 850 000 * DD/SS in 2015 shall be split 70/30 between Owner and Charterer. Capped DD/SS cost for Owner in 2016 is USD 700 000. **Estimated project-end 20.06.2017 Implicit vessel value Estimated equity value 4 500 000 Debt 0 Working capital 191 318 Net implicit vessel value* 4 308 682 *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 4 150 000 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

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):* 3 600 Key figures: 100 % Paid in equity (JPY): 382 000 Accumulated dividends (JPY): 658 131 Residual value sensitivity on IRR: BASE CASE Residual value end C/P 2017: 582 700 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 1 805 000 Dwt: 5.537 5,134 5,163 Paid in capital: JPY 438 000 LOA/ Beam: 113.3m/16.6m 113.4m /16.6m 120.7m/16.6m Uncalled capital: JPY 240 000 Built: 1996 2000 1989 Established: 27.03.2007 Class/flag: N.K N.K. KR Commencement of C/P M/V Pohah No.2: 27.03.2007 Main engine: Kobe, 8UEC37LA Akasaka, 8UEC37LA Akasaka, 6UEC37LA Expiry of C/P M/V Pohah No.2: 27.03.2017 Yard (all vessels): Kyokuyo Shipyard Corp, Japan Commencement of C/P M/V Jochoh: 27.10.2008 Expiry of C/P M/V Jochoh: 27.03.2017 DD/SS: 03.09.2020 22.05.2020 23.10.2016 Commencement of C/P M/V Dinok: 15.10.2013 Expiry of C/P M/V Dinok: 15.04.2017 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 1 775 Charterer: Guarantor: NOK Co. Ltd., Panama Khana Enterprises Co. Ltd., Japan and Boyang Ltd., South Korea Estimated Cashflow Financing (31.12.2015) 2015 2016 2017 Balance Inst. 16 Interest Balloon Operating revenue 277 305 256 284 50 444 Mortgage debt 1 280 499 78 000 3,75 % p.a* 202 499 Administration expenses 15 708 16 022 8 171 Seller's Credit 92 700 0 0,00 % p.a. 92 700 Net operating cashflow 261 597 240 262 42 272 Participant loan 92 857 28 572 15,00 % p.a.** 64 285 Interest expenses 30 576 22 645 6 829 Total 466 056 106 572 359 484 Repayment long term debt 145 032 106 572 359 484 Net financial items -175 608-129 216-366 313 Sale of vessels back to Charterer 582 700 Net project cashflow 85 989 111 045 258 659 Estimated dividend 101 500 97 000 0 *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 71 429. Implicit vessel value Estimated equity value 360 000 Debt and seller's credit 466 057 Working capital 34 367 Implicit vessel value 791 690 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 500 000. NRP Finans AS - Market Report December 2015 Page 89

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):* 30 500 Key figures: 100 % Paid in equity (USD): USD 3 180 000 Accumulated dividends (USD): USD 600 000 Residual value sensitivity on IRR: BASE CASE Residual value end C/P 2019: 2 000 000 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 5 000 000 Built: 1995 Seller's credit USD 2 000 000 Dwt 5 249 Paid in capital: USD 3 180 000 Cargo cap (cbft): 235 128 Uncalled capital: USD 0 Yard: Kyokuyo Shipyard Corp., Japan Delivery: 10.11.2014 LOA/Beam/Draught: 120.75 m / 16.60 m / 7.1 m Commencement of C/P 10.11.2014 Main engine: AKASAKA 6UEC37LA, 3,090 kw @ 210 rpm Expiry of C/P: 10.11.2019 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 (31.12.2015) 2015 2016 2017 Balance Inst. 16 Interest Balloon Operating revenue 1 023 825 1 025 228 1 023 825 Seller's credit 2 000 000 0 0,00 % p.a. 2 000 000 Administration expenses 101 000 103 020 105 080 Total 2 000 000 0 2 000 000 Net operating cashflow 922 825 922 208 918 745 Net project cashflow 922 825 922 208 918 745 No debt on the vessel. Estimated dividend 1 050 000 925 000 925 000 Seller's credit of USD 2 000 000, as a bullet over 5 years. None interest bearing. Implicit vessel value Estimated equity vaue 3 050 000 Seller's credit 2 000 000 Working capital 421 648 Implicit vessel value 4 628 352 The Charterer has a purchase obligation at the end of the charterparty at USD 2 000 000. Page 90 NRP Finans AS - Market Report December 2015

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:* 12 000 Key figures: 100 % Paid in equity (USD): 3 065 000 Accumulated dividends (USD): 3 115 000 Tax value vessel (USD): 1 354 842 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Vessel value 1 200 000 1 500 000 1 800 000 Working capital 534 690 534 690 534 690 Debt 755 000 755 000 755 000 Net asset value 979 690 1 279 690 1 579 690 * 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: 4 775 mt Purchase price vessels: USD 13 828 000 LOA/ Beam: 89.9 m /13.0 m Paid in capital: USD 3 065 000 Yard: Damean Shipyard, Holland Uncalled capital: USD 855000 Built: 1996 Delivery: 17.11.2006 Class/flag: LR Commencement of C/P: 17.11.2006 Main engine: 4SA 6 cyl MAK 1800 kw Expiry of C/P: 20.11.2018 Speed: 11 knots Flag: Antigua & Bermuda Base case assumptions: Intermediate: February-17 BB rate 01.02.2015-30.01.2016 USD 1 750/day Next SS: August-19 BB rate 01.02.2016-20.11.2018 USD 3 000/day *Less 1% broker commission Charterer M/V Mostein: Thompson Shipping Inc., Cayman Islands Estimated Cashflow Financing (31.12.2015) 2015 2016 2017 Balance Inst. 16 Interest Balloon Operating revenue 584 500 1 059 250 1 092 000 Mortgage debt 1 755 000 432 500 5,25 % p.a. 0 Administration expenses 83 077 84 738 84 738 Total 755 000 432 500 0 Net operating cashflow 501 423 974 512 1 007 262 Instalment loan to charterer 139 649 33 666 0 Instalment outstanding hire 125 000 101 000 0 Interest expenses 56 667 33 961 11 255 Repayment long term debt 432 500 432 500 322 500 Net financial items -224 518-331 795-333 755 Net project cashflow 276 905 642 717 673 507 The mortgage has floating interest rate. Maturity date for the mortgage is 27.08.2017 Loan to Charterer of USD 200 000, due to docking fall 2014. 6% interest p.a., and 18 equal instalments from 31.10.14-31.03.16. Implicit vessel value Thompson Inc. has an option to purchase MV Mostein at the end of the charter for USD 2 200 000. Inter Carib II DIS has an option to sell MV Mostein to Thompson Inc. at the end of the charter for USD 1 250 000. The Charterer has difficulties paying the bareboat hire, and hire discount has been granted for the period 01.02.2015-30.01.2016. The bareboat-period has been extended until 20.11.2018. 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

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):* 29 500 Key figures: 100 % Paid in capital (USD): 8 550 000 Accumulated dividends (USD): 0 Tax value of vessel (USD): 5 610 717 Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value 4 000 000 5 500 000 7 000 000 Working capital 450 000 450 000 450 000 Shareholder loan 3 000 000 3 000 000 3 000 000 Net asset value 1 450 000 2 950 000 4 450 000 * 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 12 250 000 Dwt: 47 777 Net purchase price: USD 8 500 000 Ldwt: 8 485 Paid in capital: USD 8 550 000 LOA/ Beam/Draught: 187.5 m/ 31.00 m/ 11.75 m Shareholder loan: USD 3 000 000 Speed/consumption: 14.1 knots Uncalled capital: USD 0 Yard: COSCO Nantong, China Delivery. 11.09.2014 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 (31.12.2015) 2015 2016 Balance Interest Balloon Operating revenue 570 076 2 013 000 Participant loan 3 000 000 0,00 % p.a. 3 000 000 Operating expenses 2 031 688 1 865 304 Total Net operating cashflow -1 461 612 147 696 Interest shareholder loan 99 300 397 200 Loan from investors 3 000 000 Net financial items 2 900 700-397 200 Net project cashflow 1 439 088-249 504 New participant loan from investors of USD 3 000 000 in 2015. 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 2015. The vessel will be delivered for a period of minimum 12 months. Page 92 NRP Finans AS - Market Report December 2015

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):* 85 000 Key figures: 100 % Paid in equity (USD): 8 800 000 Accumulated dividends (USD): 5 950 000 Tax value vessels (USD): 4 710 021 Residual value sensitivity on IRR: LOW CASE BASE CASE HIGH CASE Gross residual value end C/P: 15 000 000 20 000 000 25 000 000 Net residual value end C/P:** 8 750 000 11 250 000 13 750 000 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 14 000 000 TEU: 1 367 TEU (1 120 TEU at 14 tons homogeneous) Paid in capital: USD 8 800 000 Reefer capacity: 200 Delivery: 28.09.2012 Dwt: 18 595 Commencement of C/P: 28.09.2012 Ldwt: 5 955 Expiry of C/P: 28.09.2017 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 28.09.15-28.03.16: USD 3 082 / day Flag: Panama Net BB-rate 28.03.16-28.09.16: USD 2 836 / day Class: Bureau Veritas Net BB-rate 28.09.16-28.03.17: USD 2 589 / day Main engine: Man B&W, 13 580 kw a 127 rpm Net BB-rate 28.03.17-28.09.2017 USD 2 342 / day Other: 4 holds, 8 hatches, 4 tiers on deck Profit split hurdle rate avg. per vessel: USD 8 230 / day KUO Tai KUO Hung KUO Lung 2015 2016 2017 Next SS July 2020 Sep. 2017 Feb. 2018 Estimated net TC-rate per vessel: 7 373 8 616 10 526 Next intermediate Des. 2015 Sep. 2020 Feb. 2016 Estimated Cashflow Financing (31.12.2015) 2015 2016 2017* Balance Inst. 16 Interest Balloon 2017 Operating revenue 1 174 431 989 364 432 540 Mortgage debt 3 500 000 1 000 000 5,48 % p.a. 2 000 000 Profit split 0 175 729 1 082 294 Total 3 500 000 1 000 000 2 000 000 BB Instalment 1 500 000 1 500 000 1 500 000 Administration expenses 222 164 224 089 229 691 Net operating cashflow 2 452 267 2 441 004 2 785 143 Interest expenses 218 900 164 100 88 900 Repayment long term debt 1 000 000 1 000 000 2 500 000 Net financial items -1 218 900-1 164 100-2 588 900 Sale of vessels en-bloc 11 250 000 Net project cashflow 1 233 367 1 276 904 11 446 243 Estimated dividend 1 375 000 1 200 000 950 000 * Estimated project-end 28.09.2017 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 500 000. The mortgage will mature September 2017. - Minimum Value Clause of 140% of the outstanding facility. - Minimum cash: USD 500 000 Implicit vessel value Estimated equity value 8 500 000 Debt 3 500 000 Working capital 519 638 Net implicit vessel value* 11 480 362 *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 250 000 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 10 875 000, 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

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):* 49 000 Key figures: 100 % Paid in equity (USD): 4 360 000 Accumulated dividends (USD): 0 Residual value sensitivity on IRR : LOW/BASE CASE HIGH CASE Residual value end C/P:** 12 200 000 14 200 000 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 17 300 000 Class: DNV Paid in capital: USD 4 360 000 Dwt/Ldwt: 74,242 dwt Uncalled capital: - LOA/ Beam/Draught: 225.00 m/ 32.20 m/ 13.82 m Purchase of shares: 01.01.2014 Speed & Cons: 14.0 knots on 32 TS Fuel (laden) Commencement of CP: 01.01.2014 Yard: Sasebo H.I. - Japan Expiry of CP: 27.08.2016 Built: 1999 Bareboat rate 01.01.2014-27.08.2016: USD 9 300/day Flag: Hong Kong Current employment: Golden Ocean Group Ltd Main engine: MAN B&W 6S60MC6, 12,000 BHP @ 94 RPM Other information: Grain Capacity of 87,500 cu.m., 7 Holds, 7 Hatches Next SS: 2019 Estimated Cashflow Financing (31.12.2015) 2015 2016 Balance Inst. 16 Interest Balloon Operating revenue 2 817 900 2 222 700 Mortgage debt 1 5 805 000 1 350 000 6,78 % p.a. 4 455 000 Administration expenses 76 500 78 030 Seller's Credit 2 700 000 0 0,00 % p.a. 2 700 000 Net operating cashflow 2 741 400 2 144 670 Total 8 505 000 1 350 000 7 155 000 Interest expenses 639 296 396 659 Repayment long term debt 2 945 000 5 805 000 Value of interest rate swap per 30.06.2015: -509 519 Repayment Seller's Credit 0 2 700 000 Net financial items -3 584 296-8 901 659 Tax payment 68 140 68 140 Sale of vessel 12 200 000 Net project cashflow -911 036 5 374 871 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 1 145 000. Implicit vessel value Estimated equity value 4 900 000 Debt 8 955 000 Working capital 1 115 603 Implicit vessel value 12 739 397 The Owner has a put option in August 2016 at USD 12 200 000. Golden Ocean has a call option for the vessel in August 2016 at USD 14 200 000. 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

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):* 55 000 Key figures: 100 % Paid in equity (USD): 20 550 000 Accumulated dividends (USD): 2 000 000 Tax value vessel (USD): 9 264 329 Net asset value sensitivity : LOW CASE BASE CASE HIGH CASE Vessel value 5 000 000 7 500 000 12 000 000 Participant loan 1 000 000 1 000 000 1 000 000 Working capital 349 892 349 892 349 892 Net Asset value 4 349 892 6 849 892 11 349 892 * 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 32 800 000 Built: 2002 Initial paid in capital: USD 15 400 000 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 L6-27/38-2040 Kw at 800 rpm with 1,300 Kw shaft generator at 1,500 rpm Accomodation: 43 persons Next SS: 2016 Estimated Cashflow Financing (31.12.2015) 2 015 Balance Inst. 16 Interest Balloon Mortgage debt 0 0 0,00 % p.a. 0 Total 0 0 Participant loan from investors of USD 1 000 000. 2 year bullet, 14% interest p.a. to be added to the bullet amount. Maturity June 2017. 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

Olympic Kombiskip KS - offshore asset play project Contact: Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK): 1 % Estimated share price (NOK):* 900 000 Key figures: 100 % Paid in capital (NOK): 25 000 000 Accumulated dividends (NOK): 79 000 000 Tax value vessel (NOK): 29 167 174 Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value: 108 000 000 138 000 000 168 000 000 Working capital: 24 000 000 24 000 000 24 000 000 Debt: 44 000 000 44 000 000 44 000 000 Net asset value: 88 000 000 118 000 000 148 000 000 * 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 130 000 000 LOA: 73.6 m Paid in capital: NOK 25 000 000 Draught: 5.9 m Uncalled capital: NOK 15 000 000 Yard: STX OSV AS, Brevik Built: 2005 Flag: Norway Main engine: KRMB9 Deck space: 680 sqm Next SS: 2019 Cashflow Financing (31.12.2015) Budget 2015 Balance Inst. 16 Interest Balloon Operating revenue 62 091 464 Mortgage debt 44 000 000 7 000 000 4,25 % 23 000 000 Operating expenses 29 171 474 Total 44 000 000 7 000 000 23 000 000 Administration expenses 7 525 676 Net operating cashflow 25 394 314 Interest expenses 1 982 000 Repayment long term debt 7 000 000 Net financial items -8 982 000 Net project cashflow 16 412 314 The mortgage runs until March 2018 with semi-annual instalments of NOK 3 500 000. Olympic Promotor recently ended its charter party with Petrobras. Page 96 NRP Finans AS - Market Report December 2015

Olympic Master KS - offshore asset play project Contact: Mats Olimb (mats.olimb@nrp.no) Estimated share price (NOK): 1 % Estimated share price (NOK):* 850 000 Key figures : 100 % Paid in capital (NOK): 25 000 000 Accumulated dividends (NOK): 91 000 000 Tax value vessel (NOK): 32 217 714 Net asset value sensitivity: LOW CASE BASE CASE HIGH CASE Vessel value: 108 000 000 138 000 000 168 000 000 Working capital: 18 500 000 18 500 000 18 500 000 Debt: 44 000 000 44 000 000 44 000 000 Net asset value: 82 500 000 112 500 000 142 500 000 * 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: 3 289 Purchase price vessel: NOK 130 000 000 LOA: 73.6 m Paid in capital: NOK 25 000 000 Draught: 5.9 m Uncalled capital: NOK 15 000 000 Yard: STX OSV AS, Brevik Built: 2005 Flag: Bahamas Main engine: MAN B&W 6S50MC-C8 Next SS: 2016 Cashflow Financing (31.12.2015) Budget 2015 Balance Inst. 16 Interest Balloon 2018 Operating revenue 54 543 388 Mortgage debt 47 500 000 7 000 000 4,25 % 26 500 000 Operating expenses 28 967 424 Total 47 500 000 7 000 000 26 500 000 Docking 13 851 000 Administration expenses 6 000 000 Net operating cashflow 5 724 964 Interest expenses 1 982 000 Repayment long term debt 7 000 000 Net financial items -8 982 000 Net project cashflow -3 257 036 The mortgage runs until March 2018, with semi-annual instalments of NOK 3 500 000. Olympic Progress is currently cold stacked in Norway. NRP Finans AS - Market Report December 2015 Page 97

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): 100 000 000 Accumulated dividends (NOK): 0 Tax value vessel (NOK): 71 962 182 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 290 000 000 LOA: 78.3 m Paid in capital: NOK 100 000 000 Breadth: 17.2 m Uncalled capital: NOK 25 000 000 Draught: 7 m Yard: Vard AS, Søviknes Built: 2006 Flag: NOR Main engine: B32:40V12P Bollard pull: 180 t Next SS: 2020 Cashflow Financing (31.12.2015) Balance Inst. 16 Interest Balloon Mortgage debt 98 500 000 13 000 000 3,75 % 27 000 000 Total 98 500 000 13 000 000 27 000 000 The mortgage runs Currently laid up in Norway. Page 98 NRP Finans AS - Market Report December 2015