Pareto World Wide Offshore AS - Pareto Project Finance

Net Asset Value Development (POK)NAV in the feeder company Pareto Offshorekapital ASA («POK») increased by 2.2% during H1’12 and isup 11% in the past 12 months. POK currently has more than 1,600 shareholders and the company actsas the main marketplace for second hand transactions for small, non-institutional investors.NAV developmentNAV as of 30.06.2012 was NOK 54, up 2.2% on theprevious NAV as of 31.12.2011 and up 11.1 % for thepast year (IRR), both adjusted for the repayments ofcapital made to shareholders (NOK 8.60 per share inQ3’11 and NOK 6.30 per share in Q2’12).Direct yieldPWWO strives to make cash distributions toshareholders as we move towards the end of thecompany’s life cycle in 2014. As a result, NOK 12 pershare was paid out in June 2012. The ambition is fordistributions to increase in the coming years. POK willpay out a corresponding amount to its shareholders.The proportion of the NOK 6.30 per share repaymentthat related to the underlying payment from PWWOwas NOK 5.30 per share, hence POK financedapproximately NOK 1.00 per share of the repayment toits shareholders from its own cash balance.Last 6 mths Last 12 mths Last 24 mths Since inceptionPOK 2.2% 11.1% 20.9% -31.1 %Oslo Stock Exchange 5.8% -3.4% 24.1% -18.8%Offshore Index * 10.7% -2.4% 41.3% -15.1%* Based on OSE101010 Energy Equipment & Service140POK - NAV developmentNAV per shareNAV per share (dividend adjusted)12010080604020Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12