Innholdsfortegnelse:

Markedsrapport August 2004 Side 1 Innholdsfortegnelse: Side 1. Innledning................................................... 2 2. Prosjekter................................................... 5 3. Shippingprosjekter American Bulker KS................................................ 6 Asian Tanker DIS................................................... 7 China Bulkers KS.................................................. 8 Containership Invest KS............................................ 9 Eastern Chemical Carrier KS........................................ 10 Eastern Chemical Tanker III KS..................................... 11 Feedermate DIS.................................................... 12 Finn RoRo KS...................................................... 13 Fleetfinance KS.................................................... 14 Gram Chemical Carrier DIS........................................ 15 Indian Tanker KS................................................... 16 Kapitan Korotaev Shipping Ltd...................................... 17 Korean Chemical Carrier KS........................................ 18 Lake Eva DIS...................................................... 19 Lake Maya DIS..................................................... 20 Nordsjøferger KS................................................... 21 Northeast Chemical Carrier KS..................................... 22 Ross Container DIS................................................. 23 Scandinavian RoRo KS............................................. 24 Sir Matt Reefer DIS................................................ 25 Southern Chemical Tankers DIS.................................... 26 4. Eiendomsprosjekter Akersgaten 16 KS.................................................. 28 Alfasetveien 11 Invest KS.......................................... 29 Datavegen 27 AS................................................... 30 Fornebuveien 38 44 KS........................................... 31 Helsingborg Kjøpesenter AS........................................ 32 Hotvedtveien 6 KS................................................. 33 Hvamveien 1 KS................................................... 34 Karihaugen Kombibygg KS......................................... 35 Kyrre Grepps gt 19 KS............................................. 36 Moss/Holmestrand Nærsenter KS................................... 37 Nordahl Bruns gate 10 KS.......................................... 38 Nye Skarvenesveien KS............................................ 39 Nygaard Brygge KS................................................ 40 Preståsen Park KS.................................................. 41 Ringeriksveien KS.................................................. 42 Valløveien 3 KS.................................................... 43 5. Forklaring av begreper og nøkkeltall........ 44 Markedsrapporten er utarbeidet av (NRP). Informasjonen er utarbeidet etter beste skjønn, og NRP kan ikke ta ansvar for at informasjonen er riktig eller fullstendig. NRP fraskriver seg ansvar for ethvert tap som følge av at opplysninger som er gitt er misvisende, feilaktige eller ufullstendige, samt for tap som på annen måte oppstår som følge av anvendelse av de gitte opplysninger. Det understrekes at investering i eiendom og shipping er beheftet med risiko. Enhver investor må være forberedt på at slik investering kan medføre tap. Enhver som investerer må på egen hånd forsikre seg om at opplysningene som fremkommer er à jour og korrekte. Hvis man benytter dette dokument som underlag for kjøp av andeler på et senere tidspunkt, må man selv sørge for at all relevant og oppdatert informasjon fremskaffes. Opplysninger som fremkommer i markedsrapporten er kun à jour per dato for utarbeidelsen. Mulige investorer oppfordres til å gå gjennom de spesifikke prosjekter grundig. All dokumentasjon kan gjennomgås ved henvendelse til vårt kontor.

Side 2 Markedsrapport August 2004 1. Innledning Det har vært en aktiv periode for NRP siden siste markedsrapport ble sendt ut juni 2003. Vi har etablert en rekke shipping og eiendomsprosjekter og porteføljen teller nå 33 skip og 22 eiendomsprosjekter. Hovedformålet med rapporten er å informere investorene og andre forretningsforbindelser om utviklingen i prosjektene og samtidig skape interesse for kjøp og salg av andeler. Vi har valgt å endre utgivelsen fra juni til august da vi tror det spesielt med hensyn til omsetning av andeler er et bedre tidspunkt. Som følge av økt aktivitet har vi ansatt to nye medarbeidere innen forretningsførsel. Grethe Pedersen (28 år) begynte 1. februar 2004 og kom fra Deloitte og Arthur Andersen hvor hun har vært revisor og konsulent i over 4 år. Hun er utdannet siviløkonom fra Handelshøyskolen BI. Videre har vi ansatt Heidi Kristine Habberstad (32 år) som vil begynne 1. september 2004. Hun har arbeidet i Lyreco Norge AS som controller de siste 4 årene. Som vi tidligere har informert, ble NRP Investorservice AS etablert høsten 2003. Selskapet har som forretningside å være regnskap-/forretningsfører for investeringsselskaper og privatpersoner. Regnskapsføring, årsregnskap, ligningspapirer, rapportering til Brønnøysund, betalingsformidling, gårdeierregnskap etc. er selskapets hovedprodukter. Inntil nå har arbeidet i hovedsak vært håndtert av Anita Næsheim og andre ansatte. Fra 9. august vil imidlertid ansvaret overtas av Anne Sørensen (41 år), som overtar som daglig leder. Anne er utdannet siviløkonom fra BI og har også en MBA fra USA. Hun har bred erfaring fra blant annet Fred. Olsen & Co og Norgesinvestor. Vi ønsker våre nye medarbeidere velkommen til NRP og håper at dette vil bidra til at vi vil kunne forsette å presentere gode prosjekter og god service til våre kunder. Markedssituasjon Vi lever i en spennende verden og begivenhetene er store og kommer tettere på enn noen gang. Vår virksomhet blir hele tiden påvirket av det som skjer rundt oss, enten det er shipping eller eiendom. Dette gjør det krevende og utfordrende for alle som er engasjert i investeringsvirksomhet. Resultatene av beslutningene som blir gjort er svært målbare og det gjør arbeidet bare mer interessant. Det er imidlertid vanskeligere å måle risiko, men også den vil avdekkes etter hvert. Vår fokus er langsiktighet og målsetningen er å gjøre prosjekter med best mulig risikojustert avkastning. Rammebetingelsene for vår virksomhet, direkteinvesteringer, kunne nesten ikke vært bedre. Lave innskuddsrenter i bank og lave obligasjonsrenter gjør at investor søker å være mer aktiv med sin kapital for å kunne oppnå meravkastning. Samtidig har børsen over de siste årene vært meget volatil og oppfattes vel av mange å ha en større risiko enn direkteinvesteringer. Til tross for mer krig og terror rundt omkring i verden enn på mange år, er tilstanden i verdensøkonomien nærmest overraskende god. Dette merkes kanskje best i shipping hvor ratene innenfor de største markedene; tank, tørrlast og container har hatt glede av stigende og høye rater over lang tid. Vi kan i stor grad takke Kina for dette, men India, Russland og tidligere østblokkland har også bidratt positivt. At amerikansk økonomi har snudd og tilsynelatende går mot bedre tider er selvfølgelig positivt, men bl.a. med USA s store handelsunderskudd er det usikkerhet knyttet til varigheten av en slik oppgang. Den økonomiske utviklingen i Norge er også positiv. Selv om arbeidsløsheten er høyere enn på lenge, stiger boligprisene i stor grad takket være lave renter. Nye signaler fra Norges Bank kan tyde på at det lave rentenivået kan vare en stund. Det lave rentenivået vil etter hvert skape vekst innenfor næringslivet, men det kan i perioder være vanskelig å se hvilke bransjer/ områder som skal gi stor vekst fremover. Shipping Shipping har opplevd det beste markedet siden 1973, kanskje det beste markedet siden 2. verdenskrig. Nesten alle markeder opplever gode rater og stigende skipsverdier. I kombinasjon med dette har vi et historisk lavt rentenivå. Selv om NRP i hovedsak fokuserer på finansielle prosjekter, har vi innenfor asset play (kjøleskip) oppnådd meget god avkastning. De høye skipsverdiene innebærer en større risiko for verdifall, som vil måtte komme. De høye ratene innebærer også at befraktere påtar seg en større finansiell risiko. Dette innbærer at vi som tilrettelegger av nye shippingprosjekter enda sterkere må evaluere befrakters soliditet og verdien av skipet etter utløpet av certepartiet. Sett i lys av det høye markedet vil vi forsette å fokusere på langsiktige finansielle prosjekter med gode befraktere. Asset play shipping er mindre aktuelt enn på lenge. Eiendom Eiendomsmarkedet har de siste 12 månedene svekket seg ytterligere med større ledighet og fallende leiepriser. Dette gjelder spesielt Oslo området. Det er imidlertid viktig å bemerke at det er store forskjeller i de ulike markedene. Kontormarkedet har opplevd det største fallet i leieprisene, og ledigheten i Oslo området er over 10%. Lager/kontormarkedet har også opplevet et fall i leieprisene, men det er bedre balanse i dette markedet. Gjennomgående har leiemarkedet for butikklokaler vært stabilt. Det ser imidlertid ut til at kontormarkedet har bunnet ut og enkelte optimistiske meglere og eiendomsbesittere forventer en oppgang. Det er imidlertid ikke så lett å se hvor den store veksten i kontormarkedet skal komme. Offentlig sektor forsøker å effektivisere og flytte virksomhet ut av Oslo og norsk konkurranse utsatt industri har hatt og vil formodentlig også i årene fremover ha vanskeligheter med å erobre nye markeder med sterk krone og høyt kostnadsnivå. Det er grenser for hvor mye areal ulike servicebedrifter kan absorbere. Ved vurdering av nye eiendomsprosjekter vil vi fortsette å legge vekt på lange leiekontrakter, men i større grad også vurdere eiendommer med noe større risiko. Det er imidlertid viktig etter det kraftige fallet i leieprisene å vurdere dagens markedsleie i relasjon til eiendommens leienivå. Mange eiendommer som kommer for salg har høyere leienivå enn dagens marked og må verdivurderes spesielt.

Markedsrapport August 2004 Side 3 NRP har de siste 3 årene syndikert tre bolig utviklingsprosjekter. Her har risikoen vært større enn for finansielle prosjekter og forventet avkastning har følgelig også vært større, IRR 25-40%. Utviklingen i prosjektene har vært positiv og i stor grad i tråd med kalkylene. Vi vil fortsette å fokusere på dette markedet forutsatt sunne prosjekter og gode samarbeidspartnere. Avkastning Prosjektene i porteføljen tilknyttet NRP har vist en meget positiv utvikling det siste året. Vi fortsetter å legge vekt på løpende utbetalinger til deltagerne, god likviditet i annenhåndsmarkedet og salg av prosjekter når det er mulig å oppnå gode priser eller refinansiering av prosjektene. Prosjektene har i første halvår 2004 utbetalt ca NOK 94 millioner til investorene. Ytterligere ca NOK 104 millioner forventes utbetalt i andre halvår. Til sammenligning er det i 2004 syndikerte 13 prosjekter med innbetalt kapital på ca NOK 317 millioner. Siden siste markedsrapport har vi solgt 5 prosjekter og de har gitt følgende avkastning. Etablert Solgt Avkastning (IRR) Northeast Chemical Carrier KS 2001 2003 34 % Kapitan Rudnev Shipping Ltd 2002 2003 14 % Tofelino KS 2000 2003 23 % North Reefer KS 2002 2004 60 % Skarvenesveien KS 2002 2003 42 % Siden etablering av NRP i 2000 og frem til 30.06.2004 har porteføljen, shipping og eiendom samlet, hatt en avkastning på ca. 44 % p.a. Utfordringene fremover blir å finne fornuftige prosjekter med god avkastning og akseptabel risiko. Vi vil gjøre vårt beste for å fortsette den positive utviklingen og forventer en aktiv periode frem mot årskiftet. Håper alle har hatt en fin sommer! Oslo 15. august 2004 Med vennlig hilsen Christian F Ness Ragnvald Risan

Side 4 Markedsrapport August 2004 2. Prosjekter Prosjekter shipping Andelspris USD IRR %* American Bulker KS 168 000 47 % Asian Tanker DIS 70 000 107 % China Bulkers KS 42 500 90 % Containership Invest KS 60 000 73 % Eastern Chemical Carrier KS 13 000 107 % Eastern Chemical Tanker III KS 14 500 70 % Feedermate DIS (pris i EUR) 26 000 68 % Finn RoRo KS 24 000 99 % Fleetfinance KS (Pris på andel er i NOK) 537 085 7 % Gram Chemical Carrier DIS 40 000 190 % Indian Tanker KS 18 000 63 % Kapitan Korotaev Shipping Ltd. 14 250 40 % Korean Chemical Carrier KS 13 000 84 % Lake Eva DIS 20 500 17 % Lake Maya DIS 17 400 19 % Nordsjøferger KS (Pris på andel er i NOK) 1 225 000 14 % Northeast Chemical Carrier KS 22 000 4 Ross Container DIS 12 500 20 % Scandinavian RoRo KS 63 000 50 % Sir Matt Reefer DIS 3 500 128 % Southern Chemical Tankers DIS 54 000 48 % Prosjekter eiendom Andelspris NOK IRR %* Akersgaten 16 KS 65 000-20 % Alfasetveien 11 Invest KS (Pris på andel er i EURO) 30 700 3 Datavegen 27 AS 95 000 1 Fornebuveien 38 44 KS Suspendert N/A Helsingborg Kjøpesenter AS 130 000 26 % Hotvedtveien 6 KS 170 000 2 Hvamveien 1 KS 14 450 5 Karihaugen Kombibygg KS Suspendert N/A Kyrre Grepps Gt 19 KS 280 000 20 % Moss/Holmestrand Nærsenter KS 345 000 49 % Nordahl Bruns gate 10 KS 147 500 22 % Nye Skarvenesveien KS 145 000 28 % Nygaard Brygge KS 300 000 55 % Preståsen Park KS 140 000 37 % Ringeriksveien KS 55 000 18 % Valløveien 3 KS 85 000 49 % Realiserte prosjekter IRR %* Maud Reefer KS 42 % Multipurpose 2000 KS 35 % Northeast Chemical Carrier KS 32 % Kapitan Rudnev Shipping Ltd 14 % Tofelino Shipping KS 23 % North Reefer KS 60 % Skarvenesveien 3 KS 42 % * Dette er beregnet avkastning siden oppstart av prosjektet basert på dagens andelspris.

Markedsrapport August 2004 Side 5 3. Shippingprosjekter

Side 6 Markedsrapport August 2004 American Bulker KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15-08-04 Estimated share price USD 168 000 Key figures: 100 % Paid in equity USD: 11 400 000 Accumulated dividend USD: 14 035 166 Residual value en bloc sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (June 2011) USD: 19 000 000 25 000 000 32 000 000 IRR estimated share price: 7,76 % 12,16 % 16,12 % IRR total capital estimated share price: 6,80 % 8,23 % 9,74 % The Vessels Vessel names: Clipper Glory/Gem Clipper Joy/Jasmine/Jade Type: Panamax B/C Panamax B/C Dwt: 65 600 70 000 Engine: B&W 5L70MCE B&W 6S60MC Yard/Built: Jiangnan China1990 Jiangnan China1994 Class/flag: ABS/Liberia ABS/Liberia Bareboat charter: 10 years 10 years Charterer: Clipper Bulk Shipping Ltd. Corporate details: Corporate management: Purchase price vessel: USD 67 000 000 Paid in capital: USD 11 400 000 Uncalled capital: USD 8 000 000 Commencment of C/P: June. 6, 2001 Expiry of C/P: June. 6, 2011 BB rate net per day: 28 000, en bloc Charterer has provided a bank guarantee of USD 10 mill, beeing reduced by USD 1 mill annually, as security for the BB C/P. In addition there are financial covenants on BB charterer. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 10 220 000 10 220 000 10 220 000 10 220 000 Administration expenses 185 711 189 426 193 214 197 078 Net operating cashflow 10 034 289 10 030 574 10 026 786 10 022 922 Interest earned 48 051 40 975 40 098 40 334 Interest expenses 3 672 938 3 300 801 2 925 472 2 540 568 Repayment long term debt 5 220 000 5 220 000 5 220 000 5 220 000 Net financial items -8 844 888-8 479 826-8 105 374-7 720 233 Net project cashflow 1 189 401 1 550 749 1 921 412 2 302 688 Estimated dividend 1 800 000 1 650 000 1 900 000 2 300 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 259 464 160 213 181 625 184 313 Vessels 54 906 115 50 935 043 46 492 488 41 522 472 Total assets 55 165 579 51 095 256 46 674 113 41 706 785 Mortgage debt 46 472 337 41 252 337 36 032 337 30 812 337 Net Asset Value after dividend* 8 693 242 9 842 919 10 641 776 10 894 448 Annual Financing: installments: Interest: Period: Balloon: Mortgage debt 5 220 000 ** 95 months 11 675 000 * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 11,54%. ** From 11. June 2003 to 11 June 2008 the interest is fixed at 6,31% ex. margin of 1,25%. A total of approx. USD 5 500 00 of the loan is floating. We have assumed an interest rate of 5% incl. margin for this part of the loan for the entire period.

Markedsrapport August 2004 Side 7 Asian Tanker DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 70 000 Key figures: 100 % Paid in equity USD: 5 575 000 Accumulated dividend USD: 0 Residual value sensitivity on IRR : BASE CASE Residual value end C/P USD: 9 500 000 IRR estimated share price: 22,2 IRR total capital estimated share price: 7,66 % The Vessels Vessel's name: M/T Sina Type: VLCC Motor Tanker Dwt: 254 991 Last drydock/special survey 21.07.2003 / 06.09.2001 Yard/Built: Nagasaki, Japan / 1992 Class/flag: Lloyds Register / Hong Kong Bareboat charter: 6 years Charterer: Titan (Holdings) Ltd. Corporate details: Corporate management: Purchase price vessels: USD 30 000 000 Paid in capital: USD 5 575 000 Uncalled capital: USD 7 000 000 Commencment of C/P: 12 May 2004 Expiry of C/P: 12 May 2010 BB rate net per day:* USD 15 000 The charterer has a purchase obligation to buy the Vessel at the end of the Charter period for USD 9 500 000, i.e net USD 4 500 000 after deduction of charterer's loan of USD 5 000 000. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 3 478 750 5 475 000 5 475 000 5 475 000 Administration expenses 46 875 76 500 78 030 79 591 Net operating cashflow 3 431 875 5 398 500 5 396 970 5 395 409 Interest earned 9 203 19 198 16 419 16 608 Interest expenses 174 250 251 875 249 375 91 875 Repayment long term debt 1 500 000 3 000 000 3 000 000 2 500 000 Net financial items -1 665 047-3 232 677-3 232 956-2 575 267 Net project cashflow 1 766 828 2 165 823 2 164 014 2 820 142 Estimated dividend 0 2 900 000 1 650 000 1 650 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 1 691 828 607 651 607 665 682 307 Vessel 28 805 355 26 252 370 23 464 445 20 419 963 Total assets 30 497 183 26 860 020 24 072 110 21 102 270 Outstanding debt 1. Prior. 18 500 000 15 500 000 12 500 000 9 500 000 Charterer's loan 5 000 000 5 000 000 5 000 000 5 000 000 Total outstanding debt 23 500 000 20 500 000 17 500 000 14 500 000 Net Asset Value after dividend* 6 997 183 6 360 020 6 572 110 6 602 270 Annual Financing: installments: Interest:*** Period: Balloon: 1. Priority mortgage USD*** Quarterly ** 72 months term USD 2 000 000 Charterer's loan USD No installments Zero 72 months term USD 5 000 000 * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 9 %. ** 24 installments of USD 750 000 *** The 1. Priority mortgage is divided in 2 tranches of USD 10 mill. The first tranche is floating at USD LIBOR + 1,50% margin. The second tranche is fixed at the following interest rates: -12.05.04-12.05.05-3,5% -12.05.05-12.05.06-5,14% -12.05.06-12.05.07-6,16% -12.05.07 - onwards - 5,75% (estimate)

Side 8 Markedsrapport August 2004 China Bulkers KS Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 42 500 Key figures: 100 % Paid in equity USD: 4 125 000 Accumulated dividend USD: 3 250 000 Residual value sensitivity on IRR : BASE CASE Residual value end CP USD ( en bloc): 4 000 000 IRR estimated share price: 14,00 % IRR total capital estimated share price: 6,18 % The Vessels Vessel name: Hebei Princess Hebei Blessing Type: Panamax bulk carrier Panamax bulk carrier Dwt: 70,000 Dwt 73,000 Dwt LOA 225 m 225 m Engine: HD MAN B&W 6S60 HD MAN B&W 6S90 MC 13300 MCR RPM 92 MC 13300 MCR RPM 92 Yard/Built: Hudong Shipyard/1996 Hudong Shipyard/1996 Flag: Hong Kong Hong Kong Bareboat Charterer: Hebei Ocean Shipping Company, China. Corporate details: Corporate management: Purchase price vessels: USD 30 900 000 Paid in capital: USD 4 125 000 Uncalled capital: USD 4 500 000 Commencement of C/P: Sep. 2003 Expiry of C/P: Sep. 2015 BB rate net per day: USD 10.800 en bloc The charterer has an option to purchase the vessels for USD 4 mill. en bloc. i.e. USD 2 mill. per vessel end of the charter. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 3 942 000 3 942 000 3 942 000 3 942 000 Administration expenses 153 000 156 060 159 181 162 365 Net operating cashflow 3 789 000 3 785 940 3 782 819 3 779 635 Interest earned 14 826 11 687 11 253 11 345 Interest expenses 755 400 785 500 1 150 300 1 042 100 Repayment long term debt 1 900 000 2 100 000 2 100 000 2 100 000 Rapayment sellers` credit 160 000 160 000 160 000 160 000 Net financial items -2 800 574-3 033 813-3 399 047-3 290 755 Net project cashflow 988 426 752 127 383 772 488 880 Estimated dividend 3 750 000 800 000 400 000 500 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 238 269 190 396 174 168 163 048 Vessels 26 761 538 25 726 923 24 692 308 23 657 692 Total assets 26 999 807 25 917 319 24 866 475 23 820 740 Outstanding debt 1. Prior. 24 175 000 22 075 000 19 975 000 17 875 000 Outstanding sellers credit 3 840 000 3 680 000 3 520 000 3 360 000 Total outstanding debt 28 015 000 25 755 000 23 495 000 21 235 000 Financing: Amount: Installments: Interest: Margin: Period: Balloon: 1. Priority mortgage USD** USD 26 500 000 * 1,45 % 12 1 000 000 Sellers credit USD USD 4 000 000 USD 80 000 semiannual 2 % 12 2 080 000 * The Interest has a cap at the follwing levels: 5,5% from 11.06.04-13.03.06 6,0% from 13.03.04-11.09.09 6,5% from 11.09.06-12.09.11 In the calculations we have assumed following interest rates: - 2004. 2,8% p.a. incl. margin - 2005. 3% p.a. incl. margin - From 2006-2009 5% p.a. incl margin. - From 2009-end of period 5,75% p.a. incl. margin. ** The 1. Priority mortgage was increased by USD 3 mill. in May 2004.

Markedsrapport August 2004 Side 9 Containership Invest KS Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 60 000 Key figures: 100 % Paid in equity USD: USD 4 800 000 Accumulated dividend USD: 0 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value of shares end of C/P (April 2006) USD: 5 239 406 7 285 406 9 331 406 IRR estimated share price: -4,69 % 16,44 % 34,35 % IRR total capital estimated share price: -3,20 % 11,77 % 24,85 % Implisit residual value of the vessels (en bloc): 27 000 000 33 000 000 39 000 000 Containership Invest KS owns 34,1% of the company Thor Dahl Containership KS (TDC). TDC owns 3 fully cellular containervessels that are employed on a time charter to Hyundai Merchant Marine Ltd., Korea. The vessels are under technical management of Jahre Wallem AS in Sandefjord and commercial management is performed by Jahre Dahl Bergesen AS, Sandefjord. This anaysis is based on Containership Invest KS receiving 34,1% of the dividends of TDC. It is assumed that the vessels are sold at the end of the present charter (Minimum period April 2006). The dividends and termination proceeds from TDC is based on the operating budget from the technical and commercial manager. The Vessels Vessel names: MV Hyundai Explorer/Inovator/MSC Pretoria Type: Fully cellular container vessels TEU: 3 014 Reefer capacity: 150 GRT: 39 892 Lenght: 244 meters Engine: Hyundai Sulzer 7RTA84 Yard/Built: Hyundai Heavy industries, South Korea, 1986 Class/flag: DnV + 1A1 Container / Bahamas Next dry-dock: All vessels have completed dry dock 1 half 2004 Expiry of CP: April 2006 + charterers option 4 months. Corporate details: Corporate management: Share purchase price: USD 8 704 000 Paid in capital: USD 4 800 000 Guarentee: USD 4 350 000 Guarantee to be reduced in line with the debt repayment. Estimated Cashflow 2004 2005 2006 Operating revenue 4 000 000 700 000 0 Administration expenses 25 000 51 000 26 010 Net operating cashflow 3 975 000 649 000-26 010 Interest earned 11 010 3 337 875 Interest expenses 50 750 64 000 21 333 Repayment long term debt 2 750 000 0 1 600 000 Net financial items -2 789 740-60 663-1 620 458 Sale of share/vessels 7 285 406 Net project cashflow 1 185 260 588 337 5 638 938 Estimated dividend 1 200 000 600 000 5 827 035 Balance 31.12.04 31.12.05 30.06.06 Working capital 199 760 188 097 141 629 34,1% share in Thor Dahl Containership KS 8 695 600 8 184 637 7 285 406 Total assets 8 895 360 8 372 734 7 427 035 Mortgage debt 1 600 000 1 600 000 1 600 000 Net Asset Value after dividend* 7 295 360 6 772 734 5 827 035 Annual Financing: Principal instalments: Interest: Mortgage debt USD 4 350 000 * ** * We have assumed that TDC will increase their mortgage debt in the 2nd half of 2004 with USD 12 mill. Of this USD 4 mill is assumed to be distributed to Containetrship Invest KS, and USD 2 750 000 of this will be used to repay the mortgage debt in Containership Invest KS. ** We have used an interest of 4% p.a. for the entire period.

Side 10 Markedsrapport August 2004 Eastern Chemical Tankers KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 13 000 Key figures: 100 % Paid in equity USD: 650 000 Accumulated dividend USD: 1 890 000 Residual value (enbloc) sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (July 2006) USD: 1 500 000 2 500 000 3 500 000 IRR estimated share price: -43,84 % 19,50 % 33,66 % IRR total capital estimated share price: -8,63 % 2,2 11,3 The Vessels Vessel names: M/T Woo Dong M/T Woo Jong Type: Chemical tanker/imo 3 Chemical tanker/imo 3 Dwt: 3 400 2 290 Engine: MAN B & W MAN B & W Yard/Built: 1994, Cheung Ku, Korea 1993, Cheung Ku, Korea Class/flag: Korean register/panama Korean register/panama Bareboat charter: Woolim Shipping Co., Ltd Seoul, South Korea Corporate details: Corporate management: Purchase price vessels: USD 8 000 000 Paid in capital: USD 650 000 Guarantee: USD 1 000 000 Commencment of C/P: January. 11, 2001 Expiry of C/P: July. 11, 2006 BB rate net per day: 5 250 Estimated Cashflow 2004 2005 2006 Operating revenue 1 916 250 1 916 250 1 015 875 Administration expenses 74 285 75 770 39 807 Net operating cashflow 1 841 965 1 840 480 976 068 Interest earned 9 310 9 215 4 391 Interest expenses 233 175 193 641 80 511 Repayment long term debt 818 180 818 180 1 818 190 Rapayment sellers` credit 400 000 400 000 1 200 000 Net financial items -1 442 045-1 402 606-3 094 309 Sale of vessels 0 0 2 500 000 Net project cashflow 399 920 437 874 381 758 Estimated dividend 425 000 425 000 1 002 634 Balance 31.12.04 31.12.05 11.06.06 Working capital 608 002 620 876 1 111 734 Vessels* 4 488 471 3 214 752 2 500 000 Total assets 5 096 474 3 835 628 3 611 734 Outstanding debt 1. Prior. 2 636 370 1 818 190 1 409 100 Sellers` credit 1 600 000 1 200 000 1 200 000 Total outstanding debt 4 236 370 3 018 190 2 609 100 Net Asset Value after dividend* 860 104 817 438 1 002 634 Annual Financing: installments: Interest: Period: Balloon: 1. Priority mortgage USD 818 180 *** 5,5 years 1 000 000 Sellers Credit USD ** 5,50 % 66 months 1 200 000 * NAV (vessels value incl. c/p) is calculated based on a depreciation of an annual annuity factor of 16.10% ** The Sellers Credit will be repaid as follows: USD 400 000 in July 2005 and a balloon of USD 1 200 000 at the end of c/p *** We have used an interest of 3,79% incl margin until 30.06.2005. Thereafter we have assumed interes rate at 5,0% p.a. incl. margin.

Markedsrapport August 2004 Side 11 Eastern Chemical Tankers III KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 USD Estimated share price pr 14 500 Key figures: 100 % Paid in equity USD: 800 000 Accumulated dividend USD: 1 300 000 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value (enbloc) end C/P USD: 1 500 000 2 500 000 3 500 000 IRR estimated share price: 5,7 20,50 % 30,24 % IRR total capital estimated share price: -0,47 % 3,09 % 6,20 % The Vessels Vessel names: M/T Woo Hyeon M/T Woo Seok Type: Chemical tanker/imo 2/3 Chemical tanker/imo 3 Dwt: 3 452 2 290 Engine: Hyundai AKASAKA A34 Ssangyong Man B & W Yard/Built: 1993 1996 Class/flag: Korean register/panama Korean register/panama Next dry-dock: December 2002 April 2003 Charterer: Woolim Shipping Co., Ltd Seoul, South Korea Corporate details: Corporate management: Purchase price vessel: USD 9 750 000 Paid in capital: USD 800 000 Commencment of C/P: January 09, 2002 Expiry of C/P: January 09. 2009 Estimated Cashflow 2004 2005 2006 2007 Operating revenue 1 898 000 1 898 000 1 898 000 1 898 000 Administration expenses 78 030 79 591 81 182 82 806 Net operating cashflow 1 819 970 1 818 409 1 816 818 1 815 194 Interest earned 13 003 14 171 11 774 11 820 Interest expenses 348 125 332 500 266 250 200 000 Repayment long term debt 1 000 000 1 000 000 1 000 000 1 000 000 "Performance bonus" 0 225 000 225 000 225 000 Net financial items -1 335 122-1 543 329-1 479 476-1 413 180 Net project cashflow 484 848 275 081 337 342 402 014 Estimated dividend 550 000 450 000 350 000 400 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 369 034 194 115 181 457 183 470 Vessels 7 340 516 6 332 155 5 199 764 3 928 090 Total assets 7 709 550 6 526 269 5 381 221 4 111 561 Outstanding debt 1. Prior. 4 250 000 3 250 000 2 250 000 1 250 000 "Performance bonus" 2 250 000 2 025 000 1 800 000 1 575 000 Total outstanding debt 6 500 000 5 275 000 4 050 000 2 825 000 Net Asset Value after dividend* 659 550 801 269 981 221 886 561 Financing: Installments: Interest:** Period: Balloon: 1. Priority mortgage USD ** *** 5,5 years 0 Sellers Credit USD ** 5,50 % 66 months 1 575 000 * NAV is based on value of vessels C/P. The vessels are depreciated as an annuity with a yearly annuity factor of : 12,3%. ** Performance bonus is paid as follows: USD 225 000 42 months after delivery, USD 225 000 12 and 24 months thereafter and a balloon at the end. 1. Prioriy mortgage is repaid with 4 quarterly instalments of USD 225 000, and thereafter quarterly installments of USD 250 000 *** The interest rate is not fixed.

Side 12 Markedsrapport August 2004 Feedermate DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price EUR 26 000 Key figures: 100 % Paid in equity EUR: 2 000 000 Accumulated dividend EUR: 0 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P USD: 2 500 000 5 000 000 7 500 000 IRR estimated share price: 10,46 % 14,39 % 17,02 % IRR total capital estimated share price: 6,92 % 7,97 % 8,88 % The Vessel Vessel's name: M/V Feedermate Type: Vehicle Carrier, 850 Cars Dwt: 3 374 tons Last drydock/special survey November 2003 Yard/Built: Detlef Hegemann Rolandwerft Gmbh in Berne, Kiel, Germany/1998 Class/flag: Lloyds Register / Madeira Cargo Capacity: 850 cars, 7 decks and about 4 300 lane meters Bareboat charter: 12 years Corporate details: Corporate management: Purchase price vessel: EUR 16 275 000 Paid in capital: EUR 2 000 000 Uncalled capital: EUR 3 000 000 Commencment of C/P: 28. June 2004 Expiry of C/P: 31. December 2016 BB rate per day:* EUR 5 400 *The vessel is on a T/C until february 2005, and thereafter on a 12 year B/B charter to K-Line. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 953 198 1 931 580 1 931 580 1 931 580 Administration expenses 37 500 76 500 78 030 79 591 Net operating cashflow 915 698 1 855 080 1 853 550 1 851 989 Interest earned 3 715 9 030 7 519 7 554 Interest expenses 266 070 570 538 631 380 652 798 Repayment long term debt 250 000 1 000 000 1 000 000 1 000 000 Net financial items -512 355-1 561 507-1 623 861-1 645 244 Net project cashflow 403 343 293 573 229 689 206 746 Estimated dividend 0 700 000 225 000 200 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 478 343 71 915 76 604 83 350 Vessel 16 020 553 15 480 718 14 896 832 14 265 301 Total assets 16 498 895 15 552 633 14 973 436 14 348 651 Outstanding debt 1. Prior. 14 450 000 13 450 000 12 450 000 11 450 000 Total outstanding debt 14 450 000 13 450 000 12 450 000 11 450 000 Net Asset Value after dividend* 2 048 895 2 102 633 2 523 436 2 898 651 Financing: Installments: Interest:*** Period: Balloon: 1. Priority mortgage EUR*** Quarterly ** 7 years EUR 7 950 000 * NAV (vessel value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 8 %. ** 27 installments of EUR 250 000 *** The 1.Priority mortgage is fixed at the following interest rates: -30.06.04-01.07.05-3,62% -01.07.05-03.07.06-4,43% -03.07.06-02.07.07-5,15% -02.07.07-01.07.08-5,56% -01.07.08-01.07.09-5,85% -01.07.09 - Onwards - 6,0% (estimate)

Markedsrapport August 2004 Side 13 Finn Ro-Ro KS Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 24 000 Key figures: 100 % Paid in equity USD: 1 500 000 Accumulated dividend USD: 400 000 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (Sept 2007) USD: 2 000 000 3 000 000 4 000 000 IRR estimated share price: 1,02 % 15,46 % 19,2 IRR total capital estimated share price: -1,84 % 3,4 7,97 % The Vessel Vessel name: M/V Merchant Type: RoRo vessel Dwt: 13 025 Lightweight: 8 197 Engine: 2 x Schultzer by Wärtsilä. Type 12ZV 40, Bore 400 m.m. output 6,600 KW at 520 RPM. Yard/Built: 1982, Rauma-Repola of Rauma Shipyard, Finland Class/flag: Lloyds Register. + 100 A1, ICE 1A super Next dry-dock: June 2005 Next SS September 2007 Charterer: Finnlines OYJ Gross TC rate pr. day USD 10 025 less 2,5% commission Corporate details: Corporate management: Purchase price vessel: USD 7 500 000 Paid in capital: USD 1 500 000 Uncalled capital: USD 1 000 000 Commencment of C/P: 24.09.03 Expiry of C/P: 24.09.07 The vessel is under technical management of Interocean Ugland Management AS, Norway. The disponent owner is Atlantica Shipping AS, Norway. The operating expenses are estimated to be USD 4 250 pr day including dry dock. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 3 518 775 3 469 903 3 518 775 2 552 879 Operating expenses 1 442 159 1 471 002 1 500 422 1 109 100 Administration expenses 76 500 78 030 79 591 59 103 Net operating cashflow 2 000 116 1 920 871 1 938 762 1 384 677 Interest earned 13 083 8 846 8 308 6 884 Interest expenses 141 380 146 000 110 000 42 225 Repayment long term debt 1 350 000 1 350 000 1 400 000 2 400 000 Net financial items -1 478 297-1 487 154-1 501 692-2 435 341 Sale of vessel 3 000 000 Net project cashflow 521 819 433 717 437 070 1 949 335 Estimated dividend 800 000 400 000 100 000 2 557 212 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 597 089 270 806 607 877 832 212 Vessel 6 594 074 5 258 605 3 632 240 3 000 000 Total assets 7 191 163 5 529 411 4 240 117 3 832 212 Mortgage debt 5 150 000 3 800 000 2 400 000 1 450 000 Sellers Creditt 600 000 450 000 300 000 225 000 Net Asset Value after dividend* 1 441 163 1 279 411 1 540 117 2 157 212 Annual Financing: installments: Interest:** Period: Balloon: Mortgage debt 1 350 000 48 months USD 800 000 Sellers Credit 150 000 0,00 % 48 months USD 150 000 * NAV (vessel value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 10,10%. ** For the period 24.01.04-24.10.04 the interest is 2,84% p.a. incl. margin. For the remaining period we have assumed an interest rate of 4% p.a incl. margin.

Side 14 Markedsrapport August 2004 Fleetfinance KS - financial shipping project Contact: Endre Landbø (e.landbø@nrp.as) Date of analysis 15.08.04 Estimated share price NOK 537 085 Key figures: 100 % Paid in equity NOK: 52 500 000 Accumulated dividend NOK: Fleetfinance is a company established for the purpose of owning shares in single purpose shipowning companies. The investment philosophy is to obtain a good risk adjusted return by investing in a diversified portfolio of shipping segments and different charterers. Fleetfinance is hence a company with relative low risk. Fleetfinance will focus on financial shipping investments. The fund is a closed end fund with a 5 year investment period. Fleetfinance will aim to pay a dividend to the investors of minimum 10% p.a. Intellus AS is engaged as investment manager for the company. The company is a NOK based investment alternative. Currency contracts have therefor been made in order to reduce the currency risk as most of the projects are USD based. Corporate details: Corporate management: Commercial manager Intellus AS Uncalled capital: NOK 42 000 000 Paid in capital*: NOK 70 000 000 * NOK 52 500 000 of the paid in capital is paid in. Remaining NOK 17 500 000 is to be paid in subject to the investment manager finding attractive investments within a 12 months period from incorporation. Portfolio as of 15.08.04 Expiry Uncalled Project Ownership Charterer Vessel type of charter Charter type capital USD Southern Chemical Tankers DIS 17 % Grinrod 2 Chemical tankers 15.05.13 Bareboat 2 871 246 Scandinavian Ro-Ro KS 22 % DFDS 2 RoRo vessels 31.12.08 Bareboat 7 093 041 Ross Bulk II KS 2 ASP 1 Panmax bulk carrier 01.06.09 Bareboat 3 412 500 Ross Bulk III KS 13 % COSCO 2 Panmax bulk carrier 11.06.07 Time charter 4 275 000 Bergshav Cape KS 19 % COSCO 1 Cape size bulk carrier 01.11.09 Bareboat - Finn Ro-Ro KS 18 % Finnlines 1 RoRo vessel 01.11.07 Time charter 1 314 000 Parmar KS 10 % Stelmar 9 Product tankers 06.07.10 Bareboat 1 000 000 Estimated value** Project Ownership Value USD Southern Chemical Tankers DIS 17 % 918 000 Scandinavian Ro-Ro KS 22 % 1 386 000 Ross Bulk II KS 2 630 000 Ross Bulk III KS 13 % 585 000 Bergshav Cape KS 19 % 836 000 Finn Ro-Ro KS 18 % 432 000 Parmar KS 10 % 1 508 600 Total value shares USD 6 295 600 Share valuation Value of shares in NOK 6,9758 43 916 846 NOK bank deposits 8 600 412 USD bank deposits 1 191 274 Prepad expenses 0 Short term debt 0 Total value 53 708 532 Value pr. 1% share 537 085 Paid in capital 525 000 Increased value per 1% 12 085 Return in % of paid in equity 2,30 % Return on IRR basis 7 % ** The valuation of the shares is performed by the respective corporate managers for each individual company.

Markedsrapport August 2004 Side 15 Gram Chemical Carrier DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 40 000 Key figures: 100 % Paid in equity USD: 2 800 000 Accumulated dividend USD: 0 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P USD: 10 000 000 12 500 000 15 000 000 IRR estimated share price: 14,78 % 22,03 % 27,59 % IRR total capital estimated share price: 4,7 9,86 % 13,54 % The Vessel Vessels name: M/T Fairchem Vanguard Type: Chemical tanker IMO II/III, double hull. Dwt: 16 408 Next dry dock: December 2004 Yard/Built: Uzuki Zosenho, Japan 1999 Class/flag: NK class, Panama flag Cargo capasity: 14 tanks, 17 578 cbm epoxy coating. 14 pumps Corporate details: Corporate management: Purchase price vessels: USD 14 800 000 Paid in capital: USD 2 800 000 Guarantee: USD 3 000 000 Expiry of C/P: Dec. 2009 The vessel is on bareboat charter until December 2004 to Eurus Marine S.A. The bareboat rate is USD 5 500 net per day. From December 2004 until december 2009 the vessel will be on Time Charter to Fairfield Chemical Carriers Inc. Connecticut USA. The Time Charter rate is USD 8 500 from December 2004 to December 2005. From December 2005 to December 2006 the Time Charter rate is USD 8 750 net per day +/- 7,5% depending on the market. From December 2006 to December 2009 the Time Charter rate is depending on the current market rate. The vessel will during the Time Charter be on technical management of Orient Ship Management, Norway. The operation expenses is estimated to USD 3 271 ex dry dock. In the calculations we have used USD 3 500 in daily opex excluding dry dock. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 1 190 750 3 060 000 3 384 000 3 960 000 Operating expenses inc DD 120 000 1 343 050 1 369 111 1 395 693 Administration expenses 43 750 76 500 78 030 79 591 Net operating cashflow 1 027 000 1 640 450 1 936 859 2 484 716 Interest earned 5 003 10 402 11 222 13 804 Interest expenses 181 563 535 500 499 500 461 250 Repayment long term debt 400 000 800 000 800 000 1 000 000 Net financial items -576 559-1 325 098-1 288 278-1 447 446 Net project cashflow 450 441 315 352 648 581 1 037 270 Estimated dividend 0 375 000 500 000 850 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 677 441 617 793 766 374 953 645 Vessel* 14 665 247 14 370 159 14 037 345 13 661 983 Total assets 15 342 688 14 987 952 14 803 719 14 615 628 Outstanding debt 1. Prior. 12 100 000 11 300 000 10 500 000 9 500 000 Total outstanding debt 12 100 000 11 300 000 10 500 000 9 500 000 Net Asset Value after dividend* 3 242 688 3 687 952 4 303 719 5 115 628 Financing: Installments: Interest: Period: Balloon: 1. Priority mortgage ** *** 5 years USD 7 500 000 * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 9 %. ** 20 quarterly installments, installment of 1-10 USD 200 000, installment 11-20 250 000 *** We have assumed interest rate at 4,5% p.a.

Side 16 Markedsrapport August 2004 Indian Tanker KS Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 18 000 Key figures: 100 % Paid in equity USD: 1 195 000 Accumulated dividend USD: 0 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end CP (June 2006) USD: 1 200 000 1 600 000 2 000 000 IRR estimated share price: -0,40 % 18,4 34,10 % IRR total capital estimated share price: -4,10 % 1,90 % 7,5 The Vessel Vessel name: M/T Sanmar Sonata Type: Product Tanker Dwt: 45 832 tons CBM: 53 090 LTD: 9 941 tons Flag: Marshall Island Yard: Kanashashi Shipbuilding Toyohashi, Japan Class: DNV / Indian Register (dual class) CAP 1 Built: 1982 Charterer: Sanmar Shipping Ltd. Corporate details: Corporate management: Purchase price vessel: USD 5 750 000 Paid in capital: USD 1 195 000 Guarantee: USD 2 500 000 Commencement of C/P: 27. Oct. 2003 Expiry of C/P: 27. June 2006 BB rate: USD 500 000 payable on delivery. USD 6 000 net per day thereafter and no hire shall be payable for the last 83 days of the charter period. Estimated Cashflow 2004 2005 2006 Operating revenue 2 190 000 2 190 000 595 000 Administration expenses 76 500 78 030 39 795 Net operating cashflow 2 113 500 2 111 970 555 205 Interest earned 10 021 8 215 1 508 Interest expenses 136 500 112 000 40 000 Repayment long term debt 1 400 000 1 250 000 1 600 000 Net financial items -1 526 479-1 353 785-1 638 492 Sale of vessel 1 600 000 Net project cashflow 587 021 758 185 516 713 Estimated dividend 800 000 550 000 842 330 Balance 31.12.04 31.12.05 30.06.06 Working capital 117 432 325 617 842 330 Vessel 3 948 039 2 440 659 1 600 000 Total assets 4 065 470 2 766 276 2 442 330 Outstanding debt 1. Prior. 2 850 000 1 600 000 1 600 000 Net Asset Value after dividend* 1 215 470 1 166 276 842 330 Financing: Installments: Interest: Margin: Period: Balloon: 1. Priority mortgage USD * ** 2.0% 2,5 1 000 000 * Installments are on quarterly basis. 1-5: USD 350 000 6-10: USD 300 000 ** Assumed interest rate is 4% p.a. incl. margin in 2004 and 5% thereafter.

Markedsrapport August 2004 Side 17 Kapitan Korotaev Shipping Ltd. - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 14 250 Key figures: 100 % Paid in Equity 1 270 000 Accumulated dividend USD: 150 000 Residual value sensitivity on IRR : BASE CASE Residual value end C/P (Dec. 2008) USD: 3 350 000 IRR estimated share price: 15,0 The Bareboat rate is variable depending on the interest level. The basis for calculating the rate is equity plus mortgage. The charterer has the option to purchase the vessel at the end of the charter for USD 3 350 000. If charterer do not declare the option then the owner has an option to extend the charter for 6 months. Owner also has a option to sell the vessel for USD 2 775 000 to charterer at the end of the optional period. The Vessel Vessel name: M/T Kapitan Korotaev Type: Product/Chemical Tanker Dwt: 17 458 Engine: MAN- B&W 5L50 MC Yard/Built: Uljanik Shipyard / 1988 Class/flag: DNV 1A1 tanker for oil ESP and caustic soda - ICE 1B / Panama Bareboat charter: 60 months and 20 days + 6 months in owners option Bareboat Charterer: Prisco Tanker Limited, Isle of man. Corporate details: Corporate management: Purchase price vessel: USD 8 715 000 Paid in capital: USD 1 270 000 Guarantee: USD 2 000 000 Start of C/P: Dec. 12, 2003 Expiry of C/P: Dec. 31, 2008 BB rate net per day: Variable Estimated Cashflow 2004 2005 2006 2007 Operating revenue 1 505 260 1 505 260 1 505 260 1 505 260 Administration expenses 76 500 78 030 79 591 81 182 Net operating cashflow 1 428 760 1 427 230 1 425 669 1 424 078 Interest earned 4 921 5 409 5 023 4 626 Interest expenses 202 860 176 226 146 184 113 892 Repayment long term debt 849 200 963 900 1 076 400 1 076 400 Net financial items -1 047 139-1 134 717-1 217 561-1 185 666 Net project cashflow 381 621 292 513 208 109 238 411 Estimated dividend 300 000 300 000 270 000 250 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 178 337 170 850 108 959 97 371 Vessel 7 774 705 6 772 298 5 703 675 4 564 464 Total assets 7 953 043 6 943 148 5 812 635 4 661 834 Outstanding debt 1. Prior. 6 105 800 5 141 900 4 065 500 2 989 100 Sellers` credit 590 000 590 000 590 000 590 000 Total outstanding debt 6 695 800 5 731 900 4 655 500 3 579 100 Net Asset Value after dividend* 1 257 243 1 211 248 1 157 135 1 082 734 Annual Financing: installments: Interest:** Period: Balloon: 1. Priority mortgage: ** *** 60 months USD 1 798 000 Sellers Credit: 0 0,00 % - USD 590 000 * NAV (vessels value incl c/p) is calculated based on a depreciastion of an annual annuity factor of 6,5% ** Monthly instalments as follows: 1-18 USD 77 200, Installment 19-60 USD 89 700 *** As the BB rate is variable we have used an interest of 3% for the entire period. An increase/decrease in the interest rate will result in an increase/decrease in the BB rate.

Side 18 Markedsrapport August 2004 Korean Chemical Tankers KS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 13 000 Key figures: 100 % Paid in equity USD: 1 000 000 Accumulated dividend USD: 2 025 000 Residual value sensitivity on IRR : LOW CASE BASE CASE HIGH CASE Residual value end C/P (Sept 2005) USD: 1 500 000 2 500 000 3 500 000 IRR estimated share price: -56,24 % 21,79 % 78,54 % IRR total capital estimated share price: **** -9,78 % 13,38 % 34,24 % The Vessels Vessel names: M/T Woo Duck M/T Woo Gum Type: Chemical tanker IMO 3 Chemical tanker IMO 3 Dwt: 3 857 3554 Engine: MAN 6L28 / 32 B + W 8L28-32 Yard/Built: 1991, Shin Yong, S. 1992, Cheung Ku, S. Class/Flag: Korean register/panama Korean register/panama Bareboat charter: Woolim shipping Co., Ltd. Seoul, Korea Corporate details: Corporate management: Purchase price vessels: USD 10 000 000 Paid in capital: USD 1 000 000 Uncalled capital: USD 1 200 000 Commencment of C/P: June. 27, 2000 Expiry of C/P: Sept. 27, 2005 BB rate net per day: 6 616 Estimated Cashflow 2004 2005 Operating revenue 1 690 317 1 257 317 Administration expenses 63 672 48 266 Net operating cashflow 1 626 644 1 209 052 Interest earned 4 791 3 165 Interest expenses 122 725 65 156 Repayment long term debt 945 000 1 485 000 Rapayment sellers` credit 270 000 820 000 Net financial items -1 332 934-2 366 991 Sale of vessels 0 2 500 000 Net project cashflow 293 711 1 342 061 Estimated dividend 350 000 1 430 879 Balance 31.12.04 30.09.05 Working capital 88 818 763 379 Vessels* 3 926 450 2 500 000 Total assets 4 015 269 3 263 379 Outstanding debt 1. Prior. 1 485 000 1 012 500 Sellers` credit 820 000 820 000 Total outstanding debt 2 305 000 1 832 500 Net Asset Value after dividend* 1 710 269 1 430 879 Annual Financing: installments: Interest:** Period: Balloon: 1. Priority mortgage USD 472 500 Due Sept 27. 2005 540 000 Sellers Credit*** Se below 5,50 % Due Sept 27. 2005 820 000 * NAV (vessels value incl. c/p) is calculated based on a depreciation of an annuity factor of 15,65% ** The interest rate is not fixed, we have assumed an interest rate at 3,75% p.a. *** The seller credit will be repaid as a balloon of USD 820 000 at the end of c/p ie sept. 2005 **** The IRR on total capital (based on estimated share price) is including the sellers credit.

Markedsrapport August 2004 Side 19 Lake Eva DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 20 500 Key figures: 100 % Paid in equity USD: 1 875 000 Accumulated dividend USD: 0 Residual value sensitivity on IRR : BASE CASE Residual value end C/P USD: 2 500 000 IRR estimated share price: 14,94 % IRR total capital estimated share price: 5,35 % The Vessel Vessel name: Lake Eva Type: Product/Chemical IMO III Tanker Dwt: 17 400 Engine: MAN- B&W 5L50 MC Yard/Built: Uljanik Shipyard Class/flag: DNV 1A1 tanker for oil ESP and chemicals (IMO III)-ICE 1B /Marshall Island Bareboat charter: 6 years Bareboat charterer: Blystad Shipholding Inc. Corporate details: Corporate management: Purchase price vessel: USD 8 950 000 Paid in capital: USD 1 875 000 Uncalled capital: USD 1 500 000 Commencment of C/P: 12 February 2004 Expiry of C/P: 28 February 2010 BB rate net per day:* USD 4 225 * The Bareboat rate is variable depending on the interest level. The basis for calculating the rate is equity plus mortgage. The charterer has purchase options to buy the Vessel from end of 18 months after time of delivery which gives a return on paid in equity from 18% down to 16,2%. The owner has a put option to extend the Bareboat Charter for 6 months and a put option to sell the vessel at a equity return of 15,6%. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 1 349 359 1 542 125 1 542 125 1 542 125 Administration expenses 50 000 51 000 52 020 53 060 Net operating cashflow 1 299 359 1 491 125 1 490 105 1 489 065 Interest earned 4 029 5 120 5 325 5 373 Interest expenses 182 531 160 875 136 125 111 238 Repayment long term debt 675 000 950 000 1 000 000 1 030 000 Net financial items -853 502-1 105 755-1 130 800-1 135 864 Net project cashflow 445 857 385 370 359 305 353 201 Estimated dividend 200 000 300 000 350 000 350 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 321 157 406 527 415 832 419 033 Vessel 8 520 738 7 610 017 6 624 981 5 559 566 Total assets 8 841 895 8 016 545 7 040 813 5 978 599 Outstanding debt 1. Prior. 6 075 000 5 175 000 4 275 000 3 345 000 Sellers credit 500 000 450 000 350 000 250 000 Total outstanding debt 6 575 000 5 625 000 4 625 000 3 595 000 Net Asset Value after dividend* 2 266 895 2 391 545 2 415 813 2 383 599 Financing: Installments: Interest: Period: Balloon: 1. Priority mortgage USD Quarterly ** 2,75 % 72 months term USD 1 230 000 Sellers Credit USD Semiannual*** Zero 72 months term Zero * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 8 %. ** First 12 installments will be USD 225 000, and the next 12 installments will be USD 235 000. *** 10 installments of USD 50 000 that starts after year 1.

Side 20 Markedsrapport August 2004 Lake Maya DIS - financial shipping project Contact: Ragnvald Risan (r.risan@nrp.as) Date of analysis 15.08.04 Estimated share price USD 17 400 Key figures: 100 % Paid in equity USD: 1 575 000 Accumulated dividend USD: 0 Residual value sensitivity on IRR : BASE CASE Residual value end C/P USD: 2 000 000 IRR estimated share price: 14,96 % IRR total capital estimated share price: 4,99 % The Vessel Vessel name: Lake Maya Type: Product/Chemical IMO III Tanker Dwt: 17 485 Engine: MAN- B&W 5L50 MC Yard/Built: Uljanik Shipyard Class/flag: DNV 1A1 tanker for oil ESP and caustic soda - ICE 1B / Marshall Island Bareboat charter: 6 years Bareboat charterer: Blystad Shipholding Inc. Corporate details: Corporate management: Purchase price vessel: USD 8 250 000 Paid in capital: USD 1 575 000 Uncalled capital: USD 1 500 000 Commencment of C/P: February 2004 Expiry of C/P: February 2010 BB rate net per day:* USD 3 970 * The Bareboat rate is variable depending on the interest level. The basis for calculating the rate is equity plus mortgage. The charterer has purchase options to buy the Vessel from end of 18 months after time of delivery which gives a return on paid in equity from 18% down to 16,2%. The owner has a put option to extend the Bareboat Charter for 6 months and a put option to sell the vessel at a equity return of 15,6%. Estimated Cashflow 2004 2005 2006 2007 Operating revenue 1 267 919 1 449 050 1 449 050 1 449 050 Administration expenses 50 000 51 000 52 020 53 060 Net operating cashflow 1 217 919 1 398 050 1 397 030 1 395 990 Interest earned 3 782 4 739 4 960 5 012 Interest expenses 149 875 151 250 127 875 104 328 Repayment long term debt 637 500 900 000 950 000 987 500 Net financial items -783 593-1 046 511-1 072 915-1 086 816 Net project cashflow 434 325 351 539 324 115 309 174 Estimated dividend 200 000 275 000 300 000 325 000 Balance 31.12.04 31.12.05 31.12.06 31.12.07 Working capital 287 325 363 864 387 980 372 154 Vessels 7 834 049 6 951 567 5 997 075 4 964 696 Total assets 8 121 374 7 315 432 6 385 054 5 336 849 Outstanding debt 1. Prior. 5 712 500 4 862 500 4 012 500 3 125 000 Sellers credit 500 000 450 000 350 000 250 000 Total outstanding debt 6 212 500 5 312 500 4 362 500 3 375 000 Net Asset Value after dividend* 1 908 874 2 002 932 2 022 554 1 961 849 Financing: Installments: Interest: Period: Balloon: 1. Priority mortgage USD Quarterly ** 2,75 % 72 months term USD 1 100 000 Sellers Credit USD Semiannual*** Zero 72 months term Zero * NAV (vessels value incl. C/P) is calculated based on a depreciation of an annual annuity factor of 8 %. ** First 12 installments will be USD 212 500, and the next 12 installments will be USD 225 000. *** 10 installments of USD 50 000 that starts after year 1.