Company presentation March 2017 Important information • Acceptance of limitations: The information in this presentation (the "Presentation") is furnished by Jefast Holding AB (publ), a public limited liability company with reg. no. 556721-2526 (the "Company"), solely for the recipient’s information. • Use of the Presentation: This Presentation does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. No investment decision shall be made based on this Presentation. 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This Presentation contains forward-looking statements that reflect the Company’s current views with respect to certain future events and potential financial performance and other statements that are not historical facts. No guarantee can be given that such expectations are correct and risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No information in this Presentation has been independently verified by the Manager or its advisors. The information relating to the Company does not constitute a complete overview of the Company and must be supplemented by the reader wishing such completeness. • Actuality: The Presentation is dated 7 March 2017. Neither the Company nor the Manager can guarantee that there has been no change in the affairs of the Company since such date, nor do they intend to, and assume no obligation to, update or correct any information included in the Presentation. 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No securities referred to in this Presentation have been or will be registered under the Securities Act, or under any of the relevant securities laws of any state or other jurisdiction of the United States of America. An offer to subscribe for securities will in the United States only be made to a limited number of investors who are deemed to be qualified institutional buyers as defined in Rule 144A under the Securities Act, in reliance on available exemption from the registration requirements under the Securities Act. Neither this Presentation nor any copy of it nor the information contained herein is being provided, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly to or into the United States of America (unless an exemption is available) or any other jurisdiction in which such distribution would be unlawful. No action has been taken or will be taken to allow the distribution of this Presentation in any jurisdiction where action would be required for such purposes. • Applicable law: This Presentation is subject to Swedish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Swedish courts (with District court of Stockholm as court of first instance). 2 1. Introduction TODAY’S PRESENTERS BO MARIA CASSANDRA JERTSHAGEN JONASSON JERTSHAGEN Chairman, Founder and Owner CFO Business Developer and Born 1951 Born 1972 Board Member Born 1991 Founded the Company in 1977 Joined the Company in 2016 Joined the Company in 2009, Board Member since 2014 Chairman since 2007 6 years of experience from Höganäs as Financial Controller and 9 years at EY as 8 years of experience from Jefast and Machine Engineer and 40 years of Accountant former Project Manager at Pelican Grand experience from the real estate sector Beach Resort MSc in Accounting, Lund University BSc in Business Administration, Copenhagen Business School 3 Agenda 1. Introduction 2. Market overview 3. Company description 4. Financial information 5. Organisation and board 6. Q&A 1. Introduction Company snapshot The Swedish properties and Company background The Jefast Group Business model operational figures • Jefast is a Swedish Buy-and-hold investor in PROPERTY VALUE North-western Skåne, privately owned real estate targeting a yield of 6-7% 37 company, focused on long- Hotel (US) Growth area, Selective growth, 25% Residential properties term asset management, targeting an targeting an development and property (SE) NW Skåne SEK 40% occupancy rate occupancy rate management of properties in 2,458m 99% of 90% Skåne, Sweden. The Group also 931 owns a hotel property in Florida, Commercial USA (SE) residential apartments 35% • The property portfolio is GEOGRAPHICAL OVERVIEW valued at SEK 2,458m and 237 consists of residential and commercial spaces commercial properties located in Höganäs Skåne, Sweden and a hotel Åstorp property located in Fort Helsingborg Works actively Diversification of Lauderdale, Florida, USA Development with portfolio leases, reducing SEK 118m refinement concentration risk rental value Residential units consist of 931 CPH Malmö apartments, equalling 65,675 sqm Currently developing the shopping residential area centre Kv. Holland 25 (Söderpunkten) Residential Commercial in central Helsingborg Commercial units consist of 237 96% commercial spaces, equalling economic occupancy rate 69,412 sqm rentable area Hotel property consist of 156 rooms of which Jefast currently owns 132, and 87.6% of the total 135k sqm property rentable area SEK 14k market value per sqm Source: Company data; Management estimates. 5 1. Introduction Financial development in brief Stable development of financial ratios during the acquisitive period 2014-2016 PROPERTY VALUE AND NET OPERATING INCOME (“NOI”) SEKm ► PROPERTY VALUE – external valuation has valued the properties to SEK 99 112 144 2,458m, a year-over-year increase of SEK 619m 2,458 ► EQUITY RATIO decreased primarily as a result of increased bank loan and 1,839 1,665 612 bond issue in 2015 245 578 559 7 695 548 ► NET LOAN TO VALUE increased due to acquisitions and other investments Sweden: being financed via debt 1,106 707 907 2014 2015 2016 ► INTEREST COVERAGE RATIO improved to 1.59x due to new acquisitions having a positive net effect Helsingborg Höganäs Åstorp Ålsgårde, DK Fort Lauderdale NOI EQUITY RATIO NET LOAN TO VALUE INTEREST COVERAGE RATIO 66% 60% 58% 1.59x 1.45x 1.40x 34% 30% 29% 2014 2015 2016 2014 2015 2016 2014 2015 2016 Source: Company data. 6 1. Introduction Development since the bond issue in 2015 Since 2015, Jefast has come a long way, but further upside remains Autumn 2015 Spring 2017 Future Grow business and strenghten presence in the Swedish property portfolio value increased by Continue to develop and refine property portfolio Öresund region 47% to SEK 1,847m in North-western Skåne Swedish Swedish property portfolio with a market value of Several exciting potential acquisition targets Acquire residential properties and selectively SEK 1,253m commercial properties with development potential property Occupancy rate of 99.5% for residential and in the Öresund region Occupancy rate of 99.8% for residential and 89.7% 93.3% for commercial portfolio for commercial Complete Kv. Holland 25 in different phases 1) Invested SEK 80m in Kv. Holland 25, with a during 2018-19 currently contracted economic occupancy rate of 85% upon completion Finalised an extensive 2 year investment During 2016, the hotel performed its best year Possibility to acquire the remaining condos and programme, amounting to SEK 52m, adding two since it was acquired by Jefast in 2008 become valued as a hotel conference facilities, a spa and a penthouse to the – Surpassing 90% ownership provide