Real Estate Projects

FEBRUARY 2019 Index

Our vision and philosophy 4

Exited investments 8

Drammensveien 211-213 10

Hanaveien 17 12

Beddingen 8 13

Storogården 14

Present Investments 26

Ole Deviksvei 10-14 30

Storgata 5-7, Oslo 32

Rosenkrantzgate 21, Oslo 34

Breivollbyen, Oslo 36

Enebakkveien 117, Oslo 38

Fornebuveien 1-3, Lysaker 40

CO Lundsgate 8-24, Drammen 42

Pontoppidansgate 7, Oslo 44

Hauketoveien 8, Oslo 46

Industrigata 1, Lier 48

Jessheim Næringspark, Jessheim 50

Eikveien 19-20, Drammen 52

Trondheimsveien 113, Oslo 54

Infarten 2, Kungsbacka 56

Our team 58

We still believe in a strong Oslo commercial real estate market due to; Our vision is Supply growth of restaurants, bars, cultural scenes and concerts in Oslo is at very high level - one restaurant after “to transform the other opens, each district with its own trademark eg; Aker Brygge, Youngstorget, Karl Johan, Majorstuen, bricks into gold” Grünerløkka, Frogner, Kvadraturen and soon Bjørvika. Tøyen, an area in Oslo with at large population of unemployment and social welfare, struggled with startups and new business. Today the area houses 8 different restaurants and drinking places;-Sushi, Turkish, The vision portrays who we are, Nordic, American, Italian and Thai plus 2 bakeries and a cocktail bar have now been established and the whole our investment philosophy and the place has gone through a major transformation. To quote results we wish to achieve. on what New York Times recently wrote about Oslo, “one should visit the city before it is finished and while it is in the middle of this transformation phase.”

Tourists come to visit the city of Oslo as their main destination, not only as a stopover on their way to the Fjords. Norwegians themselves are visiting their own capital in increasing numbers. It is approx. 13,000 hotel Storogården - Vitaminveien 1, Oslo rooms in Oslo now. Almost a doubling since 2000, but still some way up to Copenhagen’s 18,000 and Stockholm’s 36,000 rooms. However, there are over Further on we also believe in Greater Oslo because of all time. All information becomes available and transparent Anders Brustad-Nilsen 5,000 concerts in Oslo every year and more cultural the workplaces that are created here. GDP historically in to everyone Managing Director CEO/Partner events than Copenhagen and Stockholm. Oslo is almost twice as high as in Norway on average per capita. As one example, 60% of Norway’s IT employees are The office community company WEWORK, which we In our opinion, critical volume of an urban city has been based in Oslo and Oslo’s population has clearly the lowest visited in Berlin in October, is now London’s largest tenant, Our investment philosophy is to buy properties with reached and once this ball has started rolling, it just rolls average age compared to the other cities in Norway. housing at 37 locations. Office community companies potential beyond what is normally expected. Some faster and faster. For those of you who have not been consumes up to 10% of all office-areas in London now. examples to illustrate this: be the first mover in an area to Youngstorget for a while, take a trip down there. It is Everyone probably has different opinions about the They rent and sublease office space within the estate as development, show financial creativity in the purchase incredibly exciting to see the majordevelopments that environment and sustainability; car-free or not, whip or an office community. Meeting places are now the heart phase, identify deals off market, optimize tenant contracts, have taken place there for the last 5 years. Companies reward, but Oslo has recently been chosen Europe’s and soul of the office, combining different environments to conceptualize properties or areas, vacant properties for with mainly young talented employees, often in the field environmental capital for its measures for electric cars, interact. MESH, Regus and Spaces are already established further development , etc. We may also invest in cash of technology and media, have established their offices in public transport, recycling, seafront for everyone – all in in Oslo, but WEWORK and others will continue to flow properties where the property, tenant or location this part of the city. all a green transformation. influence the office market in Oslo over the years to come has superb fundamental characteristics and where the from today’s 2% marketshare to maybe 5-6%. property’s ability to stay fully let is high. One of the reasons for all this city-development and its We believe the real estate industry is on its way from offers is, of course, that Norwegians’ purchasing power a non-active asset industry through financial product The combination of reaching a critical urban level, a young Our geographical strategy of concentrating on projects has increased sharply the last 30 years. Did you know and capitalization over the last 15 years, to become an population, a very solid economy, good employment within Greater Oslo still stands. We have previously stated that the purchasing power of shoppers in Markveien on industry where urban development, meeting places, growth and being part of a country with stable framework that Oslo’s high GDP per capita compared to the rest of Grünerløkka is stronger than for the shoppers at Strøget technology and productivity work closer and closer conditions, makes in our view Oslo an very exiting investment Norway (and Norway is top 5 in the world), Oslo’s high in Copenhagen? Regardless; Norwegians have traveled together to create value. Major technological steps have universe for commercial real estate for the next 20 years. transaction volume (2018 was yet another year with over a lot all over the world and been inspired. We want the been made, advanced programs such as VR and map NOK 40 billion in in investment volume in greater Oslo) same retail possibilities at home as we have experienced services contains all the information about the market. Our core investment philosophy is based on containing and increasing market liquidity. Together with Oslo’s abroad and we can certainly pay for it. According to a We are now only a keystroke away from all the addresses, as much hard-facts as possible and we have together populationgrowth, not as much as before, but still on a worldwide ranking, Oslo has the world’s second highest the number of sqm and all the tenants to all real estate with Menon Economics developed the Realkapital Index. high % per year compared to all other western capitals. GDP per capita, only beaten by Zürich. owners in Oslo. A bit scary but fascinating at the same The index was launched in November and it gives

4 5 Real Estate Projects February 2019

Brygg, Storgata 5-7, Oslo a rating on each sub-office-marked in a bottom up We purchased 7 properties in 2018; approach, where we as the only company analyse each business segments in each sub -marked when it comes Drammen Industribygg, a development project where we to employment, local GDP, which segments are present want to build approx 18.000 sqm of big box retail located and trends. Combining this information with knowledge in perhaps one of Buskerud best retail land plots. Brygg, Storgata 5-7, Oslo of sqm per area and per type of building mass, new built, recorded rent levels, vacancy, conversion and prediction Fornebuveien 1-3, 5 minutes’ walk to Lysaker Train station, of each business sector by Menon Economics we can 8.000 sqm office building that needs new energy and Breivollbyen, contains of 5 plots, a total of 32.000 sqm The future is as always uncertain, and the last decade has rate each sub markets attractivity. This tool gives us very concept after being a single tenant building for many close to the Alna terminal and shopping mall, 3 out of 5 overall been a very forgiving market to operate in. During important information in the acquisition phase and will years. The property holds today a high vacancy and a plots has been built with long WALT and single tenants. the last years values have been created by almost doing hopefully reduce risk and add insight to where there short WALT. nothing, yields have followed the decreasing interest rates, might be arbitrage in the marked. Storgata 5-7, a 6.500 sqm retail, restaurant and office and there has been more buyers than sellers due to limited Enebakkveien 117, an office and combination building of building about 150 meters from Oslo Central Station, supply of good assets. It`s fair to say that this is not going 2018 was an active transaction market, both in general 13.000 sqm and 9.000 sqm plot. The property is located Norway’s by far largest communication hub. to be the case for the future. The Norwegian economy and Realkapital Investor in special. We sold and bought in a part of Oslo considered by Oslo Municipality to be is growing, despite a volatile oil-price market. Together real estate for the total amount of almost 4 billion NOK. urbanized and transformed into residential area. Main Ole Deviks vei 10-14, a 28.000 sqm large office and logis- with marginally rising bank margins, and the relative low On the realization part we divested four properties; business plan is to create a small local shopping point tics real estate located at Bryn in Oslo East close to all major expectations on alternative interests, it makes us optimis- Vitaminveieien 1 (22.000 sqm office in Oslo), Hana Sanz containing a grocery store, Pharmacia etc. and/or rezone highways in Oslo and in fair distance to public transport. tic for the commercial real estate market in 2019. But for (a local town center in Sandnes), Beddingen 8 (Office the plot, the whole or partly, to a residential area. ABB is single tenant and has been so since the 1950`s. the next decade the competition will be strong within all sections in CBD Oslo) and Drammensveien 211-213 segments and values will not be created as easy as before. (23.500 sqm Office and car dealer in Oslo West). Rosenkrantz gate 19-21, a CBD office building about In total we now hold a portfolio of 15 properties with an More investors are willing to take more risks and thereby In average we achieved an IRR of 60% and equity 100 meters from the City Hall. The property needs estimated value of NOK 4 billion. The average ownership challenging our business model. In our daily work we need multiple of 3,5 for these projects. You can read more refurbishment and has a potential to be extended with period for a property since the company was established to be even more innovative and develop good properties about each of these projects on page 10-15. more floors as the other buildings in the neighborhood back in 2002, is 4 years. that attracts the tenants and furthermore give our investors has 3-4 more floors than our property. attractive interest.

6 7 Real Estate Projects February 2019

Exited investments

Exited projects 2005 - 2018 (IRR)

250 % 209 %

Realkapital Investor has since 200 % 2005 had an annual average 140 % 135 % 131 % 140 % 150 % return (IRR) above 50% 62 % 100 % 61 % 51 % 41 % 75 % 25 % 42 % 50 % 96 % 18 % 17 % 65 % 66 % 27 % Exited project 2018 IRR Equity X 0 % 5 % 15 % Vitaminveien 1, Oslo 62,0 % 1,8 7 % -50 % -30 % Hanaveien 17, Sandnes 14,5 % 2,3 -100 % Beddingen 8, Oslo 75,0 % 3,0 -100 % Drammensveien 211-213, Oslo 65,0 % 7,3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Exited projects 2005 - 2018 (Equity x)

8,5 8,0 6,9 7,5 7,0 6,5 5,2 5,0 6,0 5,5 7,3 5,0 3,3 4,5 2,4 4,0 3,0 3,0 3,5 2,7 2,7 2,2 1,8 3,0 1,8 1,8 1,4 1,8 2,5 2,0 2,3 1,5 2,6 1,3 1,7 1,0 1,4 0,5 0,0 0,0 0,0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Regnbueveien 9, Oslo (Ski) Alfasetveien 11, Oslo Finnestadveien 44, Stavanger Norgesgruppen Hageveien 20, Tønsberg Nye Hageveien 20 AS Tevlingveien 23, Oslo Maputo Eiendomsinvest AS (50%) Maputo Eiendomsinvest AS (50%) Haugesund Handelsinvest AS Tysk Boligvekst Økernveien 9, Oslo Økernveien 11 -13, Oslo Morenen Kjøpesenter, Østfold Bankbygget, Hamar Mariboesgate 13, Oslo ** 3 x Løvenskiold Handel, Maxbo Grønland 34, Union Brygge, Drammen Linnesstranda 2, Lier Vitaminveien 1A, Oslo Hana Sanz, Sandnes Beddingen 8, Aker Brygge, Oslo Drammensveien 211-213, Oslo

8 9 Real Estate Projects February 2019

Drammensveien 211-213, Oslo

PORTAL SKØYEN – A REAL ESTATE TRANSFORMATION IN PRACTICE

Investment basis During the last two years we have signed three new long- Portal Skøyen was acquired in 2014/2015. The property term leases for 10 to 15 years, covering an area of 7,000 sqm. consists of two addresses; Drammensveien 211 and The new tenants (Verisure, Envac and Qicraft) are attractive, Drammensveien 213. There is also a parking garage for solid companies and the rental terms is at fairly levels. 190 cars. The property was at the investment time More to this, Bilia has extended its premises with an considered as demanding due to lack of maintainance additional 1,900 sqm office space and 25 parking lots. and a challenging location for office rental. Drammens- As the premises appear more attractive for tenants, there veien 211 had a large area of unemployed premises, are continuously ongoing negotiations to complete the rental and no long-term leases, while Drammensveien 213 was situation and take the remaining premises up to fully let. 80 % let to Bilia Norge AS on long-term lease. The building appeared as introvert and anonymous. Exit and return to investors As the development plans has been close to be 100 % Property development and rent realized and the market situation for office buildings in Realkapital Investor have during the last four years Oslo where strong, the timing seemed to be right for a compiled and implemented a comprehensive business realization of the created values. The property was plan. The plan consisted of development of building therefore presented to the market in second half of 2018. facades and common areas with meeting rooms, areas for There were several investors interested in buying the recreation stage and events, as well as restaurant/cantina/ property, which lead to bids at satisfactory levels. barista available for all tenants. The property was divested in January 2019 after an investment and development period of 4 years. The property has now been revitalized with innovative and exciting atrium space and was completed in January 2017. The investment is totally in line with the core strategy The space has a unique atmosphere, combining elements of Realkapital Investor. of a hotel lobby, coffee shop, restaurant, bar and stage that can be used throughout the day and nights for events, The Equity Return on the investment (IRR) was 65 % and meetings, lunches and parties, as well as work areas. the Equity Multiple was 7,3 x. The common areas are suitable for arrangements for up to 350 guests. A brand new and fully equipped fitness center is also established, as well as bicycle parking, wardrobes and shower facilities. All establishments are in state-of-the- art condition.

10 11 Real Estate Projects February 2019

Hanaveien 17, Beddingen 8, Sandnes Oslo

– 2 years – 3 x equity Hanaveien 17 is a local mall near the city center of Sandnes. Originally it was a large shopping mall, but in 2010 it was separated in to 3 units whereof the oceanfront main part was demolished and replaced with residential apartment units. The second unit, Badeland, was shut down and Beddingen 8 consisted of 3 office floors and a partly demolished, leaving the remaining part of parking garage with 11 parking lots. nearly 12 000 square meters of lettable area for The property was sold on the open market retail, fitness and office which Realkapital Investor with medium rent levels and short term rental acquired in December 2010. There is also a parking contracts. The business plan was to relet the garage of 4 250 square meters on the property. offices to (increasing) market levels as well as refurbishment. During the ownership period, Realkapital Investor, have initiated and completed rehabilitation of the One floor was sold after entering a new lease fitness center and renegotiated and extended the agreement with buy-out option. This sale gave lease with Elixia. Renegotiation and extension of full return of equity invested and thus de-risked the lease was also done with the largest tenant, the project. COOP Vest. In addition to this, the remaining lettable area was leased to others, making the After two years the remaining two floors and the property completely let out mostly on long term parking garage was sold in an auction process. leases to solid and attractive tenants. These floors had the same tenants as before, but with increased rent levels. The price per sqm was Based on the good location with sea views from more than doubled and the parking was almost the roof of the property, Realkapital Investor doubled. investigated the possibilities of building residential apartments on top of the existing buildings. In total investors received 3x the equity invested This process has led to projecting of 78 new in two years. apartments, giving a solid potential for further development of the property.

After completing all the processes, the property was presented to the real estate market and sold in 2018. The sales proceeds were distributed to the investors, giving an equity return (IRR) of 14,5 % and an equity multiple of 2,3 x on the investment.

12 13 Real Estate Projects February 2019

Storogården - Vitaminveien 1, Oslo

14 months turnaround – 200 mNOK value creation

Vitaminveien 1 was a fully let building acquired in auction Full focus in a intensive phase 12 months from closing… process, with substantial risk. The WAULT was 3 years • Renegotiated lease with Sector Alarm by under- and tenants only medium satisfied. The key tenant had standing their needs and giving them the required only 15 months remaining lease, and had declined an offer growth space in newbuild. Signed a 15 year lease of 10 new years at low rent level. Additional 4000 sqm was with 45% rent increase paying them TI’s of ~6000 to be vacataed within a year and last lease signed at only NOK based on tenants historical investments 1650 NOK/Sqm with CAPEX of more than 6000 NOK/ • Painted the building black, reprofiled building to Sqm. STOROGÅRDEN In addition the building was introvert and anonymous. • Renegotiated several leases, established rent level at 2100-2300 NOK/SQM But this was the opportunity based on some basic • Increased parking income with 35% (1 mNOK) attributes with the building. first year Vitaminveien 1 has a very central location on top of Storo • Building permit for 9 floors infill building gained 2 Metro station, very good parking coverage, large floors months after application (8 months from closing) and llimited common area addition making the rent area • Discussions with additional new key tenant for all effective. remaining areas in the building (existing and newbuild)

The business plan was made in the bidding phase …thereafter a the property was sold instead of finalizing • Upgrade of profiling of the property, including painting the building phase (IRR driven investor) of facades black, profiling and branding • Value creation 200+ mNOK • Ensure good relations on a personal level to the • Negotiated final 18 years lease on remaining areas key tenants and full focus on renegotiation of these before closing leases • IRR 62 % • Create a more defines product offering, open the building towards Vitaminveien with more glass for extrovert use • Infill building between the current two buildings • Evaluate residential potential and other develop- ments on the plot

Four to five years plan in base case • Plan on building permit and infill/renovation • Additional zoning a potential to start, but sell before final

14 15 Real Estate Projects February 2019

DRAMMENSVEIEN 211-213, HANAVEIEN 17, OSLO SANDNES

Property class: Office Property class: Commercial

Lettable area: 24 300 Lettable area: 8 859

Investment year: 2015 Investment year: 2010

Realization year: 2018 Realization year: 2018

Purchase price: 260 000 000 Purchase price: 106 945 000

Sales price: 561 923 205 Sales price: 126 000 000

Equity multiple: 7,3 Equity multiple: 2,3

Investment period: 4,0 y Investment period: 7,5 y

Equity IRR: 65,0 % Equity IRR: 14,5 %

BEDDINGEN 8, LINNESTRANDA 2, OSLO LIER

Property class: Office Property class: Industrial

Lettable area: 2 079 Lettable area: 11 562

Investment year: 2016 Investment year: 2015

Realization year: 2018 Realization year: 2017

Purchase price: 87 535 000 Purchase price: 136 200 000

Sales price: 162 000 000 Sales price: 165 750 000

Equity multiple: 3,0 Equity multiple: 1,8

Investment period: 2,2 y Investment period: 2,5 y

Equity IRR: 75,0 % Equity IRR: 26,3 %

VITAMINVEIEN 1, MAXBO (MISC), OSLO GJØVIK, HAMAR, ELVERUM

Property class: Office Property class: Retail

Lettable area: 21 394 Lettable area: 9 043 / 10 488 / 2 628

Investment year: 2017 Investment year: 2016

Realization year: 2018 Realization year: 2017

Purchase price: 523 000 000 Purchase price: 222 000 000

Sales price: 775 000 000 Sales price: 250 000 000

Equity multiple: 1,8 Equity multiple: 1,2

Investment period: 1,2 y Investment period: 0,9 y

Equity IRR: 62,0 % Equity IRR: 40,0 %

16 17 Real Estate Projects February 2019

GRØNLAND 34, MORSTONGVEIEN 47, DRAMMEN EIDSBERG

Property class: Office Property class: Retail

Lettable area: 6 701 Lettable area: 15 500

Investment year: 2016 Investment year: 2012

Realization year: 2017 Realization year: 2016

Purchase price: 170 000 000 Purchase price: 172 890 000

Sales price: 206 225 000 Sales price: 189 200 000

Equity multiple: 1,7 Equity multiple: 2,2

Investment period: 0,5 y Investment period: 4,8 y

Equity IRR: 158,0 % Equity IRR: 17,0 %

STRANDGATA 41, ØKERNVEIEN 9, OSLO HAMAR

Property class: Office Property class: Office

Lettable area: 4 802 Lettable area: 12 688

Investment year: 2006 Investment year: 2008

Realization year: 2017 Realization year: 2014

Purchase price: 44 800 000 Purchase price: 214 000 000

Sales price: 18 000 000 Sales price: 415 000 000

Equity multiple: - Equity multiple: 1,4

Investment period: 10,5 y Investment period: 6,6 y

Equity IRR: -29,9 % Equity IRR: 7,0 %

ENSJØVEIEN 4, ØKERNVEIEN 11-13, OSLO OSLO

Property class: Residential Property class: Office

Lettable area: n/a Lettable area: 11 984

Investment year: 2016 Investment year: 2012

Realization year: 2016 Realization year: 2014

Purchase price: 87 000 000 Purchase price: 106 000 000

Sales price: n/a Sales price: 319 938 000

Equity multiple: n/a Equity multiple: 5,0

Investment period: n/a Investment period: 3,0 y

Equity IRR: n/a Equity IRR: 69,6 %

18 19 Real Estate Projects February 2019

ØVRE VOLL GATE 13, OSLO HAGEVEIEN 20, TØNSBERG

Property class: Office Property class: Logistics

Lettable area: 5 420 Lettable area: 16 092

Investment year: 2015 Investment year: 2006

Realization year: 2015 (Investor hand-over) Realization year: 2014

Purchase price: 158 000 000 Purchase price: 105 000 000

Sales price: n/a Sales price: 42 000 000

Equity multiple: n/a Equity multiple: -

Investment period: 0 Investment period: 7,4 y

Equity IRR: n/a Equity IRR: -100,0 %

MARIBOESGATE 13, OSLO MISC (HAUGESUND)

Property class: Office Property class: Commercial

Lettable area: 17 144 Lettable area: 15 673

Investment year: 2014 Investment year: 2007

Realization year: 2015 (Investor hand-over) Realization year: 2013

Purchase price: 404 000 000 Purchase price: 73 000 000

Sales price: n/a Sales price: 88 847 788

Equity multiple: n/a Equity multiple: 2,7

Investment period: 1,0 y Investment period: 6,0 y

Equity IRR: n/a Equity IRR: 16,0 %

TYSK BOLIGVEKST AS MAIL HANDLING FACILITIES (MISC)

Property class: Residence Property class: Logistics

Lettable area: 15 891 Lettable area: 16 045

Investment year: 2007 Investment year: 2009

Realization year: 2014 Realization year: 2010/2012

Purchase price: 125 316 908 Purchase price: 257 000 000

Sales price: 150 000 000 Sales price: 291 000 000

Equity multiple: 1,3 Equity multiple: 1,8

Investment period: 6,9 y Investment period: 1,2 y / 3,6 y

Equity IRR: 4,5 % Equity IRR: 24,0 %

20 21 Real Estate Projects February 2019

FINNESTADVEIEN 44, TEVLINGVEIEN 23, OSLO STAVANGER

Property class: Office Property class: Office

Lettable area: 24 300 Lettable area: 22 000

Investment year: 2005 Investment year: 2004

Realization year: 2007 Realization year: 2006

Purchase price: 227 500 000 Purchase price: 379 500 000

Sales price: 326 200 000 Sales price: 456 000 000

Equity multiple: 5,2 Equity multiple: 3,3

Investment period: 2,2 y Investment period: 3,3 y

Equity IRR: 126,0 % Equity IRR: 96,0 %

HAGEVEIEN 20, TØNSBERG REGNBUEVEIEN 9, SKI

Property class: Logistics Property class: Logistics

Lettable area: 16 092 Lettable area: 10 000

Investment year: 2005 Investment year: 2004

Realization year: 2006 Realization year: 2005

Purchase price: 82 500 000 Purchase price: 100 500 000

Sales price: 105 000 000 Sales price: 127 502 349

Equity multiple: 3,0 Equity multiple: 2,7

Investment period: 1,0 y Investment period: 1,1 y

Equity IRR: 209,0 % Equity IRR: 140,0 %

NORGES GRUPPEN (MISC) ALFASETVEIEN 11, OSLO

Property class: Commercial Property class: Industrial

Lettable area: 28 572 Lettable area: 13 841

Investment year: 2003 Investment year: 2003

Realization year: 2006 Realization year: 2005

Purchase price: 176 175 000 Purchase price: 125 644 800

Sales price: 255 000 000 Sales price: 151 000 000

Equity multiple: 6,9 Equity multiple: 2,6

Investment period: 2,3 y Investment period: 2,0 y

Equity IRR: 135,0 % Equity IRR: 66,4 %

22 23 Real Estate Projects February 2019

GRÅTERUDVEIEN 8, DRAMMEN

Property class: Logistics

Lettable area: 14 934

Investment year: 2010

Realization year: 2011 (Investor hand-over)

Purchase price: 77 369 535

Sales price: n/a

Equity multiple: n/a

Investment period: 1,0 y

Equity IRR: n/a

BRONGSGATAN 10, ÅSTORP (SVERIGE)

Property class: Logistics

Lettable area: 14 934

Investment year: 2010

Realization year: 2011 (Investor hand-over)

Purchase price: 77 369 535

Sales price: n/a

Equity multiple: n/a

Investment period: 1,0 y

Equity IRR: n/a

24 25

Real Estate Projects February 2019

Present investments

ROSENKRANTZGATE 21, OSLO

26 27 Real Estate Projects February 2019

GROW, Fornebu- veien 1-3, Lysaker

Planned facelift

The property, acquired from Fram Eiendom in May 2018, are in progress to be totally refur- nished by to attract new tenants. Many factors consider, the property has a great potential we aim to release. The upgrades are planned to be completed this year.

The property’s superior exposure to E18 and its centrally location within walking distance to “A brand-new restaurant focusses on healthy food Lysaker Station make this a great opportunity and active and lifestyle” (concept illustration) for transformation to attract the right tenants. The first half year we have worked close with a team of architects, designers and contractors to conceptualized GROW. We are proud to soon go into the marked with a sustainable product that will meet the tomorrows workers.

Utilizing the back yard for out-door meeting and event arena (concept illustration)

28 29 Real Estate Projects February 2019

Ole Deviksvei 10-14, Oslo

BUSINESS/DEVELOPMENTPLAN • Cash flow property in the near term

• Repositioning and conceptualization as base for VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) re-lease for mixed use as offices, warehouse, 2018 2019 2020 2021 workshop etc. ample parking and outdoor space Net yield N/A N/A N/A N/A N/A N/A • Longer term re-zoning opportunities including Normalized Net operating income residential development

FACTS Estimated property value

i l le va nn Contact person: Anders Aasand sveie

n Reduction tax values

H a

athussen n H 31.12.2018 s Date of analysis:

e e vensioldanen

m t a Net debt c e rings h r idt v m a n ar a l e n stuen lsen orsvoll ESS 3,2 Property company Realkapital 20 AS l s n e v Stter t ei Wgtd. remaining lease period (years): r s uren n o n v ollen s o ie n e e Value adjusted equity t g gv v Haugerud le rerso i ve en i gard Dlihuset O i e Holmenollen Vettaollen ve n l Date of incorporation 15.01.2019 a e a Year of build: 1950 - 2009 v l Vosen e

A n a Fossum v i o u a e N/A N/A r Estimated property value per sqm

alin r ORDBER H v d u s s h Besserud t a s s l g 27 969 v ullersen e i Lettable spacee (sqm):a Initial project cost 498 895 000 e

v i e e v

s i s e s e n l

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v n

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a v

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a l Office/Industrial /Logistics

r a r B n r Property Property type: v n ire ord Initial project cost per sqm 17 837 nnve a e ie i i n i e e e e n n

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Calculated annual return (IRR) n g s

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B l o u a e l Tenant(s):

r s h i o R 3 n

Eraveien e e r e Net purchase yield 6,2 % a ressanen t tv

stern n n s

Slemdal s SO o e

R le en r rini S m r risvei sen

d dalen Loan-to-value (LTV) r

ellom alsvei Berg 0,0 % e

n Vacancy: n e Steren rd i a REFSE ord Rishospitalet e Paid up equity 185 000 000

v Stig Vestre R 3 Ullevl

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e s *Estimated CPI 2% Holmen stadion s veien l e

d g l l E 28 455 (freehold)i

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Eismara a Land (sqm):n u ien r e e he v g

s c o on i s s h s Ris t A ta v S e t Holen e adserud RA v e No. of shares 1 000 000

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O 150 o v

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d h H s lme v OFHUS rvoll o p IRR SENSITIVITIES

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Haga Holmen SORO OSEien v Equity paid back to partners 0 t

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v ro R a r Net yield N/A N/A N/A N/A N/A

ve ra arelleen e n iordet A UEV DSE Brten nns ie s Re v e la sta v dv e s i Sales trigger 25 % v Vinderen e -10 % BDER i e i e e n Rv 4 n n ardlaus E i

e e BSE t n hgda F E re B resen urura a lin l d Bere v e Steinerud -5 % e REFSAD r n n travane e v i e a e ie Ullevl SAEE t v a l n g sters n a en 0 % Elg t e p sehus s e e RENT ar a A

e r SESAD Vollee n o s se Hu a Aer

ran B +5 %

e i

s n p n U ORSHOV e v l n n Frn l

Haug v ev R 2 RSA e e SSE n o

i n

Stein e i onteello e l s e +10 % e a i v i e i v e

s e D i n e e Hosle n s e PROPERTY AND LOCATION e l n s v n t v

l i a l e v i a i Vestre e a t n o l a e r r e g a i g v e V a r g v e e v r d u e s g t gravlund e r s Radium s e t o s a a l s l g ER l a g s

h o r r s l H r a o i verland a hospitalet e o o V R • Single tenant property located at Bryn in Oslo V e d r t n V n n V 0 % p n VO R 3 o e n d a

e a i r l l rorudanen i i S e

e e l Borgen u t A

e l

rav a n v

v v s e r e i U i H o l

n i d e i i e s v e RE r e n r v v rg n e

a o e g 5 % l N/A Sotta m aorstuen t a

io g i a l F

u e g R s s • Combination property which consists several

t n

Vigelands t t e

i r e t

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v l g n d o l

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odthp e i e e

S 163 a VACANCY

sordet t St Hans v FAERBOR o d

o H AORSUE u buildings. Office comprises five floors in total.

UER i H R 2 haugene r

n n d

e e s l 15 % i i s ar a e g

lev ve Aedi HASE r a s a

g Frogner t u raer e H a engen h Helgese Basement floor contains both storage and work-shop. r paren n n SYE e s e i g 20 % e a d n t e ar v e n i e adderud e U v ir e s n Bestum t a m g te a u i s g r illeaer SDRE Haslum r t s d r Aer V Ho r n a e • Office was refurbished in 2015

e are u c n HOV

e s

ire s n S ie

ernsrud t

s t a s

t t a

g r O e g r E6 e a l n e

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l v S i i s g a v E v UVE t Sollerud t r e a

t e es ll s a i D e i

l F Valle Hovin l e i e e R 3

s a n Ringstae ra n i m v n

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e g

n EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS u e B l

r n g r n R 2 r ar s d m

e v o t e a e • The location is only 5 min from Alnabru, main logistic e ll

a Aer s B d n l ie i s r ire e e n tv n n Botanis hage 18 % 100 % s e g es ie l d e Egne hem S Det ongelige e a

r t v n r og museum a F i e e e 89 % t i Slott n v hub in Oslo, and close to E6 the main highway e a v e t e s v t g Haslum a ur n 16 % nnes d p i g ns ll oll r u E18 eien n a r v H Ringstae sens gate le rn t e ri l l n e s l e o H E r o between Oslo and Oslo airport Gardermoen n 80 % S E18 B s E6 Sarpsno rug igata 14 % t rl v S e Avls n i n ie Ver e ie ESE e n ve rv n Hengsenga VA s ei e S ie m s v d o ve tr S rtn re n lli S a r a 12 %

r ms

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s s e e AE r r

n i Rdhuset gv a e e

v e ra D ie i n 60 % e ic n n H v Frog ie g s n ve n er

es n v s 10 %

i ie tra e e nd

e Stor e a v i iv v e s l n

e Oscarshall i rel

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eerg u t EERSAD n ie 40 % ve n e

li v n n r

vei rd e AER Brn s o l o p

en i O era F t m unn 6 % N/A ram BRYE ele D n VEREA age le F rl n i m

Ballerud v a a e t n e t

e s a Henhall s v F

Filipstad E18 s

A g Aershus r ei e

Store o

m 4 % e v

n n 20 %

e u o s l a i s l

e Stae H s ree e v R slott inerg a a e at d st elets vei O rv t e ich n r r ien ene a 11 % ve n R r v se ie Forneu ne g e as v o S rr ve n s e n 2 % n s gd v ie o e n BYDY e s gate ei e i B e n n

v m e ie g m W a ra n v i R o D g r e e g e s OSO n D r v t 0 %

H e

l B o lhallve

s e Strand O Va ien r

a u n 0 %

Sv s e artda i lstu d l s n e v n d v r i avringen e

n e o e m e le

i e n s r H e v inn 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y

r s a n s e l v t e l

a o e l g n n S s e Srenga v ie d dslett n i ta a a li n e A s tr al v m rs g a e Forneu rnlia o R Hvi g Osena V l a

F Hoveda rv Cash-on-cash return (before tax) Max. interest rate Average duration leases: 3,2 years a E18 e

ire ru n i

m l ng e a ve

o v ien n h

H Blommenholm e

s AERUD S

SESBRE n

o V e r o ar i d d

v g e

e Dna v

altesr e

i EEBER

n e g i

e n u

n ongshavn

e i R

o Ren v n

Hvi g

e o v o i s s V ver v ha n n g n e

e 30 o 31 o s

Saru i v v

e t

v n e r e

t v ie e vollen u e n r s s i v n l e e sv Ro n e ita Eeerghallen ie v Ver n n

lvia Eeerganen H g ordre d amertseter a v Ailds e

Veritas anen e n

Hamna Sands n tuveie Raudseene Real Estate Projects February 2019

Storgata 5-7,

i l le va nn sveie

n Oslo

H a

athussen n

H s

e e vensioldanen

m t a c e rings h r idt v BUSINESS/DEVELOPMENTPLANm a n ar a l e n stuen lsen orsvoll ESS l s n e v Stter t ei r s uren n o o • eNewlyn refurbishedv and renewed property based in ollen s i n e e t g gv v Haugerud le rerso i ve n i O ie e gard Dlihuset Holmenollen e n l Vettaollen v a e a central Oslo v l Vosen e

A n a Fossum v i o u a e r

alin r ORDBER H v d u s s h Besserud t a s s v l • Attractiveg cash flow with a good mix of tenants VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) ullersen e e i e a

v i e e

s i s e s e n l

n e n

v n

la engsel og e

e g i t n m

l o e and base of long leases 2018 2019 2020 2021 r

a v

a s

orvaringsanstalt n Haugen rammen S t s resen v e

B a

r l a r B n r v n ire ord nnve a e ie i i n i e e e e n n

n d v v

n l Net yield N/A N/A N/A N/A N/A N/A e s

l ils Ba e

i i l i

a h

Dli n a o • Maintainr a good relationship with existing tenants

d l e e v i e n g s

v n v a v s l s o e l d g v i

B all o u a e l

r s h i o R 3 n

Eraveien e e r e Normalized Net operating income a ressanen t tv

stern n n s

Slemdal s SO o e

R Sle eien • Attractr new tenants on long-term leases with higher rini m r risv sen

d dalen r

ellom alsvei FACTS Berg Estimated property value e

n n e Steren rd i rents to maximize potential value a REFSE ord Rishospitalet e

v Stig Vestre R 3 Ullevl Morten Warberg n Contact person: v

e s Reduction tax values Holmen stadion s veien l e d

l E g il

n Eismara a n u ien r e e he v g

s c o on i s s h s Ris t A ta v e 31.12.2018 S Date of analysis:t Holen e adserud RA v e i i s l Net debt l e irel e

O 150 o v

S a s n F nar t s redhe H e h

i D

m sters t n c n

a n u e a e i

E 11,2 e

d h H Property company Realkapital 21 AS s lme Wgtd. remaining lease period (years): v OFHUS rvoll

o n o p s s H l o a v l Bis s n

ordli e e l

l stre a Value adjusted equity e

s i e i

l e v d olde e

n n g e a

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t l v e l

i 1903 / 1957 e s

Date of incorporationv 21.12.2018 a Year of build: o B

u Voldsla r n

v ro R a r

ve N/A N/A ra Estimated property value per sqm arelleen e n iordet A UEV DSE Brten nns ie s 6 513 Re v e la Lettable space (sqm): Initial project cost sta 287 500 000 v d e s v v Vinderen e i BDER i e i e e n Rv 4 n n Share value per 1 % ardlaus E i e e BSE

t n Office hgda F E re B Property Property type: resen

urura a lin l Initial project cost per sqm 44 142 v d Bere e Steinerud e REFSAD r n n travane Calculated annual return (IRR) e v i Øslo / Third Space / Stormberg / Misc. e Tenant(s): a e ie Ullevl SAEE t v a l n g Net purchase yield 4,8 % sters n a en Elg t e p sehus s e re a Loan-to-value (LTV) a A 4,0 %

s Vacancy:

e r SESAD Vollee n o s se Hu a Aer

ran Paid up equity 82 500 000 B

e *Estimated CPI 2% i s n 889 (freehold) p n U Land (sqm): ORSHOV e v l n n Frn l

Haug v ev R 2 RSA e e SSE n o

i No. of shares n 1 000 000

Stein e i onteello e l s e e a i v i e i v e

s e D i n e e Hosle n s e e IRR SENSITIVITIES l n s v n t v

l i a l e v i a i Vestre e a t n o l a e r r e g a i g v e V a r g v e e v r d u Equity paid back to partners 0 e s g t gravlund e r s Radium s e t o s a a l s l g ER l Net yield N/A N/A N/A N/A N/A a g s

h o r r s l H r a o i verland a hospitalet e o o V V e d R r t n V p n n V n VO R 3 o e n d a

e a i r l l rorudanen i i S e e -10 %

e l Borgen u t A

e l Sales trigger 25 %

rav a n v

v v s e r e i U i H o l

n i d e i i e s v e RE r e n r v v rg n e

a o e g -5 % Sotta m l aorstuen t a

io g i a l F

u e g

R s ts n

Vigelands t t e

i r e t 0 %

Hosle e e l a

v l g n RENT

d o l

anlegget e

odthp e i

e e

S 163 a

sordet t St Hans v FAERBOR o +5 % d

o H AORSUE u

UER i H R 2 haugene r

n n d e e s l i i s ar a e g +10 %

lev ve Aedi HASE r

a s PROPERTY AND LOCATION a

g Frogner t u raer e H a engen h Helgese r paren n n SYE e s e i g e a • Storgata 5-7 is centrally located near to Oslo Central 0 % d n t e ar v e n i e adderud e U v ir e s n Bestum t a 5 % N/A m g te Station (1 minute walk), the main public transport hub a u i s g r illeaer SDRE Haslum r t s d r Aer V Ho r n

B a e

e are u c n HOV 10 %

e s

ire s n S ie in Oslo.

ernsrud t VACANCY

s t a s

t t a

g r O e g r E6 e a l n e

i e l e o

l v S i i s g a v E v UVE t Sollerud t r e a

t e es ll s a 15 % e i D

l F i Valle Hovin l e i e e R 3

s a n Ringstae ra n i m v n

d Beestua lu Furulund m v n en n

e g

n u e B l

r n g r • The property consists of two old buildings, the facade n R 2 r ar s d m 20 %

e v o e a e t e ll

a Aer s B d n l ie i s r ire e e n tv n n Botanis hage s e g es ie l d is listed by the municipality, and some of the floors e Egne hem S Det ongelige e a

r t v n r og museum a F i e e e t i Slott n v e a v e t are interconnected.e s v t g Haslum a ur n nnes d p i g ns ll oll r u E18 eien n a EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS r v H Ringstae sens gate le rn t e ri l l n e s l e o H E r o 18 % 60 % n S E18 B • s Good mix of tenants.E6 The ground floor contains a Sarpsno rug igata t rl v S e Avls n i n ie Ver e ie ESE 16 % e n ve v n Hengsenga VA bar/restaurants with its own brewery and a sports r ei e S ie m 50 % 48 % s v d o ve tr S rtn re n lli S a r a

r ms 14 %

r e t uneda v Oslo domire e

s s e e AE r r

n i Rdhuset gv clothes retailer. In the upper floors there are offices, a e e

v e ra D ie i n e ic n n H v Frog 12 % 40 % ie g s n ve n er

es n v s

i ie tra consisting a various type of companies, such as a e e nd

e Stor e a v i 33 % iv v e s l n 10 %

e Oscarshall i rel leading company within digital and based marketing. 30 %

e ast v g ongen a

eerg u t EERSAD 8 % n ie ve n e

li v n n r vei rd e AER Brn

ns o il o Opera • Storgata is a part of fast-growing Oslo, and soon to 6 % N/A 20 % e F t m unn ram BRYE ele 15 % D n VEREA age le F rl n i Ballerud m a

v be upgraded and renewed by the municipality. a e 4 % t n e t

e s a Henhall s v F

Filipstad E18 s 10 % A g Aershus r ei e

Store o

m e v

n n

e u o s l a i s l

e Stae H s ree 2 % e v R slott inerg a a e at d 3 % st elets vei O rv t e ich n r r ien ene a ve n R r v se ie Forneu ne g 0 % e as v o S 0 % rr ve n s e n n s gd v ie o e n BYDY e s gate ei e i B e n n

v m e ie 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y g m W a ra n v i R o D g r e e g e s OSO n

D r v t

H e

l B o lhallve

s e Strand O Va ien r

a u

Sv s e artda i lstu d l s n e Cash-on-cash return (before tax) Max. interest rate Average duration leases: 11,2 years v n d v r i avringen e

n e o e m e le

i e n s r H e v inn

r s a n s e l v t e l

a o e l g n n S s e Srenga v ie d dslett n i ta a a li n e A s tr al v m rs g a e Forneu rnlia o R Hvi g Osena V l a F rv

a Hoveda E18 e

ire ru 32 33

i n

m l ng e a ve

o v ien n h

H Blommenholm e

s AERUD S

SESBRE n

o V e r o ar i d d

v g e

e Dna v

altesr EEBER e i n e g i

e n u

n ongshavn

e i R

o Ren v n

Hvi g

e o v o i s s V ver v ha n n g n e

e o o s

Saru i v v

e t

v n e r e

t v ie e vollen u e n r s s i v n l e e sv Ro n e ita Eeerghallen ie v Ver n n

lvia Eeerganen H g ordre d amertseter a v Ailds e

Veritas anen e n

Hamna Sands n tuveie Raudseene

Real Estate Projects February 2019

i l le va nn sveie

H a

athussen n

H s

e e vensioldanen

m t a c e rings h r idt v m a n ar a l e n stuen lsen orsvoll ESS l s n e v Stter t ei r s uren n o n v ollen s o ie n e e t g gv Rosenkrantzgate i v Haugerud le rerso ve n i O ie e gard Dlihuset Holmenollen e n l Vettaollen v a e a v l Vosen e

A n a Fossum v i o u a e r

alin r ORDBER H v d u s s h Besserud t 21, Oslo a s s v l g ullersen e e i e a

v i e e

s i s e s e n l

n e n

v n

la engsel og e

e g i t n m

l o e r

a v

a s

orvaringsanstalt n Haugen rammen S t s resen v e

B a

r l a r B n r v n ire ord nnve a e ie i i n i e e e e n n

n d v v

n l e s

l ils Ba e

i i l i

a h

Dli n a o r

d l e e v i e n g s

v n v a v s l s o e l d g v i

B all o u a e l

r s h i o R 3 n

Eraveien e e r e a ressanen t tv

stern n n s

Slemdal s SO o dalen e

R le en r rini S m r risvei sen BUSINESS/DEVELOPMENTPLAN VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

d r

ellom alsvei Berg e

n n e Steren rd • CBD location with multiplei opportunities a REFSE ord Rishospitalet e 2018 2019 2020 2021

v Stig Vestre R 3 Ullevl

n v

Holmen stadion s s veien l e d

l E g il

e n

Eismara a n u Net yield N/A N/A N/A N/A N/A N/A ien • Refurbishment and increasedr rent level e e he v g

s c o on i s s h s Ris t A ta v S e t Holen e adserud RA v e

i i s l l e irel e

O 150 o v

S a s combined withn newbuild/increased height Normalized Net operating income F nar t s redhe H e h

i D

m sters t n c n

a n u e a e i

E e

d h H s lme v OFHUS rvoll

o n o p s s H l o a v l Bis s n

ordli e e l

l stre a e

s FACTS i e i Estimated property value

l e v d e

n oldeg • Fallback as cash-flow property

n e a

Haga Holmen SORO OSEien v t

t l

v e l

i e s

v a o B

u Voldsla r n

Anders Aasand v ro R a Contact person: r

ve Reduction tax values ra arelleen e n iordet A UEV DSE Brten nns ie s Re v e la Date of analysis: 31.12.2018 sta v d e s v v Vinderen e i Net debt BDER i e i e e n Rv 4 n n ardlaus E i

e e BSE t n 3,2 hgda F E re B Wgtd. remaining lease period (years): resenProperty company Realkapital 18 AS urura a lin l d Bere Value adjusted equity v e Steinerud e REFSAD r n n 1866 / 1890 travane

e Yearv of build: i Date of incorporation 12.09.2018 e a e ie Ullevl SAEE t N/A N/A v a Estimated property value per sqm l n g sters n a en Elg t e p sehus 3 496 s e e Lettable space (sqm): ar a A Aer Initial project cost 171 000 000

e Share value per 1 % r SESAD Vollee n o s se Hu a

ran Office B Property Property type:

i Initial project cost per sqm 48 913 s n p n U ORSHOV Calculated annual return (IRR) e v l n n Frn l

Haug v Tenant(s): Gramoev / Grafill / DRS /R Misc. 2 RSA e e SSE n o

i n

Stein e i onteello e l s e e a i v Net purchase yield 4,1 % i e i v e

s e D i n e e Hosle n s e e Loan-to-value (LTV) l n s v n t v

l i a l e v 14,4 % i a i Vestre Vacancy: e a t n o l a e r r e g a i g v e V a r g v e e v r d u e s g t gravlund e r s Radium s e t Paid up equity 71 000 000 o s a a l s l g ER l *Estimated CPI 2% a g s

h o r r s l H r 845 (freehold) a o i verland a hospitalet e o Land (sqm): o V V e d R r t n V p n n V n VO R 3 o e n d a

e a i r l l rorudanen i i S e e No. of shares 1 000 000

e l Borgen u t A

e l

rav a n v

v v s e r e i U i H o l

n i d e i IRR SENSITIVITIES i e s v e RE r e n r v v rg n e

a o e g Sotta m l aorstuen t a

io g i a Equity paid back to partners 0 l F

u e g Net yield N/A N/A N/A N/A N/A

R s ts n

Vigelands t t e

i r e t

Hosle e e l a

v l g n -10 %

d o l

anlegget e

odthp Sales trigger 25 % e i

e e

S 163 a sordet t St Hans v

FAERBOR o d -5 %

o H AORSUE u

UER i H R 2 haugene r

n n d e e s l i i s ar a e g 0 %

lev ve Aedi HASE r RENT a s a

g Frogner t u raer e H a engen h Helgese +5 % r paren n n SYE e s e i g e a d n t e ar v e +10 % n i e adderud e PROPERTY AND LOCATION U v ir e s n Bestum t a m g te Aer a u i s g • CBD property situated right next to Oslo City hall r illeaer SDRE Haslum r t s 0 % d r V Ho r n

B a e

e are u c n HOV

e s

ire s n S ie

ernsrud t

s t a s t t a

r O e g r E6 e 5 % a l n N/A e

i e l e o

l v S i i s g

a v E • All public transportation is availablev nearby UVE t Sollerud t r e a

t e es ll s a e i D

l F i Valle Hovin l e i e e R 3

s a n Ringstae ra n 10 % i m v n

d Beestua lu Furulund m v n en n VACANCY

e g

n u e B l

r n g r Aer n R 2 r ar s d m

e v o e a e • Comprises six floors in total. Four floors of office 15 % t e ll a

s B d n l ie i s r ire e e n tv n n Botanis hage s e g es ie l d 20 % e Egne hem S Det ongelige e space,a retail at ground level and one basement floor.

r t v n r og museum a F i e e e t i Slott n v e a v e t e s v t g Haslum a ur n nnes d p i g ns ll oll r u E18 eien n a r v H Ringstae sens gate le rn t e ri l l n e s l e o H E r EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS o n S E18 B s E6 Sarpsno rug igata 18 % 70 % t rl v S e Avls n i n 64 % ie Ver e ie ESE e n ve rv n Hengsenga VA s 16 % ei e S ie m 60 % s v d o ve Oslo domire tr S rtn re n lli S a r a

r ms

r e t uneda v e

s s e e AE 14 % r r

n i Rdhuset gv a e e

v e ra D ie i n 50 % e ic n n H v Frog 12 % ie g s n ve n er

es n v s

i ie tra e e nd

e Stor e a v i 40 % iv v Oscarshall 10 % e s l n

e i rel

e ast 30 % v g ongen a 8 % 30 %

eerg u t EERSAD n ie ve n e

li v n 6 % N/A n r

vei rd e AER Brn s o l o p 20 %

en i O era F t m unn ram BRYE ele D n VEREA age 4 % le F rl n i m

Ballerud v a a e 10 % t n e t

e s a Henhall s v F Filipstad E18 s 2 % 6 %

A g n Aershus r

Store o e m i

n e

e u o e l a i s

e Stae H s ree v e

v R slott iner s 0 % e gata l 0 % st elets vei O rv a e ich n d r ien ene t 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y ve n R r r e e Forneu n g e ass i e v S a rr ve n s e n s gd v ie v e n BYDY e ono e ei e i B e n n s g t

v m e ie a g m W Cash-on-cash return (before tax) Max. interest rate Average duration leases: 3,2 years a v a Dr n i Ro r e e e s g OSO g D r v t

H n

l B o lhallve

Strand a ien s e O V e

a n

Sv s e artdal i stu r l s n e v n d u r i avringen e

n o m e

e le d e s r n H n v Srenga inn v

r s a s e l v

t e l eie

a o e l g n n S s e 34 v ie d 35 dslett n i ta a a li n e A s tr al v m rs V g e Forneu rnlia r o a v l R Hvi g Osena e a i F en

a Hoveda E18

ire ru

m l n

g n

a ve v

o a ien

h e

r t i

d H

Blommenholm e

F s e S

SESBREveie v

o e n AERUD r g

o e

d i u e

v g v

e Dna R

altesr n

EEBER i

o n ongshavn

s o n Ren

Hvi n o e g v o i s V ver v ha n n g e

m e o s i

Saru e v v t

v n e r e

t v ie e vollen u e n r s s i v n l e e sv Ro n e ita Eeerghallen ie v Ver n n

lvia Eeerganen H g ordre d amertseter a v Ailds e

Veritas anen e n

Hamna Sands n tuveie Raudseene Real Estate Projects February 2019

Breivollbyen, Oslo

BUSINESS/DEVELOPMENTPLAN • Cash flow property with base of long leases VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

2018 2019 2020 2021 • Ample space and opportunities for rental growth based on temporary constructions Net yield N/A N/A N/A N/A N/A N/A Normalized Net operating income • Development of value add opportunities in the FACTS Estimated property value longer run including re-zoning of the property Contact person: Anders Aasand Reduction tax values Date of analysis: 31.12.2018 Net debt Wgtd. remaining lease period (years): 6,8 Property company Realkapital 14 AS Value adjusted equity ORDBER Year of build: 1987/2008 Date of incorporation 16.08.2018 Estimated property value per sqm N/A N/A Lettable space (sqm): 16 369 Initial project cost 444 000 000 Share value per 1 % Property Property type: Retail / Office / Logistics SO Initial project cost per sqm 27 124 Calculated annual return (IRR) Tenant(s):REFSE Bavaria / StarCo / Misc. Net purchase yield 6,0 % Vacancy: 0,0 % Loan-to-value (LTV)

OFHUS Paid up equity 144 000 000 Land (sqm): 32 000 (freehold) *Estimated CPI 2% SORO OSE

DSE No. of shares 1 000 000 UEV IRR SENSITIVITIES BDER BSE Equity paid back to partners 0 Net yield N/A N/A N/A N/A N/A SAEE -10 % Sales trigger 25 % -5 % ORSHOV SSE RSA RENT 0 % ER +5 % A RE PROPERTY AND LOCATION +10 %

AORSUE • Property situated right next to E6, the main highway 0 % HASE between Oslo and Oslo airport Gardermoen. Easy 5 % N/A access from both sides of the property. VACANCY 10 % UVE 15 % • The property comprises 5 different addresses in total. 20 % • Combination of retail, office, gas-station and storage.

ESE VA Retail is a groceries shop (national) and a leading EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS 18 % 60 % AE brand within plants for the Nordics. 16 % 50 % 48 % EERSAD • The property is located within a prioritized areal by 14 %

VEREA the municipality with an estimated rise in population 12 % 40 % 34 % of 15% in the next 10-15 years 10 % 30 % 8 %

6 % N/A 20 % 18 %

4 % SESBRE 10 % AERUD EEBER 2 %

0 % 0 % 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 6,8 years

36 37 Real Estate Projects February 2019

Enebakkveien 117, Oslo

BUSINESS/DEVELOPMENTPLAN • Cashflow property VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

• Increase operating income and tenancy 2018 2019 2020 2021

• Maintain a good relationship with existing tenants Net yield 5,25 % 5,50 % 5,75 % 5,50 % 5,50 % 5,50 %

Normalized Net operating income 13 000 000 13 000 000 13 000 000 13 300 000 13 600 000 13 900 000 • Development of value add opportunities in the longer run including re-zoning of the property to Estimated property value 247 600 000 236 400 000 226 100 000 241 800 000 247 300 000 252 700 000

increase utilization and opportunities (housing and Reduction tax values -20 200 000 -19 200 000 -18 300 000 -19 700 000 -20 200 000 -20 700 000

i l FACTS le va nn svei Net debt -132 200 000 -130 100 000 -128 600 000 -124 900 000 -119 400 000 -113 400 000 e n retail) in collaboration with the municipality

H Morten Warberg Contacta person:

athussen n

H s

e e vensioldanen

m t a c Cash flow after 30.06.2018 0 0 0 0 0 0 e rings h r idt v m a n ar a l e n stuen lsen orsvoll 31.12.2018ESS l s n e v Stter t ei Date of analysis: r s uren n o n v ollen s o ie n e e t g gv v Haugerud le rerso i ve n i O e e 0 0 0 Dlihuset i Dividend after 30.06.2018 0 0 0 gard Holmenollen e n l Vettaollen v a e a v l Vosen e 3,6 A Wgtd.n a remaining lease period (years): Fossum v i o u a e r Property company Realkapital 17 AS

alin r ORDBER H v d u s s h Besserud t a s s v l g ullersen e e i e a Value adjusted equity 94 900 000 86 800 000 78 900 000 97 000 000 107 500 000 118 500 000

v i e e

s i s 1960 e s e n l

n Yeare of build: n t

v n

la engsel og e

e g i t n m

l o e r

a v a s n S Date of incorporation 05.07.2018

orvaringsanstalt Haugen rammen t s resen v e

B a

r l a r B n r v n ire ord nnve a e ie i i n i e e e e n n d 20 752 21 224 21 687 n v v

n Estimated property value per sqm 21 250 20 288 19 404

l e s

l ils Ba e

i i l i

a h

Dli n a 11 652o r

d l e e v i e n Lettable space (sqm): g s

v n v a v s l s o e l d g v i

B all o u a e l

r s Initial project cost 217 000 000 h i o R 3 n

Eraveien e e r e a ressanen t tv

stern n n s

Slemdal s SO o dalen e

R le en r rini S m r risvei

sen 970 000 1 075 000 1 185 000

d Office / Logistics Share value per 1 % 949 000 868 000 789 000 r a Property Property type:

ellom lsvei Berg e

n n e Steren rd i a REFSE ord Rishospitalet e

v Stig Initial project cost per sqm 18 623 Vestre R 3 Ullevl

n v

Holmen stadion s s veien l e d

l E g il

e n

Eismara a NutraQ / Letengn / miscu ien r 16,8 % 14,3 % 13,1 % e e he v g

s Tenant(s): c o Calculated annual return (IRR) 53,3 % 27,6 % 5,1 % on i s s h s Ris t A ta v S e t Holen e adserud RA v e

i i s l l e irel e

O 150 o v

S a s n F nar t s redhe H e h Net purchase yield 5,3 %

i D

m sters t n c n

a n u e a e i

E e

d h H s lme v OFHUS rvoll

o n o p s s H l o a v l Bis s n

ordli e e l l 0,0 %

stre a

s i Vacancy: e i

l e v d e 56 % 53 % 50 %

olde Loan-to-value (LTV) 56 % 59 % 61 %

n n g e a

Haga Holmen SORO OSEien v t

t l

v e l

i e s

v a o B

u Voldsla r n

v ro R a r

ve ra arelleen e Paid up equity 77 000 000 n iordet A UEV DSE Brten nns ie s Re v e la 9 219 (freehold) st a v Land (sqm): d e v *Estimated CPI 2% s v Vinderen e i BDER i e i e e n Rv 4 n n ardlaus E i

e e BSE t n hgda F E re B resen urura a lin l v d Bere e Steinerud e REFSAD No. of shares 1 000 000 r n n travane e v i e IRR SENSITIVITIES a e ie Ullevl SAEE t v a l n g sters n a en Elg t e p sehus s e e ar a A Aer

r SESAD Vollee n o s se Hu a Equity paid back to partners 0

ran B Net yield 5,00 % 5,25 % 5,50 % 5,75 % 6,00 %

e i

s n p n U ORSHOV e v l n n Frn l

Haug v ev R 2 RSA e e SSE n o

i n

Stein e i onteello e l s e e a i v i 18 % -7 % -29 % -47 % -60 % i e e v -10 %

s e D i n e e Hosle n s e e l n s v n t v

l i a l e v i a i Vestre e a t n o l a e Sales trigger 25 % r r e g a i g v e V a r g v e e v r d u e s g t gravlund e r s Radium s e t o s a a l s l g ER l a g s h o r r s

l H r a i o o 50 % 23 % -1 % -23 % -41 % verland a hospitalet e o r V V e d R -5 % t n V p n n V n VO R 3 o e n d a

e a i r l l rorudanen i i S e

e e l Borgen u t A

e l

rav a n v

v v s e r e i U i H o l

n i d e i i e s v e RE r e n r v v rg n e

a o e g 85 % 53 % 28 % 5 % -17 % Sotta m l aorstuen t a 0 %

io g i a

l F u e g RENT

R s ts n

Vigelands t t e

i r e t

Hosle e e l a

v l g n d o l

anlegget e

odthp e i e e

S 163 a 124 % 87 % 57 % 32 % 10 %

sordet t St Hans v +5 % FAERBOR o d

o H AORSUE u

UER i H R 2 haugene r

n n d e e s l i i s ar a e g

lev ve Aedi HASE r a s a g Frogner t 167 % 125 % 89 % 60 % 36 %

u raer e H +10 % a engen h Helgese r paren n n SYE e s PROPERTY AND LOCATION e i g e a d n t e ar v e n i e adderud e U v ir e s n Bestum t a m g te Aer a u i s g r illeaer SDRE r t • The property consists of two buildings Haslum s 85 % 53 % 28 % 5 % -17 % d r V Ho r 0 % n

B a e

e are u c n HOV

e s

ire s n S ie

ernsrud t

s t a s

t t a

g r O e g r E6 e a l n e

i e l e o

l v S i i s g a v E v UVE t Sollerud t r e a

t e es ll s a i D e i

l F Valle Hovin l e i e e R 3

s a n Ringstae ra n i m v 48 % 22 % -5 % -24 % -41 % n d Beestua u Furulund m v n n (interconnected), hosting offices and smaller 5 % l en

e g

n u e B l

r n g r Aer n R 2 r ar s d m

e v o e a e t e ll a

s B d n l ie i s r ire e e n tv n n Botanis hage s e g es ie l Egne hem d a 13 % -13 % -36 % -50 % -63 % e S Det ongelige e

t 10 % r v n r og museum a

F i industrial companies, eg. a coffee roasting factory, e VACANCY e e t i Slott n v e a v e t e s v t g Haslum a ur n nnes d p i g ns ll oll r u E18 eien n a Ringstae r e v H -24 % -44 % -61 % -71 % -80 % sens gate l rn t e ri l 15 % l n e s l e o H E r o n a Plummer and head-office for a pharmaceutical S E18 B s E6 Sarpsno rug igata t rl v S e Avls n i n ie Ver e ie ESE -54 % -68 % -80 % -86 % -92 % e n ve 20 % rv n Hengsenga VA s ei e S ie m s v d o ve Oslo domire tr S rtn re n lli S a r a company.

r ms

r e t uneda v e

s s e e AE r r

n i Rdhuset gv a e e

v e ra D ie i n e ic n n H v Frog ie g s n

ve n er es n v s

i ie tra e e nd

e Stor e a v i iv v Oscarshall e s l n

i rel e a • Enebakkveien 117 is located close to the public

st v g ongen a

eerg u t EERSAD n ie e e EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS v n

li v n n r

vei rd e AER Brn s o l o p

en i O era F tunn amm e transport hub Ryen, with busses and subways r BRYE l D en VEREA e e Fag r 18 % 70 % l l n i m

Ballerud v a a e t n e t

e s a Henhall s v F

Filipstad E18 s

A g Aershus r ei e

Store o

m e v

n n

e u o s l a i s l

e Stae H s ree e v R slott inerg a a within walking distance. e at d st elets vei O rv t 16 % e ich n r r ien en a e R er v 60 % v n se ie Forneu ne g e as v o S rr ve n s e n n s gd v ie o e n BYDY e s gate ei e i B e n n 54 %

v m e ie g m W a ra n v i R o D g r e e g e s OSO n

D r 14 % v t

H e l B hall 12,6 % o l ve

s e Strand O Va ien r

a u

Sv s e artda i lstu d l s n e • Travel time by Subway to Oslo Central Station is v n d v r i avringen e

n e o e 11,2 % m le 50 % e

i e n s r H e v Srenga inn

r s a n s e l v t e l

a o e l g n 11,3 % n S s e v ie d dsletta n i 12 % 10,7 % ta a li n e A 10,1 % s tr al v m rs g a e Forneu rnlia o l 10 minutes. By road the distance is less than 5 km. R Hvi g Osena V a F rv 9,6 % 10,0 % 39 %

a Hoveda E18 e ire ru

n i 40 %

m l ng e a ve

o v ien n

10 % t

H Blommenholm e

F s AERUD

S 9,0 % 8,9 %

SESBRE n

o V e r o ar i d d

v g e

e Dna v

altesr EEBER e i n e g 8,0 % i

e n u

n ongshavn e

i R • The property is located within a prioritized area by the e Ren 8 % o v 30 % n

Hvi g

e o v o i s s V ver v ha n n g n e

e o o s

Saru i v v

e t

v n e r e t v ie e municipality, and the area is expected to have a huge vollen u e n r s 6 % s i v n l e e sv Ro n e ita Eeerghallen ie v 20 % Ver n n

lvia Eeerganen rise in the population within the next 10-15 years. 4 % H g ordre d amertseter a 10 % v Ailds e

i Veritas anen e

n 2 % 5 % Hamna Sands n tuveie 2 % Raudseene 0 % 0 % 0 % 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 3,6 years

38 39 Real Estate Projects February 2019

Fornebuveien 1-3, Lysaker BUSINESS/DEVELOPMENTPLAN • Rebranding and refurbish of property and common areas to increase attractiveness and tenant satisfaction VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) • Attract new tenants on long-term leases with higher rents to maximize potential value 2018 2019 2020 2021 Net yield N/A N/A N/A N/A N/A N/A • For more information visit Grow´s website: Normalized Net operating income www.grow1-3.no FACTS Estimated property value

Contact person: Anne-Lise Øien Reduction tax values

i l 31.12.2018 le Date of analysis: va nn sveie Net debt

n H

Property company Realkapitala 16 AS

2,8 n athussen

H Wgtd. remaining lease period (years): s

e e vensioldanen

t a Value adjusted equity c e h r v m a rings n ar a l e n idt Date of incorporation lsen orsvoll08.05.2018 ESS 1987 l s n e v Stter t ei Year of build: s r uren n o stuen n v ollen s o ie n e e t g gv v Haugerud le rerso i N/A N/A ve Estimated property value per sqm n i O ie e gard Dlihuset e n l v a e a v l 6 939 e Vosen Initial project cost 160 000 000 Lettable space (sqm): Holmenollen Vettaollen A n a Fossum v i o u a e r

alin r ORDBER H v d u s s h t a Share value per 1 % s s v l g e e i e a Besserud

v i e Office e

Property Property type: ullersen Initial project cost per sqm v 23 058 s i s e

s e

n l

n e n

v n

la engsel og e

e g i

t n m

l o e r

a v

a s

orvaringsanstalt n Haugen S t s

resen v e

B a

r r l Calculated annual return (IRR) a B n rammen r v n ire ord nnve a e ie i i n i Commfides Norge / CopyCat / Misc. e e e e n n

Tenant(s): d

n v v

n l

e s

l ils Ba e

i i l i

Net purchase yield N/A a h

Dli n a o r

d l e e v i e n g s

v n v a v s l

s o e l

d g v i

B all o

u a e l

r s h i o R 3 n

e e r e Loan-to-value (LTV) a t tv

stern n n s 67,0 % s SO

o dalen e Vacancy: R Eraveien le ien r rini ressanen S m r risve

Slemdald Paid up equity 50 000 000 r

ellom alsvei sen e

n n e Berg i a REFSE *Estimated CPI 2% ord Rishospitalet e v Stig 6 196 (freehold) Vestre R 3 Steren rd n

Land (sqm): v

Holmen Ullevl s s veien l e d

l E g il

n No. of shares a 1 000 000 u n ien r e e stadion he v g

s c o on i s s h s Ris t A ta v Eismara S e t Holen e adserud RA v e

i i s l

l e

l e O ire 150 o v

S a s n F nar t s redhe H e h IRR SENSITIVITIES

i D

m sters t n c n

a n u e a e i

E e

d h H s lme v OFHUS rvoll

o n o p s

s H l o a

v l Bis s n e Equity paid back to partners 0 ordli e l

l stre a

s i e i

l e v d olde e

n n g e a

Haga Holmen SORO OSEien v t

t l

v e l

e s

v a Neto yield B N/A N/A N/A N/A N/A

u r n

v ro R a r

ve ra Voldsla e n A UEV DSE Brten nns ie s Re l arelleen Sales trigger 25 % s v e a ta v d e -10 % s iordet v v e i BDER i e i e e n Rv 4 n n ardlaus E i

e e Vinderen BSE t n hgda F E re B resen urura a lin l d v e -5 % e REFSAD r n n Bere

Steinerud e v i e a e ie Ullevl SAEE t travane v a l n g n a en Elg t sters e p sehus s 0 % e e ar a A Aer RENT

r SESAD Vollee n o s se Hu a

ran B

e i

s +5 % n p n U ORSHOV e v l n l

Haug v n ev R 2 RSA e e SSE n o

i n

Stein e i e l s e e a i v i Frn e i v e

s e D i n e e Hosle n s onteello e +10 % e l n s v n t v

l i a l e v i a i e a t n o l a e r r e g a i g v V a r PROPERTY AND LOCATION e g v e e v r d u e s g t Vestre e r s s e t o s a a l s l g ER l a g s

h o r r s l H r a o i verland a Radium e o gravlund o V V e d R r t n V p n n V n VO R 3 o e n d a

e a i r l l i hospitalet i S

e e l u t A

• The property, a stone-throw from Lysaker

e l

rav a n v

v v s 0 %

e r e i U i H o rorudanen l

n i d e i i e s v Borgen e RE r e n r v v rg n e

a o e g Sotta m l aorstuen t a

io g i a l F

u e g

R s ts n square, hosting mainlyt subsea,t data, digital and 5 % N/A

i r e t

Hosle e e l a

v l g n

d o l

Vigelands e

e i

e e

S 163 a t v

odthp anlegget FAERBOR o d

o H AORSUE u

UER i r 10 % H sordet R 2 e St Hans

n n d technology companies s VACANCY l e e i i s a

e g

lev ve haugen HASE r a s a

g ar t u e H a Aedi h Helgese 15 % r Frogner n n raer SYE e s e engen i g e a d n t e ar paren v e n i e adderud e U v ir e s n • The propertyt is located within short walking a m g te Aer 20 % a u i s r g SDRE Haslum r Bestum t s d r V r n

B a e

e illeaer are u c n HOV

e s

s ire n S ie

s t a s

t t a

Ho g

r O e g r E6 e a l n e

i e l e o

l v S i i

s g a v distance to the third major public transport hub in E v UVE t ernsrud t r e a

t e es ll s a i D e i

l F l e i e e R 3

s a n ra n i Sollerud m v n

d Beestua lu m v n n en

e g

n u e B l Valle Hovin

r n g r Aer n R 2 r Ringstae s d m

e ar v o e Furulund a e t e ll a

s B d n i Norway, andl alongside European Road 18, visible ie s r ire e e n tv n n s Det ongelige e g Botanis hage es ie l d e S e a

r t v n EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS r Slott a og museum F i e Egne hem e e t i n v e a v e t e s v t g to 90.000 road users passing eacha day. r u n nnes d sp li ll g 18n % l 45 % o r u E18 eien n a r v H Haslum Ringstae sens gate le rn t 42 % e ri l l n e s l e o H E r o n S E18 B s E6 Sarpsno rug igata t rl v S e 40 % Avls n i 16 n% ie Ver e ie ESE e n ve rv n Hengsenga • Travel time to Oslo AirportVA is 32 minutes, and Oslo s ei e S ie m s v d o ve Oslo domire tr S rtn re n lli S a r a

r ms

r e t uneda v e

s s e e AE r r

n i gv a e e 14 % 35 %

v e D ie i n e ic Rdhuset n n H v CentralFrog Station 10 minutes. 31 % ie g ra s n ve n er

es n v s

i ie tra e e nd

e Stor e a v i iv v Oscarshall e s l n 12 % 30 %

e i rel

e ast v g 26 % a

eerg u t EERSAD n

ie e • Lysaker are and will continue to grow, as an ve n ongen

li v n 10 % 25 % n r

vei rd e AER Brn s o l o p

en i O era F t m unn ram BRYE ele D n VEREA age le F rl n i m Ballerud v a

a attractive office area, due both to the efficient e

t n e t 8 % 20 % e s a

s Henhall v E18 s F

A Filipstad g n Aershus r

Store o e m i

n e

e u o e l a i s

e Stae H s ree v e

v R slott iner s

e gata l t ts vei O s chele rvn a e n i and easy access to the transport hub and the en td r ie e ve n R r r6 % N/A 15 % e e Forneu n g e ass i e v S a rr ve n s e n s gd v ie v e n BYDY e ono e ei e i B e n n s g t

v m e ie a g m W a v a Dr n i Ro r e e e s g OSO g D r v t

H n l B developing plan of the new “Lysakerbyen” hallv o l e

Strand a ien s e 10 % O V 4 % e

a n

Sv s e artdal i stu r l s n e v n d u r i avringen e

n o m e

e le d e s r n H n v Srenga inn v

r s a s e l v

t e l eie

a o e l g n n S s e v ie d dsletta n i ta a li n e A 5 % s tr al 2 %v m rs V g e Forneu rnlia r o a v l R Hvig e a i F en

a Hoveda E18

ire Osena n

m l n

g n

a ve v

o a ien h e

r 0 %

0 %

t ru i

d H

Blommenholm e

F s e S

SESBREveie v o e n AERUD

r g

o e

d i 2019 u 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y e

v g v

e R

altesr n

EEBER i

o n ongshavn

Dna s o n

Hvi n o e g v o Ren i s V ver v ha n

n g Cash-on-cashe return (before tax) Max. interest rate Average duration leases: 2,8 years

m e o s i

Saru e v v t

v n e r e

t v ie e vollen u e n r s s i v n l e e sv Ro n e ita ie v Ver n n Eeerghallen

lvia Eeerganen H g ordre d a v Ailds 40 e 41

amertseter e n Veritas anen Hamna Sands n tuveie Raudseene Real Estate Projects February 2019

CO Lundsgate, Drammen

BUSINESS/DEVELOPMENTPLAN • Ample space and opportunities for rental growth based on temporary constructions

• Increasing operating income and tenancy VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

• Development of value add opportunities in the 2018 2019 2020 2021

longer run including re-zoning of the property Net yield High Base Low N/A N/A N/A

(Big box/Logistics) Normalized Net operating income 6 700 000 6 700 000 6 700 000

FACTS Estimated property value 140 000 000 136 000 000 132 000 000 Kari Myrland/Anne-Lise Øien Contact person: Reduction tax values -10 100 000 -9 800 000 -9 500 000 Date of analysis: 31.12.2018 Property company Realkapital 15 AS Net debt -59 900 000 -59 900 000 -59 800 000 Wgtd. remaining lease period (years): 8,6 Date of incorporation 28.02.2018 ERBYE Value adjusted equity 70 000 000 66 300 000 62 700 000 Year of build: 1974 / 1991-1996 Initial project cost 124 000 000 Estimated property value per sqm 17 843 17 334 16 824 N/A Lettable space (sqm): 7 846 Initial project cost per sqm ESADARA12 486 Share value per 1 % 700 000 663 000 627 000 Property Property type: Industrial Net purchase yield N/A Calculated annual return (IRR) 15,6 % 8,4 % 1,3 % Tenant(s): Teknisk Produksjon / Misc. Paid up equity 62 000 000 3,0 % Loan-to-value (LTV) 44 % 46 % 47 % Vacancy: No. of shares 1 000 000 Land (sqm): 20 300 (freehold) *Estimated CPI 2% Equity paid back to partners 0 IRR SENSITIVITIES Sales trigger 25 % Net yield N/A N/A N/A N/A N/A -10 % # -5 % PROPERTY AND LOCATION RENT 0 % • The local area consists of traditional industry and +5 % +10 % logistic, gradually transforming to a more commercial and lively area. 0 % 5 % N/A • The main tenant is Teknisk Produksjon, a subsea VACANCY 10 % ERSRADA sub-contractor company. Across the street there are 15 % commercial stores such as Elkjøp, Power,# Kid, Flise- 20 % DRAE kompaniet etc. # • The property is located close to the Drammen harbor EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS 18 % 70 % and main road E18 and E134, connecting Oslo to the 63 % 16 % Southern part of Norway. Approx. 30.000 – 40.000 60 % 14 % cars passing each day and there is short access to the 11,6 % 50 % 12 % 11,2 % 11,4 % property from the main road. 10,7 % 11,0 % 10 % 40 % 7,6 % 8 % 7,2 % 7,4 % 30 % • There is 10 minutes walking distance to the Drammen 6,7 % 7,0 % 6 % City train station 20 % 15 % 16 % 4 % 11 % 11 % • Drammen is expected rise in population of 30 % 10 % 2 % within the next 15 to 20 years. 100.000 people are 0 % 0 % AUSADARA 0 % 0 % living within 15 minutes by car and 300.000 within 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y 30 minutes. Cash-on-cash return (before tax) Max. interest rate Average duration leases: 8,6 years

42 43

DUEDAE Real Estate Projects February 2019

Pontoppidans- gate 7, Oslo

VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

2018 2019 2020 2021

BUSINESS/DEVELOPMENTPLAN Net yield 5,35 % 5,45 % 5,55 % 5,45 % 5,45 % 5,45 % • External asset management Normalized Net operating income 16 900 000 16 900 000 16 900 000 17 200 000 17 500 000 17 900 000 FACTS • Ensure good corporate governance Estimated property value 315 900 000 310 100 000 304 500 000 315 600 000 321 100 000 328 400 000 Anders Brustad-Nilsen Contact person: Reduction tax values -20 600 000 -20 100 000 -19 600 000 -20 800 000 -21 500 000 -22 400 000 Date of analysis: 31.12.2018 Net debt -184 500 000 -184 500 000 -184 500 000 -176 200 000 -167 500 000 -158 500 000 Wgtd. remaining lease period (years): 7,3 Property company Realkapital 13 AS Value adjusted equity 111 700 000 106 400 000 101 300 000 110 900 000 115 500 000 121 700 000 Year of build: 1899 / 2000 / 2014 Date of incorporation 03.11.2017 Estimated property value per sqm 34 468 33 835 33 224 34 435 35 035 35 832 9 165 Lettable space (sqm): Initial project cost 282 500 000 Share value per 1 % 1 117 000 1 064 000 1 013 000 1 109 000 1 155 000 1 217 000 Property Property type: Office/fitness Initial project cost per sqm 12 486 Tenant(s): Voice Norge / SATS / Misc. Calculated annual return (IRR) 22,9 % 18,0 % 13,2 % 11,5 % 9,1 % 8,2 % Net purchase yield 5,7 % Vacancy: 0,0 % Loan-to-value (LTV) 59 % 60 % 61 % 56 % 53 % 51 % Paid up equity 92 500 000 Land (sqm): 7 732 (freehold) *Estimated CPI 2% No. of shares 1 000 000 IRR SENSITIVITIES Equity paid back to partners 5 200 000 Net yield 5,25 % 5,35 % 5,45 % 5,55 % 5,65 %

-10 % -1 % -6 % -11 % -15 % -20 % i Sales trigger 25 %

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Pælvika Ekebergbanen H ø g d Nordre a v e Abildsø i Lambertseter e

n banen Veritas Hamna Sandst uveien 44Raudsekkene 45 Real Estate Projects February 2019

Hauketoveien 8, Oslo

BUSINESS/DEVELOPMENTPLAN • Cash flow property with base of long leases VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) • Good mix of tenants for local shopping/services 2018 2019 2020 2021 • Development of value add opportunities in the Net yield 5,55 % 5,75 % 5,95 % 5,75 % 5,75 % 5,75 % longer run including re-zoning of the property to Normalized Net operating income 8 800 000 8 800 000 8 800 000 9 000 000 9 200 000 9 400 000 increase utilization and opportunities in collab- FACTS Estimated property value 158 600 000 153 000 000 147 900 000 156 500 000 160 000 000 163 500 000 oration with the municipality Anders Aasand Contact person: Reduction tax values -11 200 000 -10 700 000 -10 300 000 -11 100 000 -11 500 000 -11 900 000 Date of analysis: 31.12.2018 Net debt -87 700 000 -86 700 000 -86 500 000 -82 600 000 -78 200 000 -73 500 000 Wgtd. remaining lease period (years): 6,1 Property company Realkapital 12 AS Value adjusted equity 60 200 000 56 100 000 51 600 000 62 800 000 70 300 000 78 100 000 Year of build: 1993 - 2000 Date of incorporation 17.10.2017 Estimated property value per sqm 36 395 35 110 33 940 35 913 36 717 37 520 Lettable space (sqm): 4 358 Initial project cost 133 000 000 Share value per 1 % 602 000 561 000 516 000 628 000 703 000 781 000 Property Property type: Retail / Office Initial project cost per sqm 30 521 Tenant(s): Rema 1000 / Fresh Fitness / Misc. Calculated annual return (IRR) 32,2 % 24,7 % 16,4 % 18,8 % 16,6 % 15,3 % Net purchase yield 6,0 % Vacancy: 0,0 % Loan-to-value (LTV) 55 % 57 % 59 % 54 % 52 % 49 % Paid up equity 43 000 000 Land (sqm): 5 375 (freehold) *Estimated CPI 2% No. of shares 1 000 000 IRR SENSITIVITIES Equity paid back to partners 0 Net yield 5,35 % 5,55 % 5,75 % 5,95 % 6,15 % 18 % 9 % 1 % -7 % -15 % Sales trigger 25 % -10 % -5 % 32 % 24 % 16 % 7 % -1 % RENT 0 % 40 % 32 % 25 % 16 % 8 % +5 % 54 % 46 % 38 % 31 % 24 %

SKULLERUD +10 % 66 % 57 % 50 % 42 % 35 % # NORD- PROPERTY AND LOCATION STRAND Malmøya • The property “Hauketo Senter” is a local mall with 0 % 40 % 32 % 25 % 16 % 8 %

Ursvik # two groceries (Asian and Norwegian), pharmacy and 5 % 29 % 21 % 13 % 4 % -3 % Sjøstrand Ljan 15 % 6 % -2 % -10 % -18 % E18 fast-food. There are also fitness center, physiotherapy VACANCY 10 % Ildjernet Brenna Østmark- Hellvik kapellet 15 % -1 % -10 % -18 % -26 % -33 % Hauketo and bingo facilities available for the public. E6 20 % -17 % -26 % -34 % -42 % -49 % Sunnås Berger HOLMLIA sykehus KLEMETSRUD • Hauketo Senter is located at a public transport hub, with trains and busses within 100 meters from the Alværn Rosenholm EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS property. 18 % 70 % To Mastemyr Brokkenhus 63 % Ingier- 16 % 155 15,0 % 60 % strand • Travel time by train to Oslo Central Station is about 14,3 % 13,7 % 14 % 13,0 % 152 10 minutes. By road the distance is less than 10 km. 12,4 % Torget 50 % Bunnefjorden 12 % 40 % Sørmarka• Country road 155 passes the property with 10 % 9,2 % Nesodden 8,7 % Fjell kirke 7,8 % 8,2 % significant public traffic. There are parking lots 8 % 7,3 % 30 % Bomansvik Siggerud Soﬁemyr Fjellstrand Gjer- available for visitors. 6 % sjøen 20 % 17 % Svartskog # 16 % Myrvoll 4 % • The population in the district of Nordstrand is 10 % Bly- 2 % Greverud 4 % laget expected to rise with 34 % in the next 15 years. 0 % Oppegård 0 % kirke 0 % # 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Sterkerud Oppegård # Cash-on-cash return (before tax) Max. interest rate Average duration leases: 6,1 years

46 47 Real Estate Projects February 2019

Industrigata 1, Lier

VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

BUSINESS/DEVELOPMENTPLAN 2018 2019 2020 2021

• Secure leasing agreement with new tenant Net yield 6,00 % 6,25 % 6,50 % 6,25 % 6,25 % 6,25 %

• Increase operating income and tenancy Normalized Net operating income 10 500 000 10 500 000 10 500 000 10 700 000 10 900 000 11 100 000

FACTS Estimated property value 175 000 000 168 000 000 161 500 000 171 200 000 174 400 000 177 600 000 • Maintain a good relationship with existing tenant Morten Warberg Contact person: Reduction tax values -13 800 000 -10 200 000 -9 700 000 -10 600 000 -11 100 000 -11 500 000 Date of analysis: 31.12.2018 Net debt -86 100 000 -85 400 000 -84 700 000 -79 500 000 -73 400 000 -67 000 000 Wgtd. remaining lease period (years): 3,7 Property company Realkapital 11 AS Value adjusted equity 75 500 000 72 800 000 67 500 000 81 400 000 90 100 000 99 200 000 1970 / 1990 Year of build: Date of incorporation 01.09.2017 Estimated property value per sqm 14 966 14 368 13 812 14 368 14 368 14 368 Lettable space (sqm): 11 693 Initial project cost 146 000 000 Share value per 1 % 755 000 728 000 675 000 814 000 901 000 992 000 Property Property type: Industrial Initial project cost per sqm 12 486 Tenant(s): Asko Calculated annual return (IRR) 25,2 % 21,8 % 15,0 % 17,4 % 15,3 % 14,1 % Net purchase yield 6,6 % Vacancy: 0,0 % Loan-to-value (LTV) 49 % 51 % 53 % 47 % 44 % 41 % Paid up equity 56 000 000 Land (sqm): 20 404 (freehold) *Estimated CPI 2% LIERBYEN No. of shares 1 000 000 IRR SENSITIVITIES Equity paid back to partners KJEKSTADMARKA 0 Net yield 5,75 % 6,00 % 6,25 % 6,50 % 6,75 % 17 % 9 % 2 % -5 % -12 % Sales trigger 25 % -10 % -5 % 27 % 21 % 13 % 6 % -1 % RENT 0 % 35 % 25 % 22 % 15 % 8 % +5 % 44 % 37 % 31 % 24 % 18 % PROPERTY AND LOCATION +10 % 52 % 44 % 38 % 31 % 25 % • Logistic property centrally situated at Lier. 0 % 35 % 25 % 22 % 15 % 8 % 5 % 26 % 19 % 11 % 4 % -3 % • The building contains logistic storage, tenant and 10 % 15 % 7 % 0 % -7 % -14 % # VACANCY operator is one of the largest norwegian suppliers 15 % 3 % -5 % -12 % -19 % -26 % of groceries. 20 % -10 % -17 % -25 % -31 % -38 % • E-18, the main highway between Oslo and southern part of Norway, passes near the property EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS (4 min drive). 30 % 100 % 100 % 25 % 24,5 % • Lier is located near to Drammen, with an expected 80 % LIERSTRANDA 20,6 % rise in population of# 30% within the next 15 to 20 % 17,6 % 60 % DRAMMEN 20 years. 15,3 % 15,8 % 13,3 % 15,2 % # 14,6 % 15 % 13,4 % 14,0 % 40 % 10 %

20 % 5 %

0 % 0 % 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 3,7 years

48 49 AUSTADMARKA

DUNKEDALEN Real Estate Projects February 2019

Jessheim Næringspark, Ullensaker

BUSINESS/DEVELOPMENTPLAN VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR)

• Attractive retail park with stable cash flow 2018 2019 2020 2021

• Large plot with excellent location in an area with Net yield 5,50 % 5,75 % 6,00 % 5,75 % 5,75 % 5,75 % strong growth Normalized Net operating income 20 800 000 20 800 000 20 800 000 21 200 000 21 600 000 22 000 000

FACTS Estimated property value 378 200 000 361 700 000 346 700 000 368 700 000 375 700 000 382 600 000 • Development potential Kari Myrland Contact person: Reduction tax values -24 600 000 -23 200 000 -21 900 000 -24 100 000 -24 900 000 -25 800 000 Date of analysis: 31.12.2018 Net debt -182 600 000 -179 500 000 -176 800 000 -167 400 000 -155 200 000 -142 400 000 Wgtd. remaining lease period (years): 4,3 Property company Realkapital 8 AS Value adjusted equity 173 400 000 161 400 000 150 400 000 177 200 000 195 600 000 214 400 000 2000-2008 Year of build: Date of incorporation 01.03.2017 Estimated property value per sqm 27 873 26 657 25 552 26 657 26 657 26 657 Lettable space (sqm): 13 569 Initial project cost 285 500 000 Share value per 1 % 1 734 000 1 614 000 1 504 000 1 772 000 1 956 000 2 144 000 Property Property type: Industrial / Logistics / Initial project cost per sqm 18 867 Retail / Office Calculated annual return (IRR) 34,5 % 29,6 % 25,1 % 22,6 % 19,4 % 17,4 % Net purchase yield 6,5 % Tenant(s): Snap Drive / Elixia / Mekonomen / Loan-to-value (LTV) 44 % 46 % 48 % 56 % 53 % 51 % Mobile Jessheim / misc Paid up equity 111 500 000 *Estimated CPI 2% Vacancy: 0,0 % No. of shares 1 000 000 IRR SENSITIVITIES Land (sqm): 18 976 (freehold) Equity paid back to partners 15 300 000 Net yield 5,25 % 5,50 % 5,75 % 6,00 % 6,25 % 27 % 22 % 18 % 12 % 7 % Sales trigger 25 % -10 % -5 % 34 % 29 % 24 % 19 % 14 % RENT 0 % 40 % 35 % 30 % 25 % 21 % +5 % 46 % 41 % 36 % 31 % 27 % PROPERTY AND LOCATION +10 % 51 % 46 % 41 % 36 % 32 % • Jessheim Næringspark consists of five properties 0 % 40 % 35 % 30 % 25 % 21 % located between Jessheim City Centre and Oslo 5 % 33 % 28 % 23 % 19 % 14 % Airport Gardermoen. VACANCY 10 % 26 % 21 % 16 % 11 % 5 % 15 % 18 % 13 % 7 % 1 % -4 % • The properties have approximately thirty tenants 20 % 9 % 3 % -3 % -8 % -14 % within retail, office, car dealerships, warehouse,

OSLO LUFTHAVN GARDERMOEN training, health and service. EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS • The buildings are of a recent date, all were built 18 % 45 % 15,3 % 40 % 16 % 14,8 % 40 % between 2001 and 2008. In addition, there are 14,3 % 13,8 % 14 % 13,3 % 35 % 425 outdoor parking spaces at the property. 12,3 % 11,7 % 30 % 12 % 11,1 % 30 % 10,6 % 10,1 % • Jessheim is experiencing several growths due 10 % 25 %

JESSHEIM to its strategic location between Oslo and Oslo 8 % 20 % 15 % Airport Gardermoen. 6 % 15 % 14 %

4 % 10 %

2 % 5 % 0 % 0 % 0 % 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 4,3 years

50 51

Eikveien 19-20, Drammen BUSINESS/DEVELOPMENTPLAN • Cash flow oriented investment with high annual dividends

• Long term lease contracts with Volvo Norge and VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) Norsk Scania hosting truck repair, maintenance and newsales 2018 2019 2020 2021 Net yield N/A N/A N/A N/A N/A N/A • Large plots with potential additional Normalized Net operating income development FACTS Estimated property value LIERBYEN Contact person: Anders Aasand Reduction tax values KJEKSTADMARKA Date of analysis: 31.12.2018 Net debt Wgtd. remaining lease period (years): 9,2 Property company Realkapital 4 AS Value adjusted equity Year of build: 2005 (2016) / 2003 Date of incorporation 30.06.2016 Estimated property value per sqm N/A N/A Lettable space (sqm): 5 255 Initial project cost 139 300 000 Share value per 1 % Property Property type: Workshop/office Initial project cost per sqm 15 400 Calculated annual return (IRR) Tenant(s): Volvo Norge AS / Norsk Scania AS Net purchase yield 6,5 % Vacancy: 0,0 % Loan-to-value (LTV) # Paid up equity 49 000 000 Land (sqm): 14.441 / 14.710 (freehold) *Estimated CPI 2% No. of shares 1 000 000 IRR SENSITIVITIES Equity paid back to partners 11 123 000 Net yield N/A N/A N/A N/A N/A Sales trigger 25 % -10 % -5 % RENT 0 % LIERSTRANDA +5 % # PROPERTY AND LOCATION +10 % DRAMMEN • There are two separate properties# located next # 0 % to each other, both hosting sales and service 5 % N/A # providers for trucks and buses. VACANCY 10 % 15 % • Volvo and Scania are both leading brands and has 20 % established Eikveien as a hub location for trucks and buses. EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS • The location is 7 km from Drammen city center 18 % 70 % 16 % and is easily reached both from Oslo/Akershus 60 % 14 % AUSTADMARKA (north) and Telemark/Vestfold (south) via E18. 50 % There are also easy connections to Buskerud 12 % 40 % inland (west) and Østfold (east) via E134. 10 % 8 % 30 % 6 % N/A N/A SUSPENDED20 % 4 % 10 % 2 %

0 % 0 % 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate

52 53 Real Estate Projects February 2019

Trondheims- veien 113113, BUSINESS/DEVELOPMENTPLAN Oslo • New development project for housing and retail at Carl Berner Place – a public transport hub, centrally placed in Oslo City VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) • The project estimated to build 111 apartments, 2018 2019 2020 2021 convenience stores, cafes and restaurants Net yield N/A N/A N/A N/A N/A N/A

• The apartments and retail stores are planned to Normalized Net operating income

FACTS be completed in Q3 2020 Estimated property value Anne-Lise Øien Contact person: Reduction tax values Date of analysis: 31.12.2018 Net debt Property company Trondheimsveien 113 AS Wgtd. remaining lease period (years): N/A Date of incorporation 01.07.2016 Value adjusted equity Year of build: Planned Q3/Q4 2020 Estimated property value per sqm N/A N/A Lettable space (sqm): 3 640 Initial project cost Share value per 1 % Property Property type: Retail/residential Initial project cost per sqm Coop Norge Øst SA Net purchase yield Calculated annual return (IRR) Tenant(s): N/A Vacancy: NO Paid up equity Loan-to-value (LTV) *Estimated CPI 2% Land (sqm): 6 432 (freehold) No. of shares

Equity paid back to partners IRR SENSITIVITIES Net yield N/A N/A N/A N/A N/A Sales trigger -10 % -5 % RENT 0 % +5 % PROPERTY AND LOCATION +10 % • Carl Berner Torg is under construction, 65 apartments out of 111 are sold. 0 % 5 % N/A • We have signed long term leasing-contract with VACANCY 10 % one of the main grocery shops (National) and are 15 % currently in progress of signing a coffee-shop, a 20 % flower-shop, Pharmacy and eatery.

• On the same property an old factory is planned to EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS 18 % 70 % Carl Berner be transform into a extraordinary eatery and meet 16 % up place for the locals. 60 % 14 % 50 % • Carl Berner Torg is located at a public transport hub, 12 % along Trondheimsveien with Tramps, busses and a 10 % 40 % GRÜNERLØKKA few meters away from Carl Berner Metro stop. 8 % 30 % 6 % N/A N/A • Carl Berner, as a living area, has an increasing 20 % Valhall ULVEN 4 % popularity for younger people There are 23.000 10 % 2 % people living within 1 kilometer, with an average 0 % 0 % Botanisk hage Valle age of 35,3 year. 40% are between the ageien of 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Hovin sve og museum Grenseveien øm Str 24-34 year. i Cash-on-cash return (before tax) Max. interest rate e v ENSJØ s ik v e D e 54 l 55 O

E n s jø v e HELSFYR TEISEN ie n TØYEN

GRØNLAND KAMPEN

BRYN ETTERSTAD

VÅLERENGA

OSLO S Real Estate Projects February 2019

Infarten 2, BUSINESS/DEVELOPMENTPLAN • Office, school and commercial premises located Kungsbacka in central Kungsbacka, a growing city south of Gothenburg.

• The property is steady generating healthy cash flow and dividends. VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) • Trade volume in central city is threatened by 2019 2020 2021 competition from shopping malls. 2018 LIERSTRANDANet yield 5,95 % 6,20 % 6,45 % 6,20 % 6,20 % 6,20 % • Focus on developing the property and adapting the Normalized Net operating income 8 600 000 8 600 000 8 600 000 8 800 000 9 000 000 9 200 000 premises according to the tenants’ future needs. FACTS Estimated property value 144 500 000 138 700 000 133 300 000 141 900 000 145 200 000 148 400 000 Contact person: Arild Aubert Reduction tax values -8 400 000 -7 900 000 -7 500 000 -8 200 000 -8 500 000 -8 700 000 Date of analysis: 31.12.2018 Property company Kungsbacka Net debt -60 200 000 -60 200 000 -60 200 000 -52 600 000 -44 800 000 -36 800 000 2,9 Wgtd. remaining lease period (years): Holding AS Value adjusted equity 75 900 000 70 600 000 65 600 000 81 100 000 91 900 000 102 900 000 1996 Year of build: Date of incorporation 22.12.2004 Estimated property value per sqm 20 729 19 897 19 122 20 356 20 829 21 288 Lettable space (sqm): 6 971 Initial project cost 90 138 000 811 000 919 000 1 029 000 Property type: Office/retail/school Share value per 1 % 759 000 706 000 656 000 Initial project cost per sqm 12 930 Tenant(s): Kungsbacka Kommun / Systembolaget / Misc Calculated annual return (IRR) 21,1 % 20,7 % 20,4 % 20,5 % 20,2 % 19,9 % Net purchase yield 8,9 % Vacancy: 4,2 % Loan-to-value (LTV) 41 % 43 % 45 % 41 % 39 % 37 % Paid up equity 11 200 000 Land (sqm): 5 728 (freehold) *Estimated CPI 2% No. of shares 1 000 IRR SENSITIVITIES Equity paid back to partners 31 880 000 Net yield 5,70 % 5,95 % 6,20 % 6,45 % 6,70 % Sales trigger 25 % -10 % 20 % 20 % 19 % 19 % 19 % -5 % 21 % 20 % 20 % 20 % 19 % RENT 0 % 21 % 21 % 21 % 20 % 20 % +5 % 22 % 21 % 21 % 21 % 20 % 22 % 22 % 21 % 21 % 21 % PROPERTY AND LOCATION +10 % • The property’s ground floor consists of retail stores 0 % 21 % 21 % 21 % 20 % 20 % and a fitness center. In the upper floors there are 5 % 21 % 20 % 20 % 20 % 19 % offices and classrooms. VACANCY 10 % 20 % 20 % 19 % 19 % 19 % 15 % 19 % 19 % 18 % 18 % 18 % • The main facade of the building faces the square 20 % 18 % 18 % 17 % 17 % 17 % BORS «Lindens Torg» - one of two main squares in EBOR Kungsbacka city center. There are trade stalls EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS offering vegetable and flowers products on the 80 % 75,1 % 80 % 71,4 % 73,2 % 74 % 69,6 % square every Saturday. 70 % 67,9 % 70 % USBAA • Most of the downtown facilities including bus and 60 % 60 % train stations is within a short walking distance 50 % 50 %

from the property. 40 % 40 %

• The city’s main entry parking is located next to 30 % 30 % 20 % 20 % the property. 13,8 % 14,5 % 11,8 % 12,4 % 13,1 % 14 % 10 % 10 % 9 % • Kungsbacka is a fast-growing city located less than 3 % 1 % 0 % 0 % 30 km south of Gøteborg. 2019 2020 2021 2022 2023 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 2,9 years

56 57 Real Estate Projects February 2019

Our team

ANDERS BRUSTAD-NILSEN ANNE-LISE ØIEN ANDERS MØRLAND ANDERS AASAND STEFFEN DILLEVIG AAS HELENE WALTHINSEN MANAGING DIRECTOR (CEO)/ PROPERTY DEVELOPER/PARTNER INVESTMENT MANAGER/ INVESTMENT MANAGER/ FINANCIAL CONTROLLER MD/AUTHORIZED ACCOUNTANT PARTNER PARTNER PARTNER Anne-Lise holds an MBA from California Steffen holds a Master of Real Estate Helene is educated from Sør-Trøndelag Anders holds a Master of Science degree State University as well as an MBA from Anders Mørland holds a Master of law Anders holds a Master of Science degree Management degree from KTH Royal College within accounting and auditing. in Risk Analysis from NTNU (Norwegian Oslo School of Business (BI). Prior to join- degree from UIO (University of Oslo). in Finance (Siviløkonom) from Norwegian Institute of Technology. Prior to joining Before joining Realkapital Helene was Technical University). Prior to joining ing the Realkapital she has over 20 years’ Prior to joining Realkapital he was Senior School of Economics (NHH). Prior to join- Realkapital Investor he has many years of working 12 years at Entra Eiendom AS as Realkapital Anders was the Managing Di- experience in the retail and service indus- Director at CBRE Capital Markets. Anders ing Realkapital he was Principal at Lindsay experience as Controller from major real accounting manager and 5 years at Visma rector for a supplier company to the solar try as concept developer, management Mørland has also work experience from Goldberg Nordic, the Nordic affiliate estate companies Entra and Norwegian as account manager. industry in Europe and Project Manager advisor and leadership consultant. She Persen Skei Real Estate Advisors and of US based Private Equity firm Lindsay Property, as well as Real Estate Valuer at for a Norwegian real estate construction has also been the head of commercial Schjødt Lawfirm. Goldberg. Anders has also worked with Handelsbanken Norge. company. development and Managing director of McKinsey & Company. Trekanten Shopping-mall in Asker.

ARILD AUBERT KARI MYRLAND MORTEN WARBERG ALEXANDRA BERGGREN CFO PROJECTS/PARTNER SENIOR ASSET MANAGER/ INVESTMENT MANAGER ACCOUNTANT PARTNER Arild holds degrees as State Authorized Morten holds a Master of law degree Alexandra holds a Master of Economics Public Accountant (Norway) as well as Kari holds a Master of Business and from UIO (University of Oslo). He has and Business degree from NHH (Norwe- Certified Financial Analyst (AFA), both Economics degree from NHH (Norwe- over 20 years` experience from property gian School of Economics) and a Bachelor from the Norwegian School of Economics gian School of Economics and Business management and development. Prior to of Economics and Business from UMB (NHH). He joined Realkapital in 2014 and administration). She also has a Bachelor joining Realkapital he was a leasing and (Norwegian University of Life Sciences). has previously held various management in Real Estate studies from BI (Norwegian asset manager at Norwegian Property Before joining Realkapital Alexandra was positions in DnB Bank and Pareto group. School of management). She has 25 years ASA. He has also work experience from working as an Accountant and Investment He has extensive experience in finance, experience from Asset Management, DNB Næringseiendom (Vital Eiendom), analyst in the investment company accounting, real estate projects and busi- project development and finance. She Haakon/ICA Eiendom and NCC Property AS Hamang Papirfabrik. ness management. has managed her own real estate agency Development. and previously held position as director in Aberdeen Property Investors and senior financial adviser in Nordea.

58 59 Real Estate Projects February 2019

REALKAPITAL INVESTOR

VISITING ADDRESS: Kronprinsesse Märthas plass 1 0160 Oslo

POSTAL ADDRESS: P.O. Box 1921, Vika N-0125 Oslo, Norway

WWW.REALKAPITAL.NO Phone: 23 11 68 68

60 Real Estate Projects February 2019