Bane NOR Eiendom AS – Company Presentation Norway's leading hub developer Important information (1/2)

This presentation and its appendices (collectively the "Presentation") has been produced by Bane NOR Eiendom AS (the "Company") with assistance from Danske Bank, Norwegian Branch and and Nordea Bank AB (publ), filial i Norge (together the "Managers") in connection with the offering of bonds by the Company (the "Offering").

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2 Important information (2/2)

The Managers have not engaged any external advisors to carry out any due diligence investigations and have not taken any steps to verify any of the information contained herein other than a due diligence call with representatives of the Company. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or the Managers or any of their parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the Company, the market and the market position of the Company, the Company’s funding position, and that you will conduct your own investigations and analysis and be solely responsible for forming your own view of the future performance of the Company’s business and its current and future financial situation.

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IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE BONDS HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF BONDS WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL BUYERS ("QIBs") IN OFFERING TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF BONDS IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. NORDEA BANK AB (PUBL), FILIAL I NORGE IS NOT REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AS A U.S. REGISTERED BROKER-DEALER AND WILL NOT OFFER OR SELL THE BONDS WITHIN THE UNITED STATES.

This Presentation speaks as of 11 June 2018. There may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court (Nw: Oslo tingrett) as exclusive venue.

3 Speakers

Petter Eiken Torkil Sletten Sven Erik Pløen

EVP Bane NOR & CEO SVP, Head of Corporate Head of Funding, Corporate Bane NOR Eiendom AS Finance, Bane NOR Finance, Bane NOR

4 Agenda

▪ Introduction ▪ The Railway Reform and Bane NOR ▪ Business strategy and segments ▪ Financial overview ▪ Appendix

5 Bane NOR Eiendom - Norway's leading hub developer Bane NOR Eiendom AS

▪ Well established company with new and stronger framework conditions

▪ 100% owned subsidiary of Bane NOR SF 100%

▪ Norway’s leading hub developer Bane NOR SF ▪ Owns, develops and manages railway stations, stops, workshops, terminals, 100% operating buildings and infrastructure properties in Norway Bane NOR Eiendom AS ▪ Involved in more than 200 property development projects

6 Bane NOR Eiendom - Norway's leading hub developer Not just any real estate company… 1 Strategically Bane NOR Eiendom AS important for the Norwegian state Properties 964 Land area 2,810 hectares 2 Buildings 980 Large and Built area 715,000 m2 diversified real estate portfolio Leases 3,000 Development potential* 2 million m2 Railway stations 330 3 Norway’s leading Maintenance halls 12 hub developer Terminals 10 Market value** NOK 14,2 billion Rent income 2017 NOK 733 million 4 EBITDA 2017 NOK 549 million Conservative capital structure

*Internal estimate based on evaluation of properties city by city (excluding development potential from properties currently owned by Bane NOR SF) **Average estimate as per 31.12.2017 provided by Newsec and C&W. Includes 100% owned real estate. excludes i) JV i.e. OSU (33%) and ii) significant upside potential of "land bank“ from regulations change

7 Bane NOR Eiendom - Norway's leading hub developer Agenda

▪ Introduction ▪ The Railway Reform and Bane NOR ▪ Business strategy and segments ▪ Financials overview ▪ Appendix

8 Bane NOR Eiendom - Norway's leading hub developer An important position in the society

National Transport Plan outlines historically large funding of railways maintenance and investments in Norway (NOK ~320 billion from 2018-2029)

9 Bane NOR Eiendom - Norway's leading hub developer The Railway Reform – new and stronger framework conditions Changes as a consequence of the Railway Reform

▪ The Railway sector was reformed through White Paper no. 27 from 12 May 2015

▪ Enable competition for passenger rail services

▪ The rationale for combining real estate responsibilities under Bane NOR was a need for holistic and comprehensive property Ministry of development given the complexity related to Transportation and railways and hubs Communications

Railway Norwegian ▪ Real estate shall constitute one of three income Directorate Railway Authority sources for the railways

▪ To ensure predictability, Bane NOR have Entur AS NSB AS Bane NOR SF Norske Tog AS Mantena AS Sales Ticketing Passenger Infrastructure Rolling Stock Rolling Stock entered into long-term agreements with the state Operator Manager Ownership Maintenance

(Railway Directorate) Bane NOR Eiendom AS

Jernbaneverket was phased into Bane NOR per 2017, while ROM Eiendom AS was transferred from NSB to Bane NOR during April 2017, with a full year accounting effect

10 We create the railway of the future Bane NOR Group

▪ Bane NOR established as a group structure Board governed by the board of directors

▪ Based on Jernbaneverket and ROM Eiendom AS

CEO Internal Audit ▪ Bane NOR’s main responsibility is operating, owning, maintaining and building railway infrastructure Corporate Safety and ▪ Bane NOR, through the real estate division, is Governance Quality responsible for the management of all railway property and also the related properties around the stations and maintenance halls Communications HR

▪ Five divisions with responsibility for each of their business line

Traffic Operations Infrastructure Infrastructure Real Estate Digitalization and and Customer Construction Management Management Technology Services

11 We create the railway of the future Five divisions with responsibility for each of their business line

Traffic Operations Infrastructure Infrastructure Digitalisation and Customer Real Estate Construction Management and Technology Services

Planning and Operation, maintenance Operational traffic Management and Development and construction of projects and investment projects management, development of the delivery within related to new related to improvement operational route group’s real estate digitalisation and infrastructure of the existing planning, train technology for the whole infrastructure contractor agreements 200 employees company 450 employees and information to 2,200 employees travellers 600 employees

850 employees

12 We create the railway of the future Government ownership and strategic importance to Norwegian infrastructure

Bane NOR is defined as a category 4 company* 1 2 3 4 Commercial Commercial Commercial and Regulator and objectives objectives and other defined political objectives domestic headquarter objectives

Baneservice DNB NSB Bane NOR Entra Kongsberg Gruppen Posten Norge Avinor Flytoget Norsk Hydro Statkraft Norske Tog Mesta Statoil Eksportfinans Nye Veier SAS Telenor Kommunalbanken Statnett

Importance of “government related entity”

*A category 4 company fulfils national sectorial political objectives. The Norwegian government sets guidelines for a number of conditions, including airport structure, emergency preparedness, aviation fees and duties imposed by society Source: Norwegian Government (https://www.regjeringen.no/contentassets/63686604f2af43a8947448f242463208/oversikt-over-statens-direkte-eierskap.pdf)

13 We create the railway of the future Bane NOR Group - Value based business

VISION Norway on rails

Europe’s safest railway

More value for money Customers first Future-oriented Cost-effective resource allocation User-friendly services for all target contributor to society groups Increased quality and predictability Leading developer of public in our deliveries Traffic management, infrastructure transportation hubs and solutions providing high Efficiency through enhanced punctuality and regularity High-quality digital solutions and productivity and modernisation processes Services providing high customer Environmentally effective satisfaction solutions Attractive employer

VALUES CULTURE Open, engaged and professional Security, accuracy, performance and cooperation culture

14 We create the railway of the future Agenda

▪ Introduction ▪ The Railway Reform and Bane NOR ▪ Business strategy and segments ▪ Financial overview ▪ Appendix

15 Bane NOR Eiendom - Norway's leading hub developer FiveBane NOR strategic Property's five objectives strategic objectives

To provide property services that reinforce customer satisfaction and make rail travel more attractive

To ensure access to the necessary property for efficient traffic management and further infrastructure development

To develop hubs in order to support national targets for densification and increased use of public transport (railways)

To optimize administration, operation and maintenance of all property from a life cycle perspective (value/cost/time)

To add value by means of a stable cash flow from long-term ownership, plus development of assets and implementation of property

16 Bane NOR Eiendom - Norway's leading hub developer One collective real estate business contributes to Bane NOR’s strategic targets

▪ Two real estate environments were combined into one with the merging of former ROM Eiendom and the Norwegian "Emphasis on "Forward-thinking social "More value for money" National Rail Administration's Stations customers" stakeholder" and Property to form Bane NOR Eiendom

▪ The rationale for the merger was a need ▪ Europe's leading for holistic and comprehensive property stakeholder in the ▪ Reinforce the development and development given the complexity related ▪ Returns and development attractiveness of rail administration of hubs to railways and hubs of assets in respect of travel and create traffic real estate growth ▪ Create densification around hubs and rail ▪ Create more value than ▪ High customer traffic growth the market can supply satisfaction levels and a good reputation ▪ Leading expertise in ▪ Cost-effective property and a safeguarding ▪ Attractive partner in the knowledge of how of property assets market and for Bane property adds value to NOR ▪ Structured processes that railways promote continuous ▪ Collective culture that ▪ Staff who are committed improvement promotes positive to and proud of their interaction involvement in the Dept. Stations and Property community

17 Bane NOR Eiendom - Norway's leading hub developer Bane NOR’s property portfolio opens many opportunities - Portfolio of 2 mill m2 in all major cities and new railway infrastructure

Drammen

Stavanger

Ski

Oslo S.

Sundvollen, Filipstad…

18 Bane NOR Eiendom - Norway's leading hub developer Oslo S. Utvikling (OSU) – «Barcode»

19 Bane NOR Eiendom - Norway's leading hub developer Norway’s leading hub developer

▪ Bane NOR has a large real estate portfolio in central locations next to transportations hubs in several Norwegian cities with significant Tram P value potential and opportunities over time, such as continuous Bus P development of Oslo S, Fillipstad Brygge and Lodalen Stations

▪ Bane NOR has a unique position as the leading player in major public property developments due to: P P Boat • Long-term regulatory work Taxi • Complex processes involving many stakeholders Tram

P P Hub development Hub Station Taxi Bus Boat

Commercial Hotels Offices Residential

20 Key player amongst important stakeholders

Real estate Bane NOR developers Ruter# Harbour Authority

Munici- Agency for Planning and palities Building Services

Ministry Counties

Norwegian Cultural Public Railway Heritage Directorate Management Roads Office Admin.

21 Plans for Moss “Barcode” Agenda

▪ Introduction ▪ The Railway Reform and Bane NOR ▪ Business strategy and segments ▪ Financial overview ▪ Appendix

22 Bane NOR Eiendom - Norway's leading hub developer Financing platform and strategy

▪ Following the Railway Reform, the former internal debt facility to NSB AS was refinanced in Key figures 2017 January 2017

▪ Articles of association prohibits borrowing at SF level

▪ Bane NOR Eiendom entered into a loan agreement with five commercial banks on long-term Loan to debt facilities NOK 6,5 bn; NOK 5 bn term loan and NOK 1,5 bn RCF, which forms the current value 39% debt financing platform.

▪ Currently available undrawn RCF is NOK 1,0 bn.

▪ Existing financing contains change of control clause to Norwegian state and is conducted on NOK negative pledge basis with certain carve-outs for JV projects, similar structure is expected to Operating be retained for future financing income 911 million ▪ Bane NOR Eiendom envisages to mainly carry out refinancing of drawn debt in the bond market and expect to retain its low loan to value and conservative financial profile going forward NOK ▪ Bane NOR Eiendom AS currently report under simplified IFRS, i.e. any bond issues under current reporting standard will be listed on Nordic ABM EBITDA 549 ▪ Capital injection into new joint development projects mainly comprise land from Bane NOR’s million existing large portfolio of land

23 Bane NOR Eiendom - Norway's leading hub developer Diversified revenue base of NOK 733m (2017)

..And market values of NOK 14.2bn* Largest tenants (2018E)

17% Property categories by rent (outer chart) Property geographies** by rent (outer and market value (inner chart) chart) and market value (inner chart) 14%

14% Housing Garage/Parking Vest Office/Business Nord Railway stations 25% Sør 8% (retail part) 11% 12% 6% 9% 9% Other 24% Industry 9% 4% 8% 5% 33% Station 40% Lease related to railway (2018E)

73% of lease income is related to railway

20% 33% Projects 27% 73% 18% 17% 78%

20% 74% of which 18% is related to Maintenance and storage Øst Oslo Central Station

*Provided by Newsec and C&W per December 2017. includes 100% owned real estate. excludes i) JV i.e. OSU (33%) and ii) significant part of "land bank“ **Figure include 100% owned real estate, JV’s are used to a larger extent in other regions than east

24 Bane NOR Eiendom - Norway's leading hub developer Upside potential both from expansive railway sector and portfolio clean-up

Development and divestment strategy Clean-up of portfolio

▪ Bane NOR Eiendom AS generates income both through rental, 1▪ Sale of closed railway stations development and divestment Non operative stations, stations along discontinued railways and protected building which require substantial ▪ Development comprise housing, office, hotel, retail real estate and maintenance and are financed by other activities railway service facilities on their own or in partnership, currently ~200 active property development projects

▪ Both existing rental real estate and development projects are strongly 2▪ Sale of lease land linked to railway infrastructure. Bane NOR Eiendom AS is, “on order” Total portfolio of 1,200 land lease contracts, non strategic from the Ministry of Transport and Communications, investing NOK ~1 land will be reviewed and considered sold billion in developing workshops which will further strengthen this link

▪ There group has a large land portfolio which provide future 3▪ Sale of closed operational properties development opportunities Sale of properties without link to railways or development potential ▪ Most developed commercial real estate are natural divestment candidates at the right market conditions 4▪ Leasing of closed railway stations and operational properties Bare-house rental to municipalities, organizations and others

25 Bane NOR Eiendom - Norway's leading hub developer Income Statement

NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016 Operating income breakdown 2017 2016

Operating income 910,992 938,520 Rental revenues 771,491 692,571 Other operating income 57,260 182,287 Salary and other personnel expenses (58,557) (149,849) Sale of properties and other 82,241 63,662 Activated project hours 4,835 11,059 Sum Operating income 910,992 938,520 Depreciations and write-downs (203,528) (188,385) Other operating expenses (378,468) (263,752) EBITDA breakdown 2017 2016 Sum operating expenses (635,718) (590,927) Sum EBITDA 549,395 635,287 Income from joint ventures 70,593 99,309 Sale of properties 82,241 192,406 Operating profit 345,867 446,902 EBTIDA in JV’s 70,595 99,387 Adj. EBITDA 396,559 343,494 Net financial items (155,625) (136,014) ▪ Jernbaneverket was phased into Bane NOR per 2017, while ROM Eiendom AS was Ordinary result before taxes 190,242 310,888 transferred from NSB to Bane NOR during April 2017, with a full year accounting effect for 2017 Taxes (32,460) (25,390) Net income 157,782 285,498 ▪ 2016 accounts reflect former ROM Eiendom AS, however is substantially a name change Annual estimate deviations pensions over extended earnings (8,325) ▪ Drop in revenue in 2017 compared with 2016 is driven by a reduction in sale of Deferred tax on estimated deviation pensions extended assets, total of NOK 204 million in 2016 compared with a NOK 87 million in 2017 profit 2,161 Extended result (6,164) ▪ Former Mantena AS workshops was transferred to Bane NOR Eiendom AS and account for an increase in income of approximately NOK 60 million and an increase Net profit for the year 157,782 279,335 operating expenses and depreciation of NOK 47 million 26 Balance sheet

NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016 NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016

Deferred tax assets 3,681 15,574 Share Capital 209,000 209,000 Tangible assets 138,836 151,821 Retained earnings 530,250 467,464 Buildings and other real estate 4,613,397 4,356,644 Minority interest 645 Investments in associated companies and joint ventures 512,746 588,619 Total equity 739,250 677,109 Fixed financial assets 109,536 79,576 Total fixed assets 5,378,196 5,192,234 Interest-bearing long-term debt 5,545,091 2,331 Pension liabilities 69,225 Development properties held for sale 1,025,438 932,378 Other provisions 33,269 27,332 Trade receivables and other receivables 399,990 712,529 Total long-term liabilities 5,578,360 98,888 Current financial assets 2,151 Cash 328,967 158,565 Short-term interest bearing debt to parent 5,671,000 Total current assets 1,754,395 1,805,623 Trade creditors 361,076 379,023 Tax payable 25,144 36,918 TOTAL ASSETS 7,132,591 6,997,857 Construction loan 417,439 134,919 Other liabilities 11,322 ▪ Short-term interest bearing debt to parent in 2016 comprised an internal loan from Total short-term liabilities 814,981 6,221,860 NSB AS, the debt was refinanced by bank debt following the formation of Bane NOR and Bane NOR Eiendom Total liabilities 6,393,341 6,320,748

▪ Investments in associated companies and joint ventures are accounted for using TOTAL EQUITY AND LIABILITIES 7,132,591 6,997,857 the cost method, however Bane NOR Eiendom’s share of Oslo S Utvikling (1/3) is alone valued at NOK 1,1bn

27 Bane NOR Eiendom - Norway's leading hub developer Cash Flow and Liquidity

NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016 NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016

Cash flow from operations 614,102 938,248 Cash flow from financing Loan repayments (5,671,000) Net financial items (144,595) (156,144) Admission of loans 5,827,611 2,447,203 Tax payable - - Group contribution paid (124,210) (136,495) Net cash flow from operations 469,507 782,104 Dividend paid (2,714,555) Net cash flow from financing 32,401 (403,847) Cash flow form investments Acquisition of subsidiaries (net of cash in subsidiaries) - (39,682) Purchase of tangible fixed assets (7,468) (150,592) Change in cash position 274,267 146,030 Sale of investment property - 162,406 Eliminated gains sales of land to joint ventures 5,945 35,744 Liquidity reserve at the beginning of the period 158,565 12,505 Acquisition investment property (403,615) (291,537) Liquidity reserve at the end of the period 432,832 158,535 Proceeds from disposal of tangible fixed assets, 114,039 15,122 development property and investment property ▪ Drop in cash flow from operations mainly relate to changes in proceeds from sales of Dividend received 256,000 62,500 investment- and development-property Loans granted to associated companies (23,242) (2,402) Investments in associated companies (169,300) (23,786) ▪ In addition to is solid cash balance, Bane NOR Eiendom currently has available and Net cash flow from investments (227,641) (232,227) committed undrawn debt facilities is NOK 1,0 billion

28 Bane NOR Eiendom - Norway's leading hub developer Summary - not just any real estate company

Key infrastructure provider and strategically important for the Norwegian state, categorized by the 1 government as the highest level of strategic ownership importance

Large and diversified portfolio heavily weighted towards infrastructure and large share of leasing income 2 arise from the state

Norway’s leading hub developer comprising housing, office, hotel, retail property and railway service 3 facilities

Upside potential from expansive railway sector, National transport plan outlines historically large funding 4 of railways with a budget of NOK ~320 billion from 2018-2029

5 Conservative financial profile with LTV of 39% per Dec 2017 (not including JV’s)

29 Bane NOR Eiendom - Norway's leading hub developer Thank you for listening!

30 Bane NOR Eiendom - Norway's leading hub developer Agenda

▪ Introduction ▪ The Railway Reform and Bane NOR ▪ Business strategy and segments ▪ Financial overview ▪ Appendix

31 Bane NOR Eiendom - Norway's leading hub developer Key figures

Bane NOR Eiendom AS Total real estate division*

Properties 964 4,469 Land area 2,810 hectares 162,350 hectares Buildings 980 2,850 Built area 715,000 m2 1,120,000 m2 Leases 3,000 3,250 Development potential** 2 million m2 N/A Railway stations 330 335 Maintenance halls 12 N/A Terminals 10 N/A Employee​s 0 200 Market values NOK 14,2 billion*** NOK 45,4 billion**** Rent income 2017 NOK 733 million N/A EBITDA 2017 NOK 549 million N/A

*Includes Bane NOR Eiendom AS and real estate owned by Bane NOR SF ** Internal estimate based on evaluation of properties city by city (excluding development potential from properties currently owned by Bane NOR SF) ** Average estimate as per 31.12.2017 provided by Newsec and C&W. Includes 100 % owned real estate. excludes i) JV i.e. OSU (33%) and ii) significant upside potential of "land bank“ from regulations change ****Incudes estimated replacement value for all rail ground

32 Bane NOR Eiendom - Norway's leading hub developer Railways are key infrastructure in Norway

National transport plan outlines historically large investments in railways in Norway (NOK ~320 billion from 2018-2029)

▪ Start of new railway tunnel in Oslo (completed in 2032) ▪ InterCity: Double tram to Hamar (Åkersvika), Fredrikstad (Seut) and Tønsberg in 2024. Further to Sarpsborg in 2026 ▪ Outer InterCity: 2032 Skien and 2034: Halden and Kilometers of railway Tunnels Railway stations and stops Total journeys in Lillehammer for passenger traffic 2016 ▪ Ringeriksbanen (building start 2021/2022) ▪ Double track Arna-Stanghelle ▪ Offers improvements in the Oslo area, on Vossebanen, Jærbanen and ▪ Trønderbanen with minor measures (route 2027) Railway bridges Freight terminals Crossings Tons of ore, timber and ▪ Launch of Grenlandsbanen containers in 2015 (Linking of Vestfoldbanen and Sørlandsbanen) ▪ Electrification of Trønder- and Meråker-railway Departures ▪ Start-up municipality plan per day Sandnes-Nærbø, and KVU for Nærbø-Egersund Oslo Bergen Trondheim Stavanger

33 Bane NOR Eiendom - Norway's leading hub developer Bane NOR Eiendom AS - Business segments

1 Station operations 2 Railway property

▪ Owns and operates 330 railway stations ▪ Railway property owns and manages and stops 980 buildings and 2,810 hectares of ▪ Major diversity: From large, well-known land area stations such as Oslo S, to small, ▪ Most of the real este portfolio is leased, unmanned stations, protected and and a lot of it is used internally by Bane preserved stations and stations of cultural NOR importance ▪ These stations must be attractive and meet the needs of passengers, with functional public areas and a relevant service and information offering

3 Maintenance halls 4 Property development

▪ Operating and maintaining 12 train ▪ One of the biggest property developers workshops all over the country, 230,000 in Norway sq. m of buildings ▪ Significant development potential in the ▪ Leasing and developing complete portfolio workshops set up for a modern, well-run ▪ Developing housing, offices, hotels, railway suitable for handling future commercial premises and railway competition service facilities ▪ Developing new workshops for the ▪ Commercial actor, creating significant railways of the future “on order” from the value and value for owner Ministry of Transport and Communications

34 Bane NOR Eiendom - Norway's leading hub developer Management at Bane NOR Eiendom

CEO

Petter Eiken

Strategy and Development Legal Jørn Seljelid Corporate Finance Kirsti B. Ward Torkil Sletten Business Controlling Sven Erik Pløen

HR Espen Wikerholmen

Anette Palm Vesterkjær Marketing and Communication Kristin Paus

Concept and Planning Projects Stations Workshops Railway Property

Marianne S. Aasen Morten Austestad Knut Ø. R. Johansen Jan-Tore Iversen Morten Floberghagen

35 Bane NOR Eiendom - Norway's leading hub developer