KMC Properties ASA — Net Asset Value 2010

Aug 20, 2010

Storm Real Estate ASA - NAV per share climbs to NOK 22.70 as of 30 June

NAV per share:

NAV per share up from 20.34 to 22.70 NOK.

Rental Income:

Rental Income up 13% year-on-year.

Comprehensive Income:

Comprehensive Income flat due to currency and

interest fluctuations

Real Estate Portfolio:

Asset value of real estate portfolio increased by US$

2.2 million.

Listing on the Oslo Stock Exchange:

Successful listing of Storm Real Estate ASA on the

Oslo Stock Exchange-main list on 6 July.

Acquisitions:

Letter of intent signed for the acquisition of a new

property. Storm Real Estate ASA however passed on the

acquisition due to findings in the due-diligence

process.

Attached is a presentation and interim report for the

2nd quarter and 1st half of 2010.

For more information, please contact:

Morten Astrup, CIO

Storm Capital Management Ltd.

morten@stormcapital.co.uk

Telephone: +44 (0) 7778 888 000

About Storm Real Estate ASA:

Storm Real Estate ASA's business strategy is to

acquire and manage modern yielding commercial

properties in Moscow and St Petersburg. The Company

only invests in yielding properties and is therefore

not exposed to development risks. The property

portfolio comprises two office buildings, Gasfield in

Moscow and Grifon House in St. Petersburg, with a

total lettable area of approximately 20,000 square

metres. Storm Real Estate ASA has been successful in

keeping the properties fully let out through

challenging times, reflecting the strength of the

individual assets, as well as of their tenants. Storm

Real Estate ASA is managed by Storm Capital

Management Ltd in London.