20111111 storm real_estate_asa_q3_2011_presentation_english 17-16-02

3rd Quarter 20113rd Quarter 2011 FINANCIAL RESULTS PRESENTATIONFINANCIAL RESULTS PRESENTATIONOslo, 11 November 2011

STORM CAPITAL MANAGEMENT

DISCLAIMER

This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitationof an offer to purchase any security future or other financial instrument or product It is not intended to form the basis of anof an offer to purchase any security, future or other financial instrument or product. It is not intended to form the basis of aninvestment decision and has not been verified. Storm Real Estate ASA (“Storm”) makes no recommendation orrepresentation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information containedherein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed.Such information is presented as of the date and if applicable time indicated and Storm does not accept any responsibilitySuch information is presented as of the date and, if applicable, time indicated and Storm does not accept any responsibilityfor updating any such information.

Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipientin the evaluation of the matters described herein; such simulations projections valuations and analyses may be based onin the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based onsubjective assessments and assumptions and may utilise one among alternative methodologies that produce differingresults; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts andshould not be relied upon as an accurate representation of future events. No representation or warranty is given as to anyof the simulations or analyses or as to the achievement or reasonableness of any future projections or estimatesof the simulations or analyses, or as to the achievement or reasonableness of any future projections or estimates,contained in this document.

This document has been prepared by Storm Capital Management Ltd. and should not be considered impartial researchunder FSA Rules The views expressed may not be supported by independent analysis The author of this document mayunder FSA Rules. The views expressed may not be supported by independent analysis. The author of this document maybe remunerated as a result of transactions generated by this information.

Storm Capital Management Ltd. is authorised and regulated in the United Kingdom by the Financial Services Authority. Itsregistered office is at 100 New Bond Street, London W1S 1SP, United Kingdom.eg ste ed o ce s at 00 e o d St eet, o do S S , U ted gdo

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Key Take AwaysKey Take Aways


KEY TAKE AWAYS

Revenues for Q3 2011 of US$ 2.9 million, compared to US$ 2.7 million for Q3 2010Revenue growth of 9.0% compared to the same period last year1.

2. NAV per share per on 30 September, 2011 of NOK 24.51

Up 1.6% since 30 June 2011

Significant improvement in revenues during Q3 2011

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Significant improvement in revenues during Q3 2011


Q3 in SummaryQ3 in Summary


Q3 AND 1st 9 MONTHS IN SUMMARY

Asset value of real estate portfolio increased by US$0.9 million in the 3nd quarter and US$ 17.6 million for the first 9 months of 2011Real Estate Portfolio

Increase of 0.7% compared to previous quarter and an increase of 20.5% compared to year end

Rental income of US$ 2.9million in the 3rd quarter and US$ 8.9 million for the 1st 9 months of 2011Increase of 9.0% and 9.5% over the same quarter and 1st 9 months last year, respectivelyRental Income

During the 3rd Quarter Storm Real Estate ASA continued to progress negotiations regarding the potential acquisition of a commercial property in Moscow as reported in the last quarter

Transaction subject to acceptable financing terms and board approvalInvestment Program

Comprehensive loss for the 3rd quarter of US$ 5.8 million compared to comprehensive income of US$ 2.6 million in the same period in 2010.

Comprehensive income for 9m 2011 amounted to US$ 13.6 million, compared to US$ 2.6 million for 9m 2010

Comprehensive Income

Negative adjustment of the investment in Eastern Property Holdings of USD 2.1 million during Q3 Liquidity management during the 1st 9 months of 2011 increased the value of cash and liquid

investments by USD 1.7 million, representing an annualised return of 5% for the periodLiquidity management

In 2009 we focused on consolidating our position and on positioning the company for 2010 – Storm Real Estate is Positive quarter and first 9 months performance with continued increase in NAV

NAV per share of NOK 24.51 at the end of the quarterNAV Per Share

g p p g p ynow in a strong position to exploit the many acquisition opportunities in the Russian office marketPositive quarter and first 9 months performance with continued increase in NAV

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QUARTERLY OPERATIONAL UPDATE -QUARTERLY OPERATIONAL UPDATE HIGHLIGHTS

1) Signed lease extension with Gazprom Tsentrremont in Gasfield

2) New tenants in Gasfield

− Concluded lease agreement for the vacant premises with a total area of 237 sq.m. at attractive market rates

− Concluded lease agreements for the gym and the beauty spa (the area of the premises is 600 sq.m.). These premisesare now divided and let to two different tenantsare now divided and let to two different tenants

3) Constructed 8 additional parking slots in Gasfield, all which is now rented out

4) Conducted tender process for the technical maintenance of both Grifon House and Gasfield

T d d t d i d ith d l− Tender process conducted in accordance with approved rules

− Process took 1.5 months

− Result of tender will result in a c. 20% cost reduction for Gasfield

T h i l d f th t d d l ti th t tt ti bidd− Technical procedures of the tender are over, and we are now selecting the most attractive bidder

5) Currently no outstanding rents and fully in line with the approved budget for both Gasfield and Grifon House

Both Gasfield and Grifon House are fully let and lease extension with Gazprom has been concluded

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Both Gasfield and Grifon House are fully let, and lease extension with Gazprom has been concluded


Financial OverviewFinancial Overview


FINANCIAL HIGHLIGHTS 2009FINANCIAL HIGHLIGHTS

(USD ‘000)Full Year First 9 Months 3rd Quarter 2011 31/12/10 30/09/10(1) 30/09/11(1) 30/09/10(1) 30/09/11(1)(USD 000)

Total IncomeProperty Related ExpensesPersonnel Expenses

31/12/10 30/09/10(1) 30/09/11(1) 30/09/10(1) 30/09/11(1)

$8.106 $8.876(2.008) (2.319)

(335) (639)

$11.317(2.761)

(536)

$2.704 $2.947(616) (669)(128) (120)Personnel Expenses

Other Operating ExpensesOperating Profit (Loss) Before Fair Value AdjustmentsGain / Loss from Fair Value Adjustments on Investment Property

(335) (639)(2.617) (2.291)$3.126 $3.6274.446 23.653

(536)(3.335)$4.6854,720

(128) (120)(859) (658)

$1,102 $1.501(209) 14,439

Net Financial Gains (Losses)Earnings Before Tax (EBT)

Total Operating Profit (Loss)(2.639) (2.114)$4.934 $25.165

$7.573 $27.281(1.253)$8.152

$9.405

( )

555 (5.003)$1.449 $10.937

$893 $15.940

Other Comprehensive Income (Net of Tax)(2)

Income Tax ExpenseProfit (Loss) for the Period

(579) (5.755)

(1.724) (5.837)$3.210 $19.328

(348)

(2.244)$5.908

1.906 (13.481)

(706) (3.296)$742 $7.549

Total Comprehensive Income (Net of Tax)(2)

(1) Unaudited.

$2.632 $13.573$5.559 $2.648 ($5.840)

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(2) Net income includes the currency affect of asset revaluations. Storm Real Estate ASA’s buildings are revalued by an external valuer. The local functional currency is RUB, the effect of value change in roubles is presented over the income statement. The remaining effect in USD is allocated to equity and presented over the statement of comprehensive income.


INCOME STATEMENTFINANCIAL HIGHLIGHTS 2009INCOME STATEMENT, ALTERNATIVE PRESENTATION

(USD ‘000) Q3 YTD

Rental incomeProperty related costsNOI from propertiesOth ti t

8.876(2.319)

6.556(2 929)

2.947(669)

2.278(777)Other operating costs

EBIT before fair value adjustment on properties

Fair value adjustment on properties in USD

(2.929)

3.627

17.600

(777)

1.501

880

Net cash managementInterest expensesInterest and contract derivativesNet of FX gains/loses and FX derivatives

1.711(2.043)(1.908)

261

(2.624)(831)

(1.914)447

Other finance expensesNet of FX gains/loses and FX derivatives

(137)261

Net finance 2.115

Tax expense (5 837)

(80)447

(5.003)

(3 296)

Total Comprehensive Income 13 573

Net of other intra-group translation differences excl propertyTax expense

297(5.837)

(5 840)

77(3.296)

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Total Comprehensive Income 13.573(5.840)

STORM CAPITAL MANAGEMENTSTORM CAPITAL MANAGEMENT

BALANCE SHEET

Pro FormaPro Forma31/03/07 31/03/0731/12/10 30/09/11(1) 31/12/10 30/09/11(1)(USD ‘000)

Bank loans $38,824Investment Property $85,860 $103,460 $49.618

Other liabilities $10,325Total non-current assets $86,529 $104,960

$14.534

Shareholder’s equity

Total liabilities

$79 324

$49,149

Total current assets

Cash & liquid investments(2)

$41 942

$38,325 $42,805

$44 672 $85 482

$64.152

Shareholder s equity

Total equity and liabilities

$79,324

$128,471

Total current assets

Total assets

$41,942

$128,471

$44,672

$149,633

$85.482

$149.633q y $ ,$ , $ ,

Solid balance sheet and significant cash position ready to be deployed

$

Solid balance sheet and significant cash position ready to be deployed

11(1) Unaudited.(2) Includes cash invested in liquid securities for cash management purposes.


CASH & LIQUID INVESTMENTS

• The majority of liquid investments were per 30 September 2011 invested in financial securities and funds

R d ti i h d li id i t t i il d t• Reduction in cash and liquid investments primarily due to:

− Decrease in value of financial investments;

− Buy-back of own shares; and

Pro Forma31/12/10 31/03/11 30/06/11 30/09/11 (USD million)

− Reduction in short term debt

( )

Cash & cash equivalents $29.7 $13.9

Financial investments 8.6 33.3

$25.2

34.5

$18.8

24.0

Cash & liquid investments $38.3 $47.2

Cash management transactions with settlement post period end 1.4 1.0

$59.7

(15.5)

$42.8

0.1

Cash & liquid investments comparative balance $39.7 $48.2$44.2 $42.9

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BREAK-DOWN OF CASH & LIQUIDBREAK DOWN OF CASH & LIQUID INVESTMENTS

• 44% of total Cash & Liquid Investments were cash as per 30 September 2011 0%per 30 September 2011

• Other key items included 38% invested in Storm Bond Fund and 17% invested in shares of Russian real estate companies 1%

17%0%

44%

38%

Cash Storm Bond Fund Bonds (other) Shares Other

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OVERVIEW STORM BOND FUND

Sector Exposure of PortfolioWeighted Yield of Portfolio

14.6%

14.0%

14.5%

15.0%

39%

51%

40%

50%

60%

13.0%

12 0%

12.5%

13.0%

13.5%

3% 0%7%10%

20%

30%

Duration of PortfolioPortfolio Credit Rating

12.0%Weighted yield to maturity Weighted yield to call

0%Transportation Real Estate Other Energy Oil Service

16%

10%

9%

21%28%

48%

22%30%

40%

50%

60%

65% 0%

17%11% 10%

21%

0%

12%

2%

17%

0%6%

0%6%

0%

10%

20%

2011 2012 2013 2014 2015 2016 2017 2018

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BBB- BB B CCC and lower Maturity (%) Call (%)


SHARE PRICE PERFORMANCE

NOK• The Storm Real Estate ASA share is t d d O l St k E h 18 00

72%94% (1)

traded on Oslo Stock Exchange

Listed on the Oslo main exchange on 6 July 2010 14,00

16,00

18,00

72%

• Currently more than 500 shareholders

• Storm Nordic Fund and related parties h i i l f St N di F d

10,00

12,00

where principals of Storm Nordic Fund have a controlling interest, are currently the largest shareholders in the Company with a combined stake of c 16 0%(1)

6,00

8,00

with a combined stake of c. 16.0%

• Current share price of NOK 13.90 per share (10 November 2011)

0 00

2,00

4,00

• Net Asset Value 30 September 2011 was 24.51 NOK per share

0,0030 des 08 30 jun 09 31 des 09 30 jun 10 31 des 10 30 jun 11

Storm Real Estate ASA OSEBX

15

(1) As per 30 September 2011(2) Return on the Storm Real Estate ASA share for the period has been adjusted for the NOK 1.5 dividend per share paid out in Q2 2011.Source: Bloomberg, Netfonds, Oslo Stock Exchange.


Market OverviewMarket Overview


MACRO OVERVIEW - RUSSIA

• Key news for the quarter was Mr. Putin’s decision to stand for the 2012 presidential elections with Mr. Macro Economic Indicators – Q1 2005 to Q3 2011

Medvedev as prime minister

While the decision has attracted certain international criticism, it does effectively remove much uncertainty regarding Russia’s leadership over the next 6 years 10%

20%

30%

g g p y

• Russia’s economy performed relatively well compared to the poor growth in the Euro area

Russian gross domestic product expanded 5.2% in -10%

0%

10%

Q1 05

Q3 05

Q1 06

Q3 06

Q1 07

Q3 07

Q1 08

Q3 08

Q1 09

Q3 09

Q1 10

Q3 10

Q1 11

Q3 11

August compared to a year earlier

Relatively low inflation at 4.7% for the first 9 months

Retail sales in August grew by 7.8% compared to a li

-30%

-20%

year earlier

• The rubel depreciated 15% against the US dollar during the quarter from 27.95 to 32.10

Partly due to political factors and increased capital

-40%

Consumer Conf idence Index (%) Industrial Optimism Index (%)

Partly due to political factors and increased capital outflows from Russia

Source: Rosstat, IET, Cushman & Wakefield

Russia is experiencing relatively solid economic growth compared to the Euro area but with relatively low inflation

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Russia is experiencing relatively solid economic growth compared to the Euro area, but with relatively low inflation


COMMERCIAL REAL ESTATECOMMERCIAL REAL ESTATE INVESTMENTS - RUSSIA

• During the first 9 months of 2011 the volume of commercial real estate investment transactions was Domestic versus Foreign Investment

estimated at USD 6.5 billion

c. 60% more than the c. USD 4 billion for the same period in 2010

I t t i St P t b h i k d60%

80%

100%

Investments in St. Petersburg has picked up significantly compared to previous years

• Cushman & Wakefield expect 2011 to see the highest level of real estate investments ever of USD 7.5 billion

0%

20%

40%

2004 2005 2006 2007 2008 2009 2010 2011 YTD

Partly fuelled by increased inflow of foreign investors

USD illi

Transactions Split by RegionsTransactions Split by Sector

USD illi

Domestic Investors Foreign Investors

USD million USD million

3 0004,0005,0006,0007,0008,000

3 0004,0005,0006,0007,0008,000

01,0002,0003,000

2004 2005 2006 2007 2008 2009 2010 20110

1,0002,0003,000

2004 2005 2006 2007 2008 2009 2010 2011

18Source: Cushman & Wakefield

Hospitality Retail Warehouse Off ice Forecast Moscow Regions St. Petersburg Forecast


OFFICE REAL ESTATE INVESTMENTS -OFFICE REAL ESTATE INVESTMENTS RUSSIA

• Investment activity in Russian commercial real estate continued to grow during the first 9 months of 2011 European Office Clock Q3 2011

The Office segment received c. 30% of total investments, amounting to c. USD 2 billion

Investments in the segment increased by c. 16% compared to the same period last yearcompared to the same period last year

• All these transactions were done in Moscow, of which 90% was in class A office space

The remaining 10% was in class B+ office spaceThe remaining 10% was in class B+ office space

• Prime office yields have stabilised at 9% with a slight downward trend

• The investment market continue to be dominated by ydomestic capital, but foreign capital has returned

Source: Jones Lang LaSalle, July 2011

Continued growth in office real estate investments in Q3 2011

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Continued growth in office real estate investments in Q3 2011


MOSCOW – OFFICE MARKET

• The Moscow office market continued to improve during Q3 2011 Take-up, Completions and Vacancy Rate

Take-up of c. 261,000 sq. meters during the quarter, a slight fall vs. previous quarters however influenced by seasonal factors

S l th ti d t b l d i Q3 2011 d

Million Sq. Meters Vacancy Rate

15%

20%

25%

1.2

1.6

2.0

• Supply growth continued to be low during Q3 2011 and is expected to continue to be low in 2011

c. 121,200 sq. meters were delivered in Q3, compared to 97,233 sq. meters delivered in Q2

0%

5%

10%

0.0

0.4

0.8

New supply coming to the market still on historically relatively low levels, c. 600,000 sq. meters expected to come to market in 2011

V t ti d it d d t d i Q3

Average Base Rental Rates

USD per Sq. Meter per Year

Vacancy Rate Supply Take-Up

• Vacancy rates continued its downward trend in Q3 2011 after a brief uptick in Q2 2011

Average vacancy rate in Q3 stood at c. 13%

Limited new supply is expected to reduce the

Research Estimates

p q p

1,000

1,500

2,000

Limited new supply is expected to reduce the vacancy rate further towards the end of the year

• Class A rental rates continued to increase by c. 9.5% in Q3 2011 while Class B renal rates remained stable

0

500

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

E20

12E

2013

E20

14E

2015

E

Class A Class B

20Source: Jones Lang LaSalle, Cushman & Wakefield, CBRE

Class A Class B


ST. PETERSBURG – OFFICE MARKET

• Class A and Class B modern office space stock reached almost 1.96 million sq. meters in Q3 2011 Net Absorption Rate of New Buildings

Six new office projects totalling 67,200 sq.metersdelivered in Q3 vs. two new projects in Q2

Four Class B office buildings, one Class A office b ildi l th l l Cl A j t St

Sq. Meters

60 00080,000

100,000120,000140,000

building plus the large scale Class A project St. Petersburg Plaza

Pipeline of office projects under construction is currently limited

-20,0000

20,00040,00060,000

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

• Jones Lang LaSalle reported a slight uptick in vacancy rates from 12.6% in Q2 2011 to 13.1% in Q3, largely due to a seasonal slowing down of market activity

Cl A 23 4% d Cl BUSD per Sq. Meter per Year Vacancy

Base Rents and Vacancy Rates

Completions Net Absorption

Class A vacancy was 23.4% and Class B vacancy was 9.5% at the end of Q3 2011

• Due to large amount of new buildings quarterly net absorbtion continued to show a negative trend 10%

15%20%25%30%

300400500600700800

• Tenant base continue to be price sensitive – limiting rental growth

Rental rates continued to be stable during the quarter

0%5%10%

0100200

2004 2005 2006 2007 2008 2009 2010 Q3 2011

Vacancy Rate Base Rent Class A Base Rent Class B

21Source: Jones Lang LaSalle, Cushman & Wakefield, CBRE

Vacancy Rate Base Rent Class A Base Rent Class B


Opportunity PipelineOpportunity Pipeline


OPPORTUNITY PIPELINE

• During the 3rd Quarter Storm Real Estate ASA continued to progress negotiations regarding the acquisition opportunity reported in the previous quarterreported in the previous quarter

− Due diligence close to be completed

− Purchase price agreed− Transaction subject to acceptable financing terms and board approvalTransaction subject to acceptable financing terms and board approval

Key Highlights of Potential Acquisition Opportunity

Deal Size

C P /

• Transaction value of below USD 50 million

• Acquisition to be financed partly with existing cash and partly with new debt financing

Counter Party / Developer

Building• Commercial property built in 2009

• Reputable, large international corporation listed on a recognised stock exchange

Location

Building

• Centrally located – in the historical, administrative and business centre of Moscow with excellent communications by both public transport and car

• Building of high international standard

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communications by both public transport and car

An eventual transactions is dependant on accetable financing in a difficult credit market


StrategyStrategy


FOCUSED BUSINESS STRATEGY

Focus on Russia

Acquisition and management of commercial real estate in Russia, and investment in real estate stocks and bonds with Russia exposure

Focus on Russia Focus on class A and class B buildings centrally located in larger cities Main focus currently on Moscow and St. Petersburg

Focus on yielding Provides a secure income stream with gearing potential to increase return on equity

High quality property portfolio and

propertiesetu o equ ty

Properties with solid and diverse tenant base

Favourable legal t t

Ensures flexibility and security for investors Optimises flexibility in making new acquisitions to property portfolio or in

poperations

100% occupancy ratio with solid,

structure Optimises flexibility in making new acquisitions to property portfolio or in divesting existing assets

Own local management in

Buildings managed by a team of six locally based professionals Maintenance outsourced to experienced operators

,long-term tenants

Market segment gRussia Close relationship with tenants

Capitalise on strong reputation

Maintain high standards of quality, safety and reliability Aim to be a preferred landlord in the Russian market

ff S S

gwith considerable upside potential

reputation Effectively utilise Storm Real Estate ASA’s strong reputation in the market and established relationships with key stakeholders

Optimise shareholder value

Create value for the shareholders through combining solid operations with creating a liquid market for the share

Well positioned for growth

value Active investment strategy to maximise exposure to Russian real estate

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Appendix 1: Storm Real Estate ASA OverviewAppendix 1: Storm Real Estate ASA Overview


WHY STORM REAL ESTATE ASA

S lid t k d

Strong t t

Only listed ff i

Solid track record on existing portfolio

management team and local

administration in Russia

company offering a pure-play exposure to the Russian real

estate market

Strong balance sheet

Ideally positioned to capitalise on a market up turnmarket up-turn

Strong pipeline of acquisition q

opportunities

Storm Real Estate ASA is ideally positioned to capitalise on a potential up turn in the Russian real estate marketStorm Real Estate ASA is ideally positioned to capitalise on a potential up-turn in the Russian real estate market

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OVERVIEW OF STORM REAL ESTATE ASA

To build a leading real estate company through the acquisition and management ofVision To build a leading real estate company through the acquisition and management of commercial real estate in Russia, including investments in shares and bonds

Focus Class A and class B buildings centrally located in larger cities Main focus on Moscow and St. Petersburg

Current property portfolio Gasfield Building in Moscow and Grifon House in St. Petersburg Total gross area of c. 20,000 square meters, with both buildings fully let Blue chip tenants within oil, gas and pharmaceuticals

History Established in 2007 by Pareto Securities and Colliers International On 1 November 2008 Storm Capital Management Ltd. took charge of the management Acquired Grifon House in April 2009 for USD 17 million on a debt free basis

Shareholders Traded on the Oslo main exchange Currently more than 550 shareholders

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HIGH QUALITY PROPERTY PORTFOLIO

Gasfield Building Grifon House

• Class B building located centrally in Moscow / “Gazprom land”

• 15,000 square meters of which 11,516 square meters are lettable

• Built 2006

• Occupancy ratio of 100%

• Fully renovated class B building located centrally in St. Petersburg

• 6,970 square meters of lettable office space

• Includes air conditioning and secure parking

• Easy to access area with two metro stations nearbyp y

• Currently 15 tenants of which Gazprom is currently the largest

• Storm Real Estate ASA completed the largest lease deal in Russia during H1 2009 with Gazprom for the lease of office space in Gasfield

• Annual property related net operating income of c. USD 6.3 million

y y

• Occupancy ratio of 100%

• Building fully let to an affiliate of Swiss PSI Cro AG

PSI Cro AG is a leading Contract Research Corporation specialising in conducting clinical trials in Eastern Europep p y p g g p

• Annual property related net operating income of c. USD 2.1 million

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STORM REAL ESTATE ASA –STORM REAL ESTATE ASA OPERATIONAL STRUCTURE

Team of 11 people based in London Team of 11 people based in LondonResponsibilities Overall responsibility and strategic direction of the company Acquisitions and disposals, as well as active investment management Finance

LondonFinance

Management, administration and relationship building Investor relations

Team of 6 people based in Russia – 5 in Moscow and 1 in St. PetersburgResponsibilities

The London and Russia teams work closely together on a day-to-day basis

Moscow and St. Petersburg

Responsibilities Day-to-day management of the buildings Tenant management / relationship building New tenant sourcing Up-keep

Strong team of 17 professionals split between London Moscow and St Petersburg

Up eep Local due-diligence

Strong team of 17 professionals split between London, Moscow and St. Petersburg

30


Appendix 2: Storm Capital Management OverviewAppendix 2: Storm Capital Management Overview


Fund portfolioOVERVIEW OF STORM CAPITALCONTACTSTORM CAPITAL MANAGEMENT LTD.

Storm Capital Management Ltd. is an independent investment management firm focusing on energy transport and real estate in the

OVERVIEW OF STORM CAPITAL MANAGEMENT LTD.

management firm focusing on energy, transport and real estate in the Nordic markets and Russia.

Through our funds, we offer a range of strategies and employ fundamental research combined with active portfolio management to achieve the greatest risk adjusted returns

Storm Nordic Fund was launched in November 2006, under SEB Fund Services Luxembourg's umbrella. The Fund had previously been traded as the Norwegian domiciled fund called Ørn Norden AS, with a track record dating back to 2002. The objective was to provide i t ith th t it t i t i th N di k t b t kiachieve the greatest risk-adjusted returns.

The client base consists of a combination of family offices, high net worth individuals and institutional investors.

The Company is based in London and has 11 employees of whom 3

investors with the opportunity to invest in the Nordic markets by taking advantage of the expertise of the portfolio managers.

The Company is based in London and has 11 employees of whom 3 are investment professionals. Storm Real Estate ASA employs an additional 6 people in Russia.

Storm Capital’s edge lies in its deep industry knowledge and network in its core sectors Storm Capital has direct access to and regular

Storm Bond Fund was launched in September 2008, as a response to demand from investors and the opportunity seen by the managers in the credit market. Storm Bond Fund exclusively invests in bonds in the same markets as Storm Nordic Fund and is also administrated by SEB F d S i i L bin its core sectors. Storm Capital has direct access to and regular

meetings with management of targeted companies. The portfolio managers together have more than 40 years experience from asset management and corporate finance.

Storm Capital Management Ltd is authorised and regulated by the

SEB Fund Services in Luxembourg.

Storm Real Estate ASA was launched in November 2008 whenStorm Capital Management Ltd. is authorised and regulated by the FSA in the UK.

Storm Real Estate ASA was launched in November 2008 when Storm Capital Management Ltd. took over the management of Norwegian company E-Star Property AS, by taking an activist approach to one of its investments on behalf of Storm Nordic Fund. The Company has invested in two yielding properties in Moscow and St. Petersburg.

32

St. Petersburg.


CONTACT

100 New Bond Street

CONTACT

London, W1S 1SPUnited Kingdom

Einar Pedersen – CFOE-mail: einar@stormcapital co ukE mail: [email protected]: +44 (0)207 409 33 69Fax: +44 (0)207 4913464

Web: www.stormcapital.co.uk

33

Economy & Finance

20111111 storm real_estate_asa_q3_2011_presentation_english 17-16-02