SHIPSINVEST AS
- High dividend, low operational risk -
COMPANY PRESENTATION
September 2017
i. Introduction to Shipsinvest AS
ii. Investment strategy
iii. Key financials
iv. Appendix 1: Detailed project info
v. Appendix 2: Market information
2
� SHIPSINVEST invests in single purpose ship owning companies
� SHIPSINVEST main focus is service vessels for the offshore oil industry and fish farming industry
� SHIPSINVEST aims to pay quarterly dividends to the shareholders
� SHIPSINVEST has a historical average dividend level of approx. 9,5 % p.a.
� SHIPSINVEST expects to deliver an IRR for each project in the range of 15 – 20 % (incl. sales proceeds)
� SHIPSINVEST invests in vessels with long term BB/TC contracts with solid counterparts
� SHIPSINVEST has an attractive and diversified portfolio of offshore service vessels and live fish carriers
Shipsinvest - Introduction
3
� Shipsinvest AS was established in 2010 as a financial ship owning company
� Shipsinvest has invested approx. NOK 300 mill. in 7 vessels
� Sydvestor AS is administration manager for Shipsinvest AS and for the ship owning companies based on management agreements on ordinary commercial terms
� Representatives of the administration manager represents Shipsinvest AS in the BOD in the ship owning companies
Shipsinvest - Who we are
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40,91 %
Sydvestor Troll DIS
MV Havila Troll(2003)
Stand-by/ Rescue vessel
Since June 2010
Seacor Grant DIS
MV Seacor Grant (2008)
Anchor Handling Tug Supply Vessel
(AHTS)
Since July 2010
� Shipsinvest invests in single purpose companies (SPC`s) owning Vessels with long term BB/TC contracts with solid counterparts
� 60 shareholders as per date
� Non or limited operational risks secured with “step-in arrangements” on the TC-contracts and incentive based purchase options and/or “sales triggers”
The Shipsinvest structure
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Volstad Construction AS
MV Grand Canyon(2012)
Construction vessel
Since October 2012
Grand Canyon II AS
MV Grand Canyon II(2015)
Construction vessel
Since April 2015
Inter Caledonia AS
MV Inter Caledonia(2016)
Live fish Carrier
Since March 2016
Shipsinvest LFC AS
21,68 %70% 34%25%
Shareholders
MV Roy Kristian(2001)
Live Fish Carrier
Since May 2015
MV Christine(2001)
Live Fish Carrier
Since May 2015
100%
Magnus Vaaler
� Vice President in Offshore Merhant Partners AS� Broad experience from equity and debt financing
projects, sale/leasebacks, asset sales/purchases and start-ups and restructurings of companies in the shipping industry
� Holds a Bachelor of Commerce (BComm) degree with specialization in banking and finance from University College Dublin, Ireland
Management and Board of Directors with extensive shipping and capital market experience
Ole-Reinhart Notø – Chairman of the Board
� Lawyer and investor with extensive experience from shipping industry, maritime industry, M & A etc
� Partner in the Norwegian law company Adviso
� Former partner in Schjødt
Frede Uldbæk
� Managing Partner in Sydvestor AS� Experienced director and executive as CFO
from Danish and Norwegian maritime industry, ship owning companies and ship operation of deep sea fishing and offshore service vessels
� Partner in several investment companies
Bjarni Armannsson
� Computer engineer from University of Iceland and MBA from IMD in Lausanne
� CEO of Islandsbanki in Iceland from 1997-2007� Operating director for the private equity firm
Paine&Partners� Today private investor and has industrial
holdings in Iceland as well as operating within shipping and the offshore industry
Jostein Sætrenes, CEO
� Experienced executive as CFO and Director from companies within offshore shipping and finance. CEO from ship owning/ship operation and Bank
� Extensive international experience as Director of Boards in shipping companies, shipyards and financing institutions
Board of DirectorsManagement
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Directors and management are shareholders in Shipsinvest AS
Dag Ulstein Kristensen
� Chairman and owner of DUK Invest AS� Experienced investor in the maritime
industry and ship owing companies
Palmar Gjerde
� Chairman and owner of Gjerde Invest AS� Experienced investor in the maritime
industry and ship owing companies
Shareholders as per September 2017
� 59 shareholders as per August 2017
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No
A-shares
No
B-shares
No
C-shares
Total
shares% Represented by
Offshore Merchant Partners GP AS 20 924 1 20 925 36,37 % Magnus Vaaler, board member
Sun Equity AS 3 054 3 054 5,31 % Jostein Sætrenes, CEO
Sydvestor AS 2 907 2 907 5,05 % Frede Uldbæk, board member
Imagine Capital AS 2 500 2 500 4,34 % Bjarni Armannsson, board member
DUK Invest AS 1 857 1 857 3,23 % Dag Kristensen, board member
Hareid Elektriske AS 1 755 1 755 3,05 %
Gjerde Invest AS 1 654 1 654 2,87 % Palmar Gjerde, board member
Pyrofabrikken AS 1 600 1 600 2,78 %
Inger M. Kristensen AS 1 485 1 485 2,58 %
Jeasimo AS 1 361 1 361 2,37 %
Stig Ulstein AS 1 360 1 360 2,36 %
EMAR Invest AS 1 316 1 316 2,29 %
Soltun Invest AS 1 028 1 028 1,79 %
Ulstein Kulen AS 868 868 1,51 %
Laponie AS 720 720 1,25 %
Vikingo AS 664 664 1,15 % Frede Uldbæk, board member
Huk Invest AS 658 658 1,14 %
Palmar Gjerde 636 636 1,11 % Palmar Gjerde, board member
Stig Rune Løvold 620 620 1,08 %
Harald Invest AS 600 600 1,04 %
Evo Holding AS 600 600 1,04 %
Others 9 134 9 372 16,28 % Ole Reinhart Notø, chairman (0,8%)
Total shares 36 615 20 924 1 57 540 100,0 %
i. Introduction to Shipsinvest AS
ii. Investment strategy
iii. Key financials
iv. Appendix 1: Detailed project info
v. Appendix 2: Market information
8
Investment and Financial strategy
� Mission
� To build a company with Vessels with long-term
employment, risk diversification and stable
dividend capacity
� Target segments
� Supply vessels (AHTS and PSV)
� Offshore installations/subsea vessels
� Live Fish Carriers (LFC)
� Support vessels for the fish farming industry
� Passenger and Car Ferries
� Minimum return on investment
� The aim is to pay minimum 7,5% annual repayment
of invested capital (target 10%)
� Minimum IRR of 15% over the investments lifetime
(target 20%)
� Ordinary and preference capital structure to increase
IRR
� Exit
� Put/call options, sales triggers or other exit
mechanism
Investment Strategy Financial Strategy
� Sound financial profile
� Equity ratio of 25-35% at startup of project
� Long-term fixed contracts provide stable
earnings through market cycles
� Stable dividend profile
� Secure financing ahead of committing to new
transactions
� Diversify debt sources
� Bank debt
� Export Credit Agencies
� Bonds
� Strong existing bank relationship
� Established lending relationships with several
banks
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Attractive portfolio of vessels
M/V Havila Troll (2003)
Stand-by Rescue Vessel
Since June 2010
Owner share: 70 %
M/V Seacor Grant (2008)
Anchor Handling Tug Supply Vessel (AHTS)
Since July 2010
Owner share: 21,68 %
M/V Grand Canyon (2012)
Subsea/Construction vessel
Since October 2012
Owner share: 25 %
M/V Grand Canyon II (2015)
Subsea/Construction vessel
Since April 2015
Owner share: 34 %
M/V Roy Kristian (2001)
Live Fish Carrier
Since May 2015
Owner share: 100 %
M/V Christine (2001)
Live Fish Carrier
Since May 2015
Owner share: 100 %
M/V Inter Caledonia (2016)
Live Fish Carrier
Since march 2016
Owner share: 40,91 %
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Vessel name Counterparty Contract ExitEnd of firm
periodT/C security 2027 2028 2029
M/V Havila Troll Havila Shipping ASA Bareboat Purchase option Nov 2024 Statoil
M/V Seacor Grant GSPC Time Charter Sales triggerDecember
2017GSPC
M/V Grand Canyon Canyon Offshore Ltd Time CharterPurchase option
and sales triggerOct 2019 Canyon Offshore
M/V Grand Canyon II Canyon Offshore Ltd Time CharterPurchase option
and sales triggerApr 2021 Canyon Offshore
M/V Christine Intership Norge AS Bareboat Dec 2018 Grieg Seafood
M/V Roy Kristian Intership BC Corp Bareboat Aug 2019 Marine Harvest
M/V Inter Caledonia Intership AS BareboatPurchase option
and sales triggerMarch 2023 Marine Harvest
20262011 2012 2013 2014 2015 2016 2023 2024 20252017 2018 2019 2020 2021 2022
= Contract period = Option period = Construction period
i. Introduction to Shipsinvest AS
ii. Investment strategy
iii. Key financials
iv. Appendix 1: Detailed project info
v. Appendix 2: Market information
12
Net repayments from investments
* Actual annual average dividend from date of investment incl 2016
** Estimated annual average dividend throughout the firm contract period
*** Higher expected relative IRR (25,1%) for ordinary capital due to a 14% IRR «cap» for preference capital (based on sale of all vessels after 8 years).
***
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***
Actual Budget
9,6 % 11,1 % 11,4 % 10,0 % 10,7 % 2,5 % 9,2 % 7,5 %
Actual Budget
M/V Havila Troll 70 % 12,6 % 9,8 % 12,9 % 15,7 % 18,0 % 0,0 % 11,5 % 13,6 % 14,5 % 20,0 %
M/V Seacor Grant 21,68 % 18,1 % 20,0 % 14,9 % 7,4 % 7,0 % 0,0 % 11,2 % NA NA 20,0 %
M/V Grand Canyon 25 % 8,6 % 12,9 % 10,5 % 0,0 % 8,0 % 9,1 % 12,4 % 17,5 %
M/V Inter Caledonia (from Q2 2016) 40,91 % 0,0 % 4,7 % 4,7 % NA 13,4 % 20,0 %
M/V Grand Canyon II (from Q2 2015) 34 % 0,0 % 0,0 % 0,0 % NA 14,7 % 18,5 %
M/V Christine (from Q2 2015) 100 % 13,5 % 17,8 % 15,7 % NA 13,6 % 22,0 %
M/V Roy Kristian (from Q2 2015) 100 % 20,3 % 15,9 % 18,1 % NA 18,7 % 22,0 %
2016
2016
(actual)
2011 2012 2013 2014 2015
Actual paid dividend to investors in Shipsinvest AS
Average dividend p.a.
Budget
Net dividend to shareholders in Shipsinvest AS
Average dividend from
date of investment incl
2016
Actual paid dividend from investments
2011
(actual)
2012
(actual)
2013
(actual)
2014
(actual)
2015
(actual)
Avg annual
dividend
for chart
period
Vessel name Ownership IRR
Key financials
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All figures in NOK 2013 2014 2015 2016 Q2 2017
Profit after tax 10 981 601 -415 817 28 464 899 16 804 478 21 750 482
Fixed assets 147 840 945 160 082 479 619 590 508 581 834 537 581 075 607
Current assets 2 709 704 1 676 065 26 233 776 35 611 491 14 466 005
Total assets 150 550 649 161 758 544 645 824 284 617 446 028 595 541 612
Equity 128 256 378 142 240 561 313 193 948 332 556 009 351 588 874
Debt 22 294 271 19 517 983 332 630 336 284 890 019 243 952 738
Total equity and debt 150 550 649 161 758 544 645 824 284 617 446 028 595 541 612
Total cash payments recieved from investments 14 965 098 17 291 580 29 969 225 7 754 580 7 534 018
Total cash payments to shareholders 14 400 000 15 600 000 25 851 233 9 667 507 2 629 918
Dividend to shareholders in % of paid in equity 11,45 % 10,00% 10,74 % 2,50 %/ 5 % 0,00 %/2,50 %
In 2016 the A-Shareholders received repayment of 2,5% and the Pref. shares receieved 5 % repayment.
As per June 2017 the A-Shareholders have not revceived any payment. The Pref.sharees had received 2,5 % repayment.
Debt overview – attractive long term financing in place
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Single Purpose Company Vessel nameOriginal facility
amount
Outstanding amount
Per 30/6-17Profile Interest rate
Shipsinvest AS
uncalled capital
Sydvestor Troll AS/DIS M/V Havila Troll USD 44 mill. USD 16,3 mill. 8 year LIBOR + 2,65% NA
Seacor Grant DIS M/V Seacor Grant USD 24,5 mill. USD 4,1 mill. 7 year LIBOR + 3,35% NA
Volstad Construction AS M/V Grand Canyon NOK 575 mill. NOK 394 mill. 15 year Approx. 6,0% fixed NOKm 14,1
Inter Caledonia AS M/V Inter Caledonia NOK 150 mill. NOK 134,3 mill. 12 year NIBOR + 3,50% NA
Volstad Construction II AS/KS M/V Grand Canyon II NOK 585 mill. NOK 507 mill. 15 year Approx. 5,25% fixed NOKm 19,9
Christine AS M/V Christine NOK 42 mill. NOK 35 mill. 12 year NIBOR + 3,60% NA
Roy Kristian AS M/V Roy Kristian NOK 48,7 mill. NOK 40,5 mill. 12 year NIBOR + 3,60% NA
� Attractive quarterly dividend and attractive IRR for ordinary capital due to a 14% IRR «cap» for preference capital
� Substantial contract backlog provides stability and visibility in future earnings and dividend capacity
� Management and BoD with extensive experience in sourcing and executing transactions
Shipsinvest - Summary
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Ordinary capital (A shares) and preference capital (B and C shares)
• Share classes:
o 63,63% of the company shares are ordinary shares («A» shares)
o 36,37% of the company shares are preference shares (B and C shares)
• B and C shares are not entitled to sales proceeds on MV Havila Troll
• The preference capital:
1. Preferred dividend 10% annual
2. IRR cap 14%
3. Preference capital will be redeemed:
o Listing (IPO)
o After 4 years
o Sales proceeds from vessel sales
o Exit mechanism (2019-2023 – put/call)
• Preference capital gives a substantial upside for ordinary capital
• The existing investments have an IRR in the range of 17 – 22%
• B and C shares have a 14% IRR cap
• Based on this the A shares will get a average of approx 25% IRR on the existing portfolio based on 8 years project lifetime
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i. Introduction to Shipsinvest AS
ii. Investment strategy
iii. Key financials
iv. Appendix 1: Detailed project info
v. Appendix 2: Market information
18
Sydvestor Troll AS
Vessel and charter
Vessel: M/V Havila Troll
Type: Multi Field Standby Vessel (UT 527)
Built: 11.2003
Yard: Havyard Leirvik, Norway
Charterer: Havila Shipping ASA/Statoil Petroleum
Charter: Bareboat charter/TC
Charter ends: November 2024 plus 5 x 1 year options
Key figures
Paid dividend: 2011: 12,6%, 2012: 9,8%, 2013: 12,9%, 2014: 15,7%, 2015: 18%,
2016: 0%, 2017: 5,2 %
Expected IRR: 20%
Ownership: 70%
Financing
Lenders: DvB Bank
Loan amount: USD 16,3 mill
Maturity: 2024
Repayment: 8 year profile
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Seacor Grant AS/DIS
Vessel and charter
Vessel: M/V Seacor Grant
Type: AHTS
Built: 09.2008
Yard: Bender Shipbuilding & Repair Co., USA
Charterer: GSPC, India
Charter: T/C
Charter ends: December 2017 + 6 months option
Financing
Lenders: DvB Bank
Loan amount: USD 4,2 mill
Maturity: 2023
Repayment: 7 year profile
Key figures
Paid dividend: 2011: 18,1%, 2012: 20,0%, 2013: 14,9%, 2014: 7,4%, 2015: 7,0%, 2016: 0%,
2017: 0 %
Expected IRR: 20%
Ownership: 21,68 %
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Volstad Construction AS
Vessel and charter
Vessel: M/V Grand Canyon
Type: Offshore Construction Vessel (ST 259 CD)
Built: 10.2012
Yard: Bergen Group Fosen, Norway
Charterer: Canyon Offshore
Charter: Time charter
Charter ends: Oct 2019 + 5 years option
Financing
Lenders: Sparebank1 SMN and GIEK/Eksportkreditt
Loan Amount: NOK 392 mill
Maturity: 2024
Repayment: 15 year profile
Key figures
Paid dividend: 2013: 8,6%, 2014: 12,9%, 2015: 10,5%, 2016: 0%, 2017: Per q2: 0 %
Expected IRR: 17,5%
Ownership: 25,0%
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Grand Canyon 2 KS
Vessel and charter
Vessel: M/V Grand Canyon II
Type: Offshore Construction Vessel (ST 259 CD)
Built: 04.2015
Yard: Myklebust Verft AS, Norway
Charterer: Canyon Offshore
Charter: Time charter
Charter ends: April 2021 + 5 years option
Financing
Lenders: Sparebank1 SMN and GIEK/Eksportkreditt
Loan Amount: NOK 507 mill
Maturity: 2030
Repayment: 15 year profile
Key figures
Paid dividend: 2015: 0%, 2016 : 0%, 2017: Per q2: 0 %
Expected IRR: 18,5%
Ownership: 34,0%
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Roy Kristian AS
Vessel and charter
Vessel: M/V Roy Kristian
Type: Live Fish Carrier (LFC)
Built: 11.2001
Yard: Sletta Båtbyggeri AS, Norway
Charterer: Intership BC Corp/Marine Harvest Canada
Charter: Bareboat charter /Time Charter
Charter ends: Aug 2019 + 2x1 year option
Financing
Lenders: Sparebank1 Søre Sunnmøre
Loan Amount: NOK 40,5 mill.
Maturity: 2020
Repayment: 12 year profile
Key figures
Dividend: 2015: 20,2%, 2016 : 15,9%, 2017: Per q2: 6,9 %
Expected IRR: 22%
Ownership: 100%
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Christine AS
Vessel and charter
Vessel: M/V Christine
Type: Live Fish Carrier (LFC)
Built: 11.2001
Yard: Sletta Båtbyggeri AS, Norway
Charterer: Intership Norge AS/Grieg Seafood Finmark
Charter: Bareboat charter
Charter ends: Dec 2018
Financing
Lenders: Sparebank1 Søre Sunnmøre
Loan Amount: NOK 35 mill.
Maturity: 2020
Repayment: 12 year profile
Key figures
Dividend: 2015: 13,5%, 2016 : 17,8%, 2017: Per q2: 9,2 %
Expected IRR: 22%
Ownership: 100%
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Inter Caledonia AS
Vessel and charter
Vessel: M/V Inter Caledonia (Hull 44)
Type: Live Fish Carrier (LFC)
Built: 03.2016
Yard: Besiktas Shipyard, Turkey
Charterer: Intership AS/Marine Harvest Scotland
Charter: Bareboat charter
Charter ends: March 2023
Options: Year 3 (MNOK 228), Year 4 (MNOK 226),
Year 5 (MNOK 224), Year 6 (MNOK 222),
Year 7 (MNOK 222)
Financing
Lenders: Sparebank1 SMN
Loan amount: NOK 134,3 mill.
Maturity: 2021
Repayment: 12 year profile
Key figures
Dividend: 2016 : 4,7%, 2017: Per q3: 9,7 %
Expected IRR: 20%
Ownership: 40,91%
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i. Introduction to Shipsinvest AS
ii. Investment strategy
iii. Key financials
iv. Appendix 1: Detailed project info
v. Appendix 2: Market information
26
The Offshore Service Vessel Market – Vessel servicesPlatform Supply Vessels (PSV)
� Transport of cargo to and from offshore oil installations
� Supply of dry bulk, mud and other drilling fluids, food, containers, chemicals, etc.
� Cargo on deck in containers and under deck in tanks
� Some PSV`s are also designed for transport of pipes to Pipe Lay Vessels and Barges
� Vessels size is typically measured in square meter deck area and DWT
� PSV`s are needed during the entire lifetime of a offshore oil field exploration-, installation-,
production- and decommissioning phase)
� The new MODU`s (mobile offshore drilling units) normal requirements of PSV`s service:
Shallow water operation
1 x PSV
(Small/mid sized)
Deep water operation
2 x PSV
(Medium to large)
Deep water operation
2 x PSV
(Medium to large)
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The Offshore Service Vessel Market – Vessel servicesAnchor Handler Tug Supply Vessels (AHTS)
� Rig moves - Tow rigs , platforms and barges that is not self propelled
� Anchor handling – anchoring platforms at new spots when moved
� Supply of dry bulk, mud and other drilling fluids, food, containers, water, chemicals, etc.
� Cargo on deck in containers and under deck in tanks
� Vessels capacity is typically measured in bollard pull, Break Horse Power (BHP) and
winch capabilities
� AHTS`s are needed during the entire lifetime of a offshore oil field (exploration-,
installation-, production- and decommissioning phase)
Rig move Moving an iceberg Anchor handling
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The Offshore Service Vessel Market – Vessel servicesSubsea Construction Vessels (SSCV)
� The services is performed by advanced, dynamically-positioned vessels designed and equipped
for deepwater construction. The services are monitored by ROV and includes:
o Pipeline construction and maintenance incl. lay of rigid and flexible pipes
o Flexible riser installation
o Bottom trenching
o “Package” lifts and deployment
o Reeled flowline installations
o Salvage and decommissioning
o Umbilical, jumper, flying lead and manifold installation
Large vessels – DP3 – Large Deck Area – Moon pool - ROV Hangar – Big Crane – Lifting Tower – Pipelay equipment
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Other Specialized Ship Markets – Vessel servicesLive Fish Carriers (LFC)
� Live fish transport in closed valves combined with both refrigerated seawater system and
UV technology
� Fully equipped/close valve vessels represent a unique transportation concept where the
fish is transported directly from the net cages to the processing facilities in a closed
environment
� Sea lice treatment technology
� Unique fish handling system
� Environmentally friendly ship concept; low fuel consumption, reduced use of chemicals
� The market for LFC’s is growing along with the global fish farming industry. The salmon
farming industry has increased focus on biosecurity, fish welfare and fish quality. This,
combined with new and stricter regulations will require renewal and modernization of the
global LFC fleet
� There is a total of 68 LFC’s in the North Sea with a combined capacity of ~65 thousand m3
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Risk relating to the business� The Company depends on the performance of the charterers of its vessels for its operating cash flows� The Company is exposed to operating, technical and certain other risks relating to the operation� The Company may not be able to charter out its vessels at favorable terms following expiry or termination of the existing charter contracts� Certain of the Company's vessels are subject to purchase options held by the charterer of the vessel, which, if exercised, could reduce the size of the Company's
fleet and its future revenues� The market value of the Company's vessels may decrease, which could limit the amount of funds which the Company can borrow, trigger financial covenants
under the Company's borrowing arrangements, and lead to losses in the event of a vessel sale following a decline in market value� The Company will need to refinance same or all of its financial indebtedness in the future, which it may not be able to do on favorable terms or at all� A significant portion of the Company's borrowing arrangements have floating interest rates, and as a result interest rate fluctuations could negatively affect the
financial performance of the Company� Fluctuation in exchange rates could result in financial loss for the Company� Certain of the lssuer's subsidiaries operate within the favorable Norwegian tonnage tax regime, which may be changed in the future� The Company will from time to time be subject to commercial disagreements, contractual disputes and litigation with its counterparties and others which may
not be resolved in its favor� Certain of the Company's charter contracts, borrowing agreements and other instruments are subject to change of control provisions
Risk relating to the industry� As a substantial portion of the Company's fleet consists of oil-service vessels, the Company is exposed to the offshore oil industry, which is significantly affected
by, among other things, volatile oil prices� Uncertainty relating to the development of the world economy may reduce the demand for the Company' vessels, result in non-performance of contracts by its
counterparties, limit the Company's ability to obtain additional capita! to finance new investments, or have other unforeseen negative effects� Governmental laws and regulations, including environmental laws and safety regulations, may limit the activities of the Company's charterers and affect their
ability to make charter-hire payments to the Company, reduce the vessel values and require capital expenditures for upgrades or modifications to the vessels, and expose the Company to liability
� Development and construction of new sophisticated, high-specification vessels could cause the Company's vessels to become less desirable to charterers� The Company's vessels may be damaged or lost due to events such as marine disasters, environmental accidents, war, terrorism , piracy and other events� Operating internationally subjects the Company to risks inherent in operating in foreign countries� Maritime claimants could arrest one or more of the Company's vessels
Risk relating to the shares� The price of the Shares may fluctuate significantly� There is no existing market for the Shares, and a trading market that provides adequate liquidity may not develop� Future issuances of shares or other securities in the Company may dilute the holdings of shareholders and could materially affect the price of the Shares� Investors in the United States may have difficulty enforcing any judgment obtained in the United States against the Company or its directors or executive
officers in Norway� The transfer of the Shares is subject to restrictions under the securities laws of the United States and other jurisdictions� Shareholders outside of Norway are subject to exchange rate risk
Summary of risk factors
31
This document is intended for general information purposes only and does not constitute solicitation of or an offer to participate in any investment. This document does not, nor does it purport to, constitute any form of investment advice, recommendation or independent analysis. Consequently it has not been prepared in accordance with the rules and regulations governing such publications. The information in this document is not, and does not purport to be, complete. No assurance can be given that the stated investment objectives will be achieved and the value of investments may fall as well as rise. Past performance is no guarantee for future returns. Shipsinvest AS, its directors, employees and consultants, do not accept any form of liability (whether arising in contract, tort or negligence or otherwise) for any error, omission or similar misrepresentation in this general information or for any loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this information or any other person.
The information is strictly confidential and should not be copied or circulated to anyone but the addressed recipients.
Disclaimer
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