KMC Properties ASA

Interim / Quarterly Report • Aug 11, 2017

Storm Real Estate ASA Interim report January – June 201 7

Storm Real Estate ASA's business strategy is to acquire and manage real estate. The strategy includes equities and high yield investments.

Highlights

All numbers in mill. USD	6M 2017	6M 2016
Total Comprehensive Income	-2,3	-4.9

Summary of the largest major items:

NOI from investment property	+2,1	+2.5
Value change investment property	-3,3	-1.2
Value change real estate shares	n/a	-3.0
Other operating expenses	-0,5	-1.6
Return on funds and other liquid investments	n/a	0.0
Borrowing costs	-1,0	-1.1
Currency gain / loss	-0.0	+0.4
Value change on contract- and interest derivatives	+0,2	-0.9
Taxes	+0,5	+0.6

Return ratios	Return on Equity (1)	Total Shareholder Return (2)
Last year (1 year)	-25.3%	-62.6%
Last 3 years (annualised)	-41.4%	-38.5%
Last 5 years (annualised)	-20.0%	-16.4%

(1) Return on Equity = Total Comprehensive Income (IFRS) for the period / brought forward equity (IFRS) for start of the period, annualised. (2) Total Shareholder Return = Movement in share price, dividend adjusted, annualised using XIRR formula.

Calculated using historical share prices as adjusted by Oslo Stock Exchange post rights offering in June 2017.

These return rations are Alternative Performance Measures, and are presented in accordance with ESMA's "Guidelines on Alternative Performance Measures" from 2015. These are reliably measured and the company considers these relevant, because different stakeholders might consider different NAV per share in NOK and Total Shareholder Return relevant alternative performance measures.

Semi annual report

(all following numbers are in USD)

Summary

• The company completed a rights offering for 28 million NOK in June. The net proceeds after costs was USD 3.2 million. This met the bank's minimum requirement of a payment of USD 3.0 million from shareholders. The bank loan now has no amortisations, and major covenants are waived, until Q4 2018.
• As previously reported, the anchor tenant vacated the Gasfield building on 31 May 2017. The tenants accounted for approx. 80% of the lettable area.
• At the date of this report the building is 30% let following reletting of 710 sq.m. The company is actively seeking new tenants for re-letting the vacant area.
• Due to the rental situation and the current market situation, the future liquidity situation of the company is uncertain.

Income statement

• The group had a total comprehensive income in Q2 of -5.0 million, compared with -2.3 million for Q2 2016. For the first six months, the total comprehensive income was -2.3 million compared with -4.9 million for the same period in 2016.
• The carrying value of the investment property Gasfield was reduced by 5.4 million in Q2 2017, according to valuations by independent appraiser, Cushman & Wakefield. The valuer has applied a longer expected vacancy than in prior periods.
• Revenues from the investment property in Russia were 0.8 million in Q2. This compares with 1.6 million for the same period last year. For the half year, the revenues were 2.6 million (2016: 3.0 million).
• Borrowing costs were 0.5 million in the quarter (2016: 0.5 million), including interest rate swaps. For the half year, borrowing costs were 1.0 million (2016: 1.1 million).

Accounting for value change on investment property:

In accordance with international accounting standards (IFRS) the movement in value of investment property are split over two separate posts, explained by the following: Our Russian subsidiary which owns the building uses Russian roubles as functional currency. According to IFRS, only the part of the fair value adjustment which can be attributed to RUB is presented over the Income Statement. The effect of currency exchange movements between RUB and USD is presented as Other Comprehensive Income and is included in term Total Comprehensive Income. We see Total Comprehensive Income as the most relevant profit measure for the group. In every quarter we present an explanatory statement of the fair value adjustment:

Change in value, million USD	6M 2017	6M 2016
Over income statement	-4.1	-0.2
Translation difference over Other Comprehensive Income	+0.3	-1.0
Sum value adjustments properties	-3.8	-1.2

Balance sheet

• The investment property Gasfield is recorded at 27.4 million. The building's valuation in accordance with valuation obtained from an independent valuer is 27.2 million. In addition, values of contract derivatives and land leases are recognised with 0.2 million.
• On the closing date, the group had a cash balance of 2.4 million. Gross proceeds from the rights offering were received after the closing date of 3.3 million, and the remaining amount of the agreed 3.0 million payable to the bank was 1.8 million. Adjusting for these transactions post the closing date the disposable cash balance was 3.9 million.
• The group's equity ratio is 35.4% as at 30 June 2017.
• The loan-to-value of the Gasfield bank loan is currently 66.7%, after repayment of the remaining 1.8 million of the proceeds to the bank on 15 July.
• The Company's NAV per share in NOK is NOK 1.13 per 30 June 2017 (calculated using new number of shares).

The company's risk is considered very high. The situation in Russia is demanding. High vacancy in the market combined with the company's own vacancy situation could lead to a shortfall on future cash flow. Given the current 70% vacancy in the building, the group is currently loss-making. Future cash flow and ability to meet future liabilities within maturity dates is dependent on sourcing new tenants.

For further business risks than described above, please refer to the company's annual report for 2016.

Oslo, 10 August 2017,

The Board of Directors, Storm Real Estate ASA

The Company's Investment areas

Real Estate in Russia (Gasfield, Moscow)

Macro snapshot

• Following the recession in 2014-2016 the recovery of the Russian economy is modest. Market commentators expect a growth rate of 1.3% in 2017.
• Inflation rate is at 4.1% at the end of Q2 2017, the lowest inflation rate since June 2012
• Coinciding with a fall in oil prices in Q2, the Russian currency also depreciated in Q2 2017. In Q1 it was the opposite, the rouble appreciated following higher oil prices.
• Unemployment is down from 5.3% at the year end to 5.1% at the end of Q2 2017.

Real Estate Market

• 1.3 billion EUR was invested in commercial properties in H1 2017. For comparison, the invested volume for 2016 was 3.9 billion EUR. The top 5 deals account for 50% of the total investment structure.
• Prime yields remain unchanged at 10.5% for offices.
• Foreign investments have showed signs of returning to the Russian market. In 2016 foreign investors accounted only for 6% of the market. In H1 2017 their share was 18%.
• In H1 2017 the take-up of offices was 947,000 sq.m across 1,590 new deals.
• New supply continues to be low. Only 21,000 sq.m. new construction was delivered to the market in H1 2017 No office space was delivered in Q2, reported to be the first time in history no new buildings have been delivered in one quarter. Moreover, many planned deliveries are reported as being postponed for up to 3 years.
• At the end of Q2 2017 the overall average vacancy rate was 14.3%. The vacancy in class B buildings is approx. 13.2%. For class A buildings the vacancy is approx. 18.2%.
• Registered rent levels have been stable since last year.

Sources market information Russia: Cushman & Wakefield, Trading Economics, Ministry of Economic Development, Oxford Economics

Consolidated Statement of Comprehensive Income

All numbers in 000 USD	Note	Unaudited Q2 2017	Unaudited Q2 2016	Unaudited 6M 2017	Unaudited 6M 2016	Audited 2016
Continuing operations:
Rental income	3	818	1,570	2,640	3,008	6,197
Total Income		818	1,570	2,640	3,008	6,197
Property related Expenses	3	-282	-240	-546	-526	-1,169
Personnel Expenses		-57	-77	-121	-271	-435
Other Operational Expenses		-209	-881	-379	-1,296	-1,607
Total Operational Expenses		-548	-1,198	-1,046	-2,093	-3,212
Operating Profit (Loss) Before Fair Value Adjustments		270	372	1,594	915	2,985
Fair Value Adjustments on Investment Property	3	-3,940	200	-4,146	-196	-10,394
Total Operating Profit (Loss)		-3,670	572	-2,552	719	-7,409
Finance Revenues	5	47	45	104	106	573
Finance Expenses	5	-626	-733	-1,056	-1,970	-2,146
Currency Exchange Gains (Losses)	5	-19	-188	-9	-331	-69
Net Financial Gains (Losses)		-598	-876	-960	-2,195	-1,643
Earnings before Tax (EBT) continuing operations		-4,268	-304	-3,512	-1,476	-9,051
Income Tax Expenses	7	-739	-537	-524	-647	-1,160
Profit (Loss) for the Period from continuing operations		-3,529	233	-2,988	-829	-7,891
Discontinued operations:
Profit (Loss) from discontiuned operations		0	-1,332	0	-2,268	-2,268
Profit (loss), attributable to owners of parent		-3,529	-1,099	-2,988	-3,097	-10,160
Profit (loss), attributable to non-controlling interests		0	0	0	0	0
Other Comprehensive Income:
Items that are reclassified from Equity to earnings in subsequent periods:
Translation differences, continuing operations Sum other income and expenses after tax, continuing		-1,511	-1,153	726	-1,766	5,352
ti Sum other income and expenses after tax, discontinued		-1,511	-1,153	726	-1,766	5,352
ti		0	0	0	0	0
Sum other income and expenses after tax		-1,511	-1,153	726	-1,766	5,352
Comprehensive income, attributable to owners of parent		-5,040	-2,252	-2,262	-4,863	-4,807
Comprehensive income, attributable to non-controlling		0	0	0	0	0
it t
Earnings per share (EPS), attributable to owners of parent
Weighted average number of shares *		20,653,315	88,345,623	19,505,844	88,345,623	18,345,623
Basic and Diluted earnings per share (USD)		-0.17	-0.01	-0.15	-0.04	-0.55
Basic and Diluted earnings per share (USD) continuing operations		-0.17	0.00	-0.15	-0.01	-0.43
Basic and Diluted Total Comprehensive Income per share (USD)		-0.24	-0.12	-0.12	-0.27	-0.26

* Prior years periods are recalculated using the updated no of shares.

Consolidated Statement of Financial Position

		Unaudited	Audited
All numbers in 000 USD	Note	30.06.2017	31.12.2016
Fixed Assets
Investment Property	3	27,391	31,215
PP&E		15	18
Sum Fixed Assets		27,406	31,233
Current assets
Other Receivables	10	3,751	473
Cash and Cash Equivalents	4	2,370	4,371
Total Current Assets		6,121	4,844
Total Assets		33,527	36,078
Paid-in Equity
Share Capital		4,575	1,236
Share Premium		21,036	21,036
Other Paid-in Equity		56,605	56,763
Total Paid-in Equity		82,216	79,035
Other equity
Other equity		-70,331	-68,069
Total other equity		-70,331	-68,069
Total Equity		11,885	10,966
Non-current liabilities
Loans From Credit Institutions	4	18,084	18,716
Deferred Tax Liabilities		72	864
Financial Derivative Liabilities	4	967	562
Other Long-term Liabilities		205	213
Total non-current liabilities		19,328	20,355
Current liabilities
Trade Payables		11	84
Financial Derivative Liabilities		0	973
Loans from Credit Institutions	4	1,817	2,366
Other Short-term Payables	9	487	1,334
Total Current liabilities		2,315	4,756
Total Liabilities		21,642	25,111
Total Equity and Liabilities		33,527	36,078

Consolidated Statement of Cash Flow

	Unaudited	Unaudited	Audited
All numbers in 000 USD	6M 2017	6M 2016	2016
Cash Flow from Operational Activites
Earnings before Tax, continuing operations	-3,512	-1,476	-9,051
Earnings before Tax, discontinued operations	0	-2,268	-2,268
Earnings before Tax	-3,512	-3,744	-11,320
Adjusted for:
Depreciations	3	3	6
Value Adjustments on Investment Property	4,146	196	10,394
Financial Income	-65	2,844	2,774
Financial Expenses	1,016	1,994	1,774
Net Currency Gains	-2	-748	-958
Cash Flow Before Changes in Working Capital	1,586	546	2,670
Changes in Working Capital:
Trade Receivables and Other Receivables	-110	103	-86
Trade Payables and Other Payables	-932	541	-49
Paid Taxes	-294	-586	-1,154
Net Cash Flow From Operating Activities	250	604	1,381
Cash Flow From Investment Activities
Inflows from Investments in Financial Securities	0	13,992	15,225
Interest Received	55	85	151
Net Cash Flow From Investment Activities	55	14,077	15,376
Cash Flow From Financing Activities
Share issue, payments/costs	-158	0	0
Repayments of Loans	-1,183	-2,455	-3,637
Dividends Paid	0	-8,420	-8,420
Interest Paid	-1,041	-1,125	-2,113
Net Cash flow From Financing Activities	-2,381	-11,999	-14,170
Net Change in Cash and Cash Equivalents	-2,077	2,682	2,587
Carried Forward Cash and Cash Equivalents	4,371	1,703	1,703
FX movements on opening balance	76	97	82
Cash and Cash Equivalents on Closing Date	2,370	4,481	4,371
Of which restricted Cash and Cash Equivalents	238	238	238

Consolidated Statement of Changes in Equity

		Paid-in Equity			Other Equity
All numbers in 000 USD	Share Capital	Share Premium	Other Paid-in Equity	Retained Earnings	Translation Differences on Foreign Operations	Total Equity
1 January 2016	1,236	21,036	56,763	21,605	-78,641	22,000
Profit (Loss) for the Period				-3,097		-3,097
Other Comprehensive Income					-1,766	-1,766
Total Comprehensive Income	0	0	0	-11,517	-1,766	-13,283
Dividends				-8,420		-8,420
Sum other capital changes	0	0	0	-8,420	0	-8,420
30 June 2016	1,236	21,036	56,763	10,088	-80,407	8,717

	Paid-in Equity							Other Equity
	Share Capital	Share Premium	Other Paid-in Equity	Retained Earnings	Translation Differences on Foreign Operations	Total Equity
1 January 2017	1,236	21,036	56,763	5,220	-73,288	10,966
Profit (Loss) for the Period				-2,988		-2,988
Other Comprehensive Income					726	-2,988
Sum	0	0	0	-2,988	726	-2,262
Share issue *	3,339		-158			3,181
Sum other capital changes	3,339	0	-158	0	0	3,181
30 June 2017	4,575	21,036	56,605	2,232	-72,563	11,885

* The shares from the share issue had been allocated but not issued, paid in or registered as at 30 June 2017.

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENT

(Unaudited)

1. Company Information

Storm Real Estate ASA is a public limited liability company domiciled in Norway. The company is listed on Oslo Stock Exchange. The principal activity of the company is investment in yielding properties in Russia and the EEA, including investments in equities and bonds.

2. Basis of Preparation and Accounting Policies

Basis of Preparation

The interim financial statements for the period ending 30 June 2017 are prepared in accordance with IAS 34. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statement of 2016. The interim financial statements are unaudited. The interim financial statement was approved by the Board of Directors on 10 August 2017.

Accounting principles

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for 2016. All notes are in '000 USD, except where otherwise indicated.

3. Investment property

	30.06.2017	31.12.2016
Value as valued by an independent valuer:
As at 1 January	30,500	34,700
Value Adjustment Investment *	-3,300	-4,200
Value per Closing	27,200	30,500
Other assets regognised as part of Investment Property:
As at 1 January	715	4,250
Changes in carrying value of land plot lease agreements **	4	32
Changes in embedded derivatives contract ***	-529	-3,567
Value per Closing	191	715
Carrying value 01.01	31,215	38,950
Carrying value per Closing date	27,391	31,215

* The functional currency of the Russian subsidiaries including the buildings in Russian Rouble

The fair value changes has two elements:

• Changes in the local functional currency (RUB) are presented in the income statement

• Translation differences in the Group presentation currency (USD) are not allowed in the

income statement, and are presented in the statement of comprehensive income.

The two effects are presented separately below:

	6M 2017	6M 2016
Change in RUB over Income Statement	-4,146	-196
Translation Differences over Comprehensive Income	322	-1,004
Net Change in Fair Value	-3,824	-1,200
NOI from Properties	6M 2017	6M 2016
Rental Income	2,640	3,008
Direct Property Related Expenses	-546	-526
NOI from Properties	2,094	2,482

** The Company has capitalised land plot lease agreements in accordance with IAS 40 Investment Property and IAS 17 Leases.

*** In 2015 The Company signed an agreement on a lease reduction with the anchor tenant in Moscow. Reduction is in practice done by agreeing a ceiling on exchange rate USD/RUB = 45. This arrangement was in accordance with IFRS be treated as a financial derivative. This derivative is related to the investment property. The company has recognised a financial liability when USD/RUB at the reporting date was unfavourable. A recognition of this currency derivative has no effect on the net asset value, when the size of the asset and liability are equal (see liability in note 4).

Variables for Independent Valuations	30.06.2017	31.12.2016
Discount Rate	12.50%	12.50%
Yield (cap. rate)	11.50%	11.50%
Market rates, RUB/sq.m (net of VAT and op.ex), main office areas	18,000	18,000

The investment property is valued accordin to Level 3 of the fair value analysis (see note 4).

4. Financial Assets and Liabilities

Investments in financial securities:	30.06.2017	31.12.2016
Value as at 1 January	0	17,291
Additions	0	0
Disposals	0	-15,214
Change in Fair Value	0	-2,949
Change in Currency *	0	871
Value at closing date	0	0

* Investments in other currencies than USD was largely hedged against USD on the reported balance dates.

Other Financial Assets and Liabilities	30.06.2017	31.12.2016
Cash and Cash Equivalents	2,370	4,371
Interest Rate Swaps	-967	-1,006
Bank Loan	-19,901	-21,081
Embedded derivatives *)	0	-529
Land plot lease agreements	-191	-186
Net Financial Assets and Liabilities	-18,689	-18,432

*) see note 3 Investment Property for a description of the recognised liability of embedded derivatives.

Bank loan

The company's lender has in its credit committee on 31/03/2017 granted amended terms to the company's loan agreement.

The amended terms include

• postponement of the maturity date to June 2019

• no amortisation up to and including Q3 2018

• waiving of covenants up to and including Q3 2018,

• adjusted covenants for the period Q4 2018 to maturity, adapted to the changed market conditions in Russia.

The covenants from Q4 2018 include an Interest Service Ratio on Russia level of 1.1x, and quarterly amortisations at USD 0.3 million. LTV and equity ratio covenants remain at 70% and 20%, respectively.

These amendments were subject to that the company obtains new capital of at least USD 3 million, to be paid to the bank as an extraordinary amortisation within 15/07/2017, and also subject to documentation.

A Rights Offering was conducted in Q2 2017. The Rights Offering was fully subscribed and the company has after the closing date paid the bank in accordance wIth the above plan.

4. Financial Assets and Liabilities (continues)

Fair value hierarchy

The table below shows an analysis of fair values of financial instruments in the Statement of Financial Position, grouped by level in the fair value hierarchy.

Level 1 - Quoted prices in active markets that the entity can access at the measurement date.

Level 2 – Use of a model with inputs other than level 1 that are directly or indirectly observable market data.

Level 3 - Use of a model with inputs that are not based on observable market data.

Financial liabilities measured at fair value	Level 1	Level 2	Level 3	Sum
Interest rate swaps	-967			-967
Embedded derivatives on leases	0			0
Land plot lease agreements	-191			-191
Sum financial liabilities measured at fair value	-1,157	0	0	-1,157

Comparison per class

Set out below is a comparison by class of the carrying amounts and fair value of the Group's financial instruments that are carried in the financial statements.

	Carrying amount		Fair value
	30.06.2017	31.12.2016	30.06.2017	31.12.2016
Financial assets
Accounts receivable	16	3	16	3
Other receivables	3,731	470	3,731	470
Cash and cash equivalents	2,370	4,371	2,370	4,371
Sum	6,117	4,844	6,117	4,844
Financial liabilities
Interest-bearing loans and borrowings	19,901	21,081	19,960	21,143
Trade liabilities	11	84	11	84
Derivative financial liabilities at fair value	0	529	0	529
Interest rate swaps and FX forward contracts	967	1,006	967	1,006
Land plot lease agreements	191	186	191	186
Other current liabilities	295	1,147	284	1,147
Sum	21,364	24,034	21,413	24,096

5. Finance income and costs

Finance income and costs from continuing operations:
	6M 2017	6M 2016
Currency
Currency Gain	10	0
Currency Loss	-19	-332
Net Currency Gain (Loss)	-9	-332
Finance Revenues
Interest Revenue	57	98
Fair Value Adjustment, Derivatives	40	0
Other Financial Revenues	8	-4
Sum	104	94
Finance Costs
Interest Costs	-1,047	-1,064
Fair Value Adjustment, Derivatives	0	-860
Other Finance Gains (Loss)	-8	-57
Sum	-1,056	-1,982
Net Finance Gains (Losses) continued operations	-960	-2,219
Finance income and costs from discontinued operations:
Net Currency Gain (Loss)	0	706
Fair Value Adjustment, Financial Investments	0	-2,951
Net Finance Gains (Losses) discontinued operations	0	-2,245

6. Shareholder information

The 20 largest shareholders as at 30.06.2017

The list is as per the shareholders registered in VPS as 30.06.2017 Any broker trades before the closing date reported after the closing date is not reflected in this list.

Shares allocated in the Rights Offering were allocated after the closing date. The company's web site www.stormrealestate.no shows an updated top 20 list.

Shareholder	Type *	Country	Shares	%
ACONCAGUA MANAGEMENT LTD		LUXEMBOURG	3,928,855	21.42%
SKANDINAVISKA ENSKILDA BANKEN AB	NOM	SWEDEN	3,648,614	19.89%
J.P. MORGAN BANK LUXEMBOURG S.A.	NOM	UK	1,068,723	5.83%
PACTUM AS		NORWAY	579,675	3.16%
BANAN II AS		NORWAY	476,338	2.60%
FINANSFORBUNDET		NORWAY	416,650	2.27%
J.P. MORGAN BANK LUXEMBOURG S.A.	NOM	UK	300,000	1.64%
PEDER VEIBY		NORWAY	274,828	1.50%
TDL AS		NORWAY	182,250	0.99%
THORE HYGGEN		NORWAY	181,250	0.99%
MOTOR-TRADE EIENDOM OG FINANS AS		NORWAY	180,000	0.98%
ØRN NORDEN AS		NORWAY	178,060	0.97%
INGRID MARGARETH LANGBERG		NORWAY	173,750	0.95%
ALBION HOLDING AS		NORWAY	155,250	0.85%
SVENSKA HANDELSBANKEN SA	NOM	NORWAY	150,000	0.82%
SAMSØ AS		NORWAY	142,188	0.78%
INVESTERINGSHUSET DA		NORWAY	100,020	0.55%
NORDNET BANK AB	NOM	SWEDEN	69,432	0.38%
KIKUT EIENDOM AS		NORWAY	68,750	0.37%
NINVEST A/S		NORWAY	67,500	0.37%
SUM 20 LARGEST			12,342,133	67.28%
OTHER SHAREHOLDERS			6,003,490	32.72%
SUM			18,345,623	100.00%

* NOM = Nominee Accounts; foreign institutions holding shares on behalf of clients.

Shares controlled by board members

Morten E. Astrup	via Aconcagua Management Ltd and Ørn Norden AS	4,106,915	22.4 %
Kim Mikkelsen	via Strategic Investments A/S	3,648,614	19.9 %
Stein Aukner	via Banan AS and Aukner Holding AS	501,338	2.7 %
Sum		8,256,867	45.0 %

7. Tax Expenses

Tax Expense for period	6M 2017	6M 2016
Current Tax	348	450
Deferred Tax	-872	-1,097
Total Tax Expense for Period	-524	-647

8. Transactions with Related Parties

	6M 2017	6M 2016
Storm Capital Management Ltd.	207	264
Sum	207	264

9. Other current liabillities

	30.06.2017	31.12.2016
Taxes and duties due	57	314
Advance rents paid by tenants	119	840
Other	310	180
Sum	486	1,334

10. Other Current Receivables

	30.06.2017	31.12.2016
Receiveable gross proceeds from rights offering	3,339	0
Taxes and Duties receivable	217	218
Other Current receivables	195	256
Sum	3,751	473

Statement from the Board and general manager

We confirm that the financial statement for the period 1 January to 30 June 2017 to the best of our knowledge, is prepared in accordance with lAS 34 Interim Report and that the accounts give a true and fair view of the Group's and Company's assets, liabilities, financial position and result of operations.

The Interim report gives, to the best of our knowledge, a fair overview of important events during the accounting period and their impact on the financial statements and a summary of significant transactions with related parties.

We confirm that, to the best of our knowledge, the interim report includes a fair review of the information mentioned in the Securities Trading Act section §5-6, fourth paragraph.

Oslo, 10 August 2017

The Board and general manager in Storm Real Estate ASA,

Stein Aukner Chairman

Morten E. Astrup Board member

Nini H. Nergaard Board member

Kim Mikkelsen Board member Anna M Aanensen Board member

Einar Pedersen General Manager

Storm Real Estate ASA c/o Storm Capital Management Ltd. Berger House, 36-38 Berkeley Square London W1J 5AE United Kingdom

Tel: +44 207 409 33 78 Fax: +44 207 491 3464

www.stormrealestate.no