Recent investments

Recent Transactions:

SR Bank, 6.40%                                                 Renewable Energy Corp AS, 11.00%

BN Bank, 4.80%                                                 Hjelmeland Sparebank, 4.59%

BN Bank, 3.25% FRN                                           DNB Nor, 5.20%

Kommuninvest i Sverige, 2.60% FRN                    Sparebanken Rogaland, 6.40%

Oslo Bors Holdings                                              Storebrand ASA, 5.90%

Oslo Kommune, 4.90%                                        SEB AB, 5.80%

KFW, 5.25%                                                       BergenHalvoens Kommunale, 4.70%

Swedbank, 5.60%                                              Kollektivtransport AS, 5.17%

Trondheim Kommune, 4,75%                              Sparebanken Nord Norge 5%

Landshypotek AB 2,82% FRN                               Kreditt Forening 2,97% FRN

Lsndkreditt, 4.49%                                             Sparebanken Vest, 4.75%                    

Bond Issue:  

At the beginning of January 2008, Pinemont completed a NOK 600,000,000 (about USdlr 110,000,000) new issue of a bond for and on behalf of Kommunalbanken, a Norwegian Government institution whose mission it is to fund Norwegian local authorities. It was completed in 6 tranches of equal size with 2,3,4,5 and 6 year´s maturity. Kommunalbanken is rated AAA.

We believe that the obvious collapse in the easy-mortgage financed consumer boom in the USA coupled with increasing weakness in parts of the US and other banking systems, will lead to high volatility for certain equities as excessive consumption drops and possibly to further collapses of speculatively funded financial institutions including some banks. Interest rates in the Western economies might be at or near a peak.

We recommend our investor friends to hold up to 30% NOK bonds in an average family portfolio wishing to conserve equity capital while maintaining an inflation-adjusted return of about 3,5% p.a. The Norwegian kroner should remain a relatively safe haven even if the oil price levels drop to USdlrs 40/barrel as the economy is virtually without foreign debt and building foreign investment assets daily.

Vyke
Vyke Communications PLC, combines expertise in VoIP based communication systems, mobile data service creation/handset technology and wholesale carrier network management to provide a converged communication solution. Vyke Communications is cheaper than global VoIP operator Skype in the low cost international landline call market, is now also aggressively pursuing the opportunity for low cost international mobile phone calls through its recently launched mobile software.

They have agreements with Nokia and the Cloud and is better positioned than other participants to capitalize in the growing VOIP segment.

Centennial Property. 

We are currently working on the establishment of a property investment company in Norway,based on the assumption that the current modest internationally driven declines in values seen recently, might be reversed during 2009 following expected weaker interest rates coupled with large pools of capital looking for capital conservation. The Centennial project will put together a blend of different rental maturities and commercial and residential exposure to one of the strongest petroleum supported economies in the world.
 

Villa Organic is a producer of farmed salmon, trout and cod, primarily based on the West coast of Norway. The company covers the whole value chain from juvenile production to the end user. Pinemont Securities helped Villa raise 140 Million NOK in less than a week.

P4
Radio P4 was the first Norwegian commercial FM radio station to broadcast nationwide. Pinemont Securities assisted in taking Radio P4 public in 1993 and the market cap increased from 25 million to 1.6 bln NOK in 7 years. Pinemonts clients sold out all holdings at the top in 2002, and re-entered at the bottom in July 2003. P4 was taken over by Swedish media company Modern Times Group at a price of 30 NOK in the 3rd quarter 2006. Pinemonts clients made substantially higher returns than the sector average.