Storm Real Estate ASA Interim Report January – June 2014

Storm Real Estate ASA is an investment company with focus on real estate. The strategy includes acquisition and management of own properties, and acquisition of shares and bonds in other real estate companies.

Highlights

All numbers in mill. USD	6M 2014	6M 2013
Total Comprehensive Income	1,0	-1,7

Major items:

NOI from investement property	5,2	5,0
Value change investment property	-5,4	0,3
Value change real estate shares	5,9	-1,7
Other operating expenses	-1,7	-1,7
Return on funds and other liquid investments	0,9	1,2
Borrowing costs	-1,5	-1,5
Value change on contract- and interest derivatives	-0,7	3,0
Taxes	-1,0	-5,9

Return ratios	Return on Equity (1)	Total Shareholder Return (2)
Last 1 year	7,6%	17,3%
Last 3 years (annualised)	0,5%	12,7%
Last 5 years (annualised)	6,1%	15,5%

(1) Return on Equity = Total Comprehensive Income / average equity for the same period

(2) Total Shareholder Return = Movement in share price, dividend adjusted.

The share was listed on Oslo Stock Exchange in June 2010. Before listing the share was traded OTC.

Semi annual report

(all following numbers are in USD)

Summary

This last six months there has been a major focus on Russia's involvement in various political situations, and especially the Ukraine crisis and the situation in Syria. EU and USA have imposed sanctions against Russia because of its role in Ukraine. In recent weeks these sanctions have been strengthened which causes a higher uncertainty which could potentially affect the rental market for commercial property. It is unclear what impact the political situation could have on Storm Real Estate's investments, but the Board considers that this gives a higher risk profile for the company's exposure to Russia than before.The Board is working on measures to reduce risks related to Russia.

The company had a Total Comprehensive Income of 1.0 million for the first six months 2014, compared with -1.7 million for the same period in 2013.

Income from investment property in Russia was 6.8 million for the first six months (2013: 6.3 million), while operating costs were 1.5 million (2013: 1,4 million). This resulted in a net operating income from the properties of 5.2 million, an increase of 0.2 million from the same period in 2013 (5.0 million).

The Company had an unrealized increased value on the investment in TK Development A/S of 5.9 million in the first six months, after the share price rose by approx. 48% from 6.40 DKK per share to 9.45 DKK per share. Storm Real Estate has acquired additional shares in TK Development for 0.9 million during the period, and now owns 11.1% of the shares. The value of the investment as at 30 June was 18.8 million.

From other investments in shares and funds, mainly Storm Bond Fund, it is recorded a value increase of a total of 0.9 million. We have sold shares for 4.0 million during the first six months in 2014. The carrying value of these investments as at 30 June was 13.1 million.

Borrowing costs amounted to 1.5 million during the first 6 months, compared with 1.5 million in the same period last year. Of this, 1.0 million was loan interest (2013: 1.0 million) and 0.5 million was net interest on interest rate swaps (2013: 0.5 million).

Property values are adjusted down by 5.4 million during the first 6 months in accordance with valuations from an independent valuer, Cushman & Wakefield. This is related to a somewhat weaker market for commercial property in Moscow and St Petersburg. The company's expectation of potential lower rental income is taken into consideration in the valuation, which is therefore reduced accordingly.

In accordance with international accounting standards (IFRS), this amount are to be split over two separate posts, explained by the following:

Our Russian subsidiaries which own the buildings have Russian roubles as functional currency. Under 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 perceive Total Comprehensive Income as the most relevant measure of the company's profit. In every quarter we present an explanatory statement of the fair value adjustment:

Change in value, mill USD	6M 2014	6M 2013
Over Income Statement	- 2,1	+ 8,8
Translation Differences over Other Comprehensive Income	- 3,3	- 8,5
Sum Value Adjusted Properties	- 5,4	+ 0,3

Statement of financial position

The property values are 97.7 million in accordance with valuations from an independent valuer, Cushman & Wakefield.

The company had 18.8 million invested in TK Development A/S which is classified as a long-term investment. In addition, the company had 13.1 million in short-term shares, bonds and funds as at 30 June 2014 and the cash balance was 3.1 million.

The group has made provisions for 8.8 million in deferred tax. This is largely deferred tax linked to value changes from the investment properties in Russia post acquisition. Deferred tax may become payable on a potential realization of the buildings, while a potential realization of shares in the property-owning subsidiaries could result in lower or no taxation.

The company's NAV per share measured in NOK as at 30 June was NOK 24.83, after distribution of dividends of NOK 1.60 per share in May 2014.

Except for the risks and uncertainties related to Russia as described above, the business risks are roughly the same as those described in the company's annual report for 2013

Oslo, 14 August 2014

The Board of Directors, Storm Real Estate ASA

The company's investment areas

Market commentary Russia

Macro snapshot

Q2 2014 was another challenging period for business in Russia as a result of the ongoing conflict in Ukraine, as well as further turbulence in Syria. These factors have obviously dampened optimism both in the real estate markets and the economy as a whole.

The effect of sanctions against Russia is still unclear, but an economic downturn is evident. The Russian Government has downgraded the outlook for economic growth repeatedly. In the latest communication from the Ministry of Economic Trade and Development the expected growth for 2014 is a modest 0.5%. In the previous quarter the expectation was 2.5%. The outlook appears to be somewhat better, with an expected annual growth rate of approx.2% over the next years.

Inflation has been increasing during the last quarter and according to latest available data (June 2014) inflation is approx.7.8%. The expectation is that inflation will decline during Q3 2014. The Russian rouble has increased somewhat during the period. From a low point in the beginning of March to the end of June the rouble rose 10% against the EUR and 8% against the USD.

Unemployment continues to be low at just under 7%, and is expected to remain stable at this level. Turnover in retail trade continues to be good with an increase of approx. 1.9%, which is higher than GDP growth.

The real estate market

Approximately 2.4 billion USD was invested in commercial real estate in Russia during the first 6 months 2014 While most of the bulk was invested in Q1, only approx. 273 million USD was invested in Q2. The expected total volume for 2014 is 5 billion USD, which is significantly lower than previous years. This figure can be revised during Q3 2014, depending on the global macroeconomic situation and the ongoing political turmoil.

Investment activity is more concentrated around Moscow than ever. 90% of the total investment volume was in Moscow during the first 6 months and of which c.70% was in the office segment. Foreign investment has fallen significantly. About 12% came from foreign investors during the first 6 months 2014.

Vacancy continued to rise in Moscow in the quarter and the vacancy in Class A and Class B office buildings are now respectively 23.7% and 12.1%. Pressure on rental rates in Class A buildings have influenced rental rates, and it is registered a decrease of 6.8%. Rents for Class B office buildings were stable.

Sources market information Russland: Knight Frank, Cushman & Wakefield, Jones Lang Lasalle

Shares in TK Development A/S

Storm Real Estate hold 11.1% of the shares in TK Development A/S at 30 June 2014, to a value of 102.7 million DKK (18,8 million USD).

We believe it is fair to say that the restructuring of TK Development A/S has begun to bear fruits. The sale of 75% of the Fashion Arena Outlet (Czech Republic) for 71.5 million EUR, announced in Q1 2014, is now completed.

TK Development published its Q1 report on the 13 June 2014 (TK's accounting year ends 31 January).

The company reported a positive result with 12.7 million DKK (2,3 million USD) before tax, excluding discontinued operations, compared to a loss of 15.2 million DKK (2,8 million USD) during the same period last year.

The company reported a profit of 7.3 million DKK (1,3 million USD) this quarter, after tax, compared with a loss of 16.2 million DKK (3.0 million USD) during the same period 2013/14. The equity ratio of the improved slightly from 46.4% to 49.4% during the quarter.

The construction work at project (JV with Heitman) in Jelenia Gora in Poland started in May. Leases for approx. 51% of the premises is signed, and opening in scheduled for the end of 2015.

After the reporting date TK Development has entered into an agreement regarding the sale of building rights for approx. 7,200 sq. meters in Copenhagen to a private investor and profits from the sale will be booked in the next quarter.

NAV per share was largely unchanged at DKK 15.8 per share. By comparison, the marked price of the company as of 30 June 2014 DKK 9.45, representing a discount of approximately 40% of book value. Storm Real Estate's average cost is DKK 8.00 per share at 30 June 2014.

Consolidated Statement of Comprehensive Income

Numbers in 000 USD	Note	6M 2014 Unaudited	6M 2013 Unaudited	Q2 2014 Unaudited	Q2 2013 Unaudited	2013 Audited

Rental Income	3	6.767	6.348	3.522	3.225	12.901
Total Income		6.767	6.348	3.522	3.225	12.901

Property related Expenses	3	1.533	1.385	816	590	2.832
Personnel Expenses		419	468	263	307	749
Other Operational Expenses		1.244	1.258	649	585	2.365
Total Operational Expenses		3.195	3.111	1.728	1.482	5.946
Operating Profit (Loss) Before Fair Value Adjustments		3.572	3.237	1.794	1.743	6.955
Fair Value Adjustments on Investment Property	3	$-2.083$	8.843	$-7.497$	7.116	8.220
Total Operating Profit (Loss)		1.489	12.080	$-5.704$	8.859	15.175

Finance Revenues	5	6.931	3.262	3.013	2.217	7.314
Finance Expenses	5	$-2.311$	$-2.164$	$-1.314$	$-3.479$	$-4.166$
Currency Exchange Gains (Losses)	5	$-330$	-73	$-97$	95	342
Net Financial Gains (Losses)		4.290	1.024	1.602	$-1.167$	3.490

Earnings before Tax (EBT)		5.779	13.105	-4.102	7.692	18.665
Income Tax Expenses	$\overline{7}$	999	5.919	$-536$	3.500	7.475
Profit (Loss) for the Period		4.780	7.186	$-3.566$	4.192	11.190

Other Comprehensive Income:
OCI to be reclassified to profit or loss in subsequent periods:
Currency Effect of Net Investments in Foreign Operations		$-637$	$-1.405$	602	$-1.405$	$-1.566$
Tax Effect of Net Investments in Foreign Operations		64	166	$-60$	141	157
Translation Differences		$-3.216$	$-7.355$	3.165	$-6.003$	-6.638
Sum Other Comprehensive Income		$-3.789$	$-8.851$	3.707	$-7.268$	$-8.048$

Total Comprehensive Income for the Period		991	$-1.665$	141	$-3.076$	3.142

Average Number of Shares (Excluding Treasury Shares)		18.364.767	18.870.526	18.345.623	18.541.585	18.685.315
Earnings per share (USD)		0,26	0,38	$-0,19$	0,23	0,60
Total Comprehensive Income per share (USD)		0,05	$-0.09$	0,01	$-0,17$	0,17

100 New Bond Street, London, WIS ISP

Tel: +44(0)20 7409 3369

Fax: +44(0)20 7491 3464

Consolidated Statement of Financial Position

Numbers in 000 USD	Note	30.06.2014 Unaudited	31.12.2013 Audited

Investment Property	3	97.700	103.100
Financial Investments		18.809	12.176
PP&E		20	5
Intangible assets		$\mathbf{1}$	1
Financial Derivative Assets	4	257	53
Total Non-Current Assets		116.787	115.335
Financial Investments	4	13.104	16.223
Other Receivables	10	567	639
Cash and Cash Equivalents	4	3.101	6.362
Total Current Assets		16.772	23.225

Total Assets		133.560	138.561
Share capital		1.236	1.296
Share Premium		21.036	21.036
Treasury Shares		$\mathbf 0$	-50
Other Paid-in Equity		56.763	61.734
Total Paid-in Equity		79.035	84.016

Other Equity		$-5.012$	$-5.578$
Total Other Equity		$-5.012$	$-5.578$

Total Equity		74.023	78.437

Loans From Credit Institutions	4	41.098	42.364
Deferred Tax Liabilities		8.762	9.522
Financial Derivative Liabilities	4	1.737	1.011
Other Long-term Liabilities		74	100
Total long term liabilities		51.671	52.997
Trade Payables		104	96
Loans from Credit Institutions	4	2.606	2.606
Other Short-term Payables	9	5.158	4.426
Total short term liabilities		7.867	7.128
Total Liabilities		59.539	60.125
Total Equity and Liabilities		133.560	138.561

Consolidated Statement of Cash Flow

Numbers in 000 USD	6M 2014 Unaudited	6M 2013 Unaudited
Cash Flow from Operational Activites
Earnings before Tax	5.779	13.105
Adjusted for:
Depreciations	3	13
Value Adjustments on Invenstment Property	2.083	$-8.843$
Financial Income	$-6.931$	315
Financial Expenses	2.261	$-1.562$
Net Currency Gains	$-68$	24
Cash Flow Before Changes in Working Capital	3.128	3.051

Changes in Working Capital:
Trade Receivables and Other Receivables	72	$-512$
Trade Payables and Other Payables	170	$-473$
Paid Taxes	$-1.146$	$-701$
Net cash flow from operational activities	2.223	1.365

Cash Flow From Investment Activities
Outflows from Investments in Financial Securities	$-1.730$	$-7.441$
Inflows from Investments in Financial Securities	4.771	3.532
Interest Received	66	106
Net Cash Flow From Investment Activities	3.107	$-3.803$

Cash Flow From Financing Activities	$-1.272$	$-1.302$
Repayments of Loans Net Purchase of Treasury Shares	$-434$	$-2.239$
Dividends Paid	$-4.948$	$-3.153$
Interest Paid	$-1.517$	$-1.630$
Net Cash flow From Financing Activities	$-8.172$	$-8.324$


Net Change in Cash and Cash Equivalents	$-2.841$	$-10.762$
Carried Forward Cash and Cash Equivalents	6.362	15.099
Currency Exchange Variation on Cash and Cash Equivalents	$-420$	-57

Cash and Cash Equivalents on Closing Date	3.101	4.279
Of which restricted Cash and Cash Equivalents	372	372

100 New Bond Street, London, W1S ISP

Tel: +44(0)20 7409 3369

Consolidated Statement of Changes in Equity

			Paid-in Equity	Other Equity
	Share Capital	Share Premium	Other Paid-in Equity	Treasury Shares	Retained Earnings	Translation Differences on Foreign Operations	Total Equity
1 January 2013	1.296	21.036	61.734	-1	4.776	-8.122	80.719

Profit (Loss) for the Period					7.186		7.186
Treasury shares				-49	-2.190		-2.239
Dividends					-3.184		-3.184
Other Compr. Income						-8.851	-8.851
Sum	0	0	0	-49	1.812	-8.851	-7.088

30 June 2013	1.296	21.036	61.734	-50	6.588	-16.973	73.630

					Other Equity
Share Capital	Share Premium	Other Paid-in Equity	Treasury Shares	Retained Earnings	Translation Differences on Foreign Operations	Total Equity
1.296	21.036	61.734	-50	10.592	-16.171	78.437

				4.780		4.780
			-10	-424		-434
-60			60	0		0
		-4.971				-4.971
					-3.789	-3.789
-60	0	-4.971	50	4.356	-3.789	-4.414

1.236	21.036	56.763	0	14.947	-19.960	74.023
			Paid-in Equity

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

(Unaudited)

1. Corporate 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

Grunnlag for utarbeidelse

The interim financial statements for the period ending 30 June 2014 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 2013. The interim financial statements are unaudited. The interim financial statement was approved by the Board of Directors on 14 August 2014.

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 2013. All notes are in '000 USD except where otherwise indicated.

3. Investment property

Value	30.06.2014	31.12.2013
Per 1 January	103.100	102.700
Value Adjustment *	-5.400	400
Value per Closing Date	97.700	103.100

* 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 over the income statement.
Translation differences in the Group presentation currency (USD) are not allowed over the

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

The two effects are presented separately below:

	6M 2014	6M 2013
Change in RUB over Income Statement	-2.083	8.843
Translation Differences over Comprehensive Income	-3.317	-8.543
Net Change in Fair Value	-5.400	300

NOI from Properties	6M 2014	6M 2013
Rental Income	6.767	6.348
Direct Property Related Expenses	1.533	1.385

NOI from Properties	5.234	4.963

NOI %	77%	78%

Annualised yield (NOI / Fair Value)	10,7 %	9,6 %
-------------------------------------	--------	-------

	Mocow		St Petersburg
Variables for Independent Valuations	30.06.2014	31.12.2013	30.06.2014	31.12.2013
Discount Rate	11,25%	11,00%	12,25%	12,00%
Yield (cap. rate)	10,25%	10,00%	10,25%	10,00%
Market rates, \$/sq.m, triple net	700	700	400	400
Estimated Rate Growth Year 1	2,5%	3,0%	2,0%	2,0%
Estimated Rate Growth Year 2	2,5%	3,0%	2,0%	2,0%
Estimated Rate Growth Year 3	2,5%	3,0%	2,0%	2,0%
Estimated Rate Growth Year 4	2,5%	3,0%	2,0%	2,0%
Estimated Rate Growth Year 5	2,5%	3,0%	2,0%	2,0%

Investment propety is valued in accordance with level 3 in the fair value hierarchy (see note 4).

4. Financial Assets and Liabilities

Investments in financial securities	30.06.2014	31.12.2013
Value as at 1 January	28.400	25.485
Additions	1 .720	1.864
Disposals	-4.770	-9.460
Change in Fair Value	6.789	1.770
Change in Currency	-226	-1.260
Value at Closing Date	31.913	8.400

Other Financial Assets and Liabilities	30.06.2014	31.12.2013
Cash and Cash Equivalents	3.101	6.362
Financial Investments	31.913	28.400
Embedded Derivatives	1	14
Currency Derivatives	258	39
Interest Rate Swaps	-1.737	-1.011
Bank Loan	-43.704	-44.970
Total Financial Assets and Liabilities	-10.168	-11.166

Embedded Derivatives

The embedded financial derivative occurs as a result of currency fluctuations between RUB and USD. Most of the tenancy lease agreements include a clause with a minimum Exchange rate for the rental. The fair value of this asset is estimated base don currency forecasts, followed by calculations using the Black & Scholes model.

Interest Rate Swap

The parent company has entered into interest rate swap agreements with the lender, Swedbank, which fixes the interest on most of the bank loans. Fair value of the interest swap is based on expectations of future cash flows with today's interest rates and the yield curve over the remaining fixed period.

Currency Derivatives

The company has entered into currency derivative contracts to hedge portions of its exposure to foreign currency (NOK). Accrued profits and losses are presented on the balance sheet based on the currency rate on the closing date compared to the agreed future exchange rate on the forward contracts. The company does not apply hedge accounting for these derivatives.

Bank Loan

The parent company has two loans to finance its properties. The loans are secured with pledge in investment properties, and is repaid in quarterly instalments. The first loan (Gasfield) started in September 2008. The second loan started in June 2011. Loans are presented in the statement of financial position at amortised cost, and repayments within 12 months are presented as short term liability.

	30.06.2014	31.12.2013
Long-term Liability	41.098	42.364
Short-term Liability	2.606	2.606
Total Loan at Amortised Cost	43.704	44.970

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 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 assets measured at fair value	Level 1	Level 2	Level 3	Sum
Held-for-trading investments: quoted shares	18.809			18.809
Held-for-trading investments: investment funds	13.104			13.104
Forward currency contracts		258		258
Embedded derivatives		1		1
Sum financial assets measured at fair value	31.913	259	0	32.172

Financial liabilities measured at fair value	Level 1	Level 2	Level 3	Sum
Interest rate swaps		1.737		1.737
Sum financial assets measured at fair value	0	1.737	0	1.737

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
	30.06.2014	31.12.2013	30.06.2014	31.12.2013
Financial assets
Financial assets	23	13	23	13
Other receivables	544	625	544	625
Derivative financial assets at fair value	1	53	1	53
Held-for-trading financial investments	31.913	28.400	31.913	28.400
Cash and cash equivalents	3.101	6.362	3.101	6.362
Sum	35.582	35.453	35.582	35.453

Financial liabilities
Interest-bearing loans and borrowings	43.704	44.970	43.905	45.208
Trade liabilities	104	95	104	95
Derivative financial liabilities at fair value	1.737	1.011	1.737	1.011
Other current liabilities	5.158	4.426	5.158	4.426
Sum	50.702	50.502	50.904	50.741

5. Finance Income and Costs

	6M 2014	6M 2013
Currency
Currency Gain	18	1.732
Currency Loss	-348	-1.805
Net Currency Gain (Loss)	-330	-73

Finance Revenues
Interest Revenue	77	163
Fair Value Adjustment, Financial Investments	6.789	0
Fair Value Adjustments, Derivatives	0	3.090
Other Financial Revenues	65	9
Sum	6.931	3.262

Finance Cost
Interest Costs	-1.502	-1.547
Fair Value Adjustments, Derivatives	-745	0
Fair Value Adjustments, Financial Investments	0	-487
Other Finance Gains (Loss)	-63	-131
Sum	-2.311	-2.164

Net Finance Gains (Losses) 4.290 1.024
----------------------------------------------	--

6. Shareholder Information

20 Largest Shareholders as at 30 June 2014:

Shareholder	Type *	Country	Shares	%
DNB LUXEMBOURG S.A.	NOM	LUXEMBOURG	2,581,775	13.43%
SKANDINAVISKA ENSKILDA BANKEN AB	NOM	SWEDEN	2,416,891	12.57%
SKANDINAVISKA ENSKILDA BANKEN AB	NOM	UK	1,257,971	6.54%
STORM REAL ESTATE ASA			879,299	4.57%
DEUTSCHE BANK AG	NOM	UK	709,759	3.69%
AS BJØRGVIN			579,675	3.02%
J.P. MORGAN CHASE BANK N.A. LONDON	NOM	UK	529,600	2.75%
AS BANAN			476,338	2.48%
FINANSFORBUNDET			416,650	2.17%
ØRN NORDEN AS			348,060	1.81%
AUBERT VEKST AS			281,000	1.46%
STIG AS			225,615	1.17%
S. UGELSTAD INVEST AS			191,095	0.99%
TDL AS			182,250	0.95%
ALLUM GERD NINNI			181,250	0.94%
MOTOR-TRADE EIENDOM OG FINANS AS			180,000	0.94%
LANGBERG INGRID MARGARETH			173,750	0.90%
ALBION HOLDING AS			155,250	0.81%
SVENSKA HANDELSBANKEN AB FOR PB	NOM		150,000	0.78%
SKARET INVEST AS			125,000	0.65%
OTHER SHAREHOLDERS			7,183,694	37.37%
SUM			19.224.922	100,00%

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

Treasury Shares

The company has bought and sold treasury shares in the period.

	30.06.2014	31.12.2013
Treasury Shares as of January 1st	721.799	21.799
Net Purchase of Treasury Shares	157.500	700.000
Deletion of Treasury Shares (*)	0	0
Treasury Shares at Closing Date	879.299	721.799

**(*) Deletion of Treasury shares**

The General meeting on 7 May 2014 resolved deletion of 879.299 shares.

Deletion of shares requires a creditors notice, the deletion was therefore not formally completed as at 30 June.

7. Tax Expenses

Income Taxes in the Income Statement	6M 2014	6M 2013
Current Income Tax Expense	1.677	2.468
Deferred Income Tax	-678	3.451
Total Tax Expense for Period	999	5.919

8. Transactions with Related Parties

	6M 2014	6M 2013
Storm Capital Management Ltd.	649	639
Storm Capital Partners Ltd *)	202	198
Sum	851	837

*) Former name Surfside Ventures Ltd

9. Other Current Liabilities

	30.06.2014	31.12.2013
Taxes and Duties Payable	3.389	2.605
Advance Rents Received	1.492	1.550
Other Current Liabilities	278	271
Sum	5.158	4.426

10. Other Current Receivables

	30.06.2014	31.12.2013
Taxes and Duties Receivable	271	401
Other Receivable	296	238
Sum	567	639

11. Segment information

	Property	Property		Sum
	shares	Russia	Other	Group
Total earnings per segment	5.721	-2.875	-1.855	991

Assets	18.809	100.174	14.576	133.559
Liabilities	0	52.894	6.644	59.538
Net assets	18.809	47.280	7.933	74.021

Declaration by Board of Directors and General Manager

We confirm that the interim financial statements for the period 1 January to 30 June 2014 has, to the best of our knowledge, been prepared in accordance with IAS34 Interim Financial Reporting and that the information in the statement gives a true and fair view of the Company's consolidated assets, liabilities, financial position and results of operations.

The interim report gives, to the best of our knowledge, a true and fair overview of important events in the period and their effect on the interim financial statements, and a description of material transactions with related parties.

We confirm that, to the best of our knowledge, the interim report includes a fair review of the information under the Norwegian Securities Trading Act section 5–6 fourth paragraph.