Investor reports from Mare Baltic PCC Limited, ScandiNotes III series 2005-1 and ScandiNotes IV series 2006-1

On behalf of Mare Baltic PCC Limited, the issuer of the above notes, listed on
the Nasdaq OMX Copenhagen Stock Exchange, HSH Nordbank Copenhagen Branch, in
its capacity of Listing Agent to Mare Baltic PCC Limited hereby publishes
Investor Reports for ScandiNotes III and IV. The reports have been approved by
Mare Baltic's Board of Directors. 

The investor reports are attached and can also be downloaded from
www.scandinotes.com.