Accounting Principles

The consolidated financial statements of MPC Container Ships have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as adopted by the European Union. The consolidated financial statements are prepared on the basis of historical cost.

The consolidated financial statements comprise the financial statements of MPC Container Ship ASA and its subsidiaries (collectively referred to as the “Group”) as at the date of reporting. Assets and liabilities, expenditure and income may only be included in the consolidated financial statements for subsidiaries over which the Group has control.

The consolidated financial statements are presented in US Dollar (USD), which is the functional currency of the parent company (MPC Container Ships ASA).