Investor report from Mare Baltic PCC Limited, ScandiNotes® III series 2005-1

On behalf of Mare Baltic PCC Limited, the issuer of the above notes, listed on
the OMX Copenhagen Stock Exchange, HSH Nordbank Copenhagen Branch, in its
capacity of Listing Agent to Mare Baltic PCC Limited issues the following
announcement. 

The Board of Directors have on approved the investor report as of 30. November
2007. 

Mare Baltic PCC Limited is the issuer of ScandiNotes® I series 2003-1,
ScandiNotes® II series 2004-1, ScandiNotes® III series 2005-1 and ScandiNotes®
IV series 2006-1. 

The investor report is attached to this file.





On behalf of Mare Baltic PCC Limited


HSH Nordbank AG, Copenhagen Branch