Total GLA 115.000 M2

1 Steen & Strøm

June 2009

2 Contents

1 Scandinavian shopping centre market 4

2 Scandinavian macro outlook 15

3 Steen & Strøm overview 24

4 Shopping centre portfolio 33

5 Development projects 40

6 Financials 48

3 Scandinavian shopping centre market

4 Scandinavia – retail turnover

Country Retail Population Shopping Market turnover cemtre share

Norway 360 billion 4,5 mill. 115,0 billion 32,0 %

Denmark 217 billion 5,2 mill. 50,0 billion 23,0 %

Sweden 392 billion 8,9 mill. 129,0 billion 33,0 %

Amounts ex. VAT in NOK, DKK and SEK.

Source: Kvarud Analyse/SSB (Statistics Norway), Handelns Utreckningsinstitut (HUI), SCB (Statistics Sweden) and Danmarks Statistik (Statistics Denmark)

5 Scandinavian retail market

Source: Leimdorfer

The Scandinavian retail market has had positive growth since 2000 Consumer confidence has fallen in Scandinavia, but is still higher than in the Euro area

6 Center market in Norway

Facts sheet – The entire center market in Norway

• Center Market turnover is approx 115 billion NOK ex. VAT

• This is a share of the total retail turnover in Norway of approx 32%

• In Norway there are approx 390 shopping centers with approx 3,7 billion sq.m. and a total of approx 11500 stores.

• The largest shopping centre owners in Norway are Steen & Strøm, Storebrand, Olav Thon, Vital, Amfi and Sektor

7 Shopping centres in Norway: - managed and owned

8 Center market in Denmark

Facts sheet – The entire center market in Denmark

• Center Market turnover is approx 50 billion DKK incl. VAT

• This is a share of the total retail turnover in Denmark of approx 23%

• The 103 largest shopping centres in Denmark have a total of approx. 4000 stores, approx 300 million customers annually and a total floor space of 1.4 million sq.m.

9 Shopping centres in Denmark

Owned by Danica and Owned by others Managed by Steen & Strøm: Frederiksberg Centret Helsingør Bycenter Fisketorvet SlotsArkaderne Farum Bymidte Lyngby Storcenter Rødovre Centrum Nørrebro Bycenter Rosengårdscentret Hovedbanegården Albertslund Centrum AmagerCentret Hundige Storcenter Hvidovre Stationscenter Ballerup Centret Glostrup Storcenter Hørsholm Midtpunkt Ishøj Bycenter Stenløse Centret City 2, Tåstrup Viby Centret VestsjællandsCentret Sct. Mathias Marked, Viborg City Vest, Århus Nørreport Centret, Holstebro Randers Storcenter Aalborg Storcenter Kolding Storcenter Næstved Storcenter Storcenter Nord, Århus Owned by Steen & Strøm Ro’s Torv, Roskilde Bruun's Galleri HerningCentret Field's Copenhagen Bryggen

10 Steen & Strøm Denmark - Management

Friis Konsulentopgave

Randers Storcenter

Helsingør Bycenter City Vest, Århus SlotsArkaderne, Hillerød Bruun’s Galleri, Lyngby Storcenter Nørrebro Bycenter Hovedbanegårdens Shoppingcenter AmagerCentret Bryggen, Vejle, Field’s Copenhagen

Hvidovre Stationscenter

Kolding Storcenter Glostrup Storcenter Vestsjællands- Ishøj Bycenter Centret, Slagelse City 2, Taastrup

11 Center market in Sweden

Facts sheet – The entire center market in Sweden

• Center Market turnover is approx 500 billion SEK incl. VAT

• This is a share of the total retail turnover in Sweden of approx 33%

• In Sweden it is about 350 shopping centers with approx 6,2 million sq.m.

• The largest shopping center owners in Sweden are Atrium Ljungberg, Boultbee, Unibail Rodamco, Diligentia, Steen & Strøm and Eurocommercial Properties.

12 Steen & Strøm, Sweden

• Kupolen (Borlänge) • Mitticity (Karlstad) • Marieberg (Örebro) • Sollentuna (Stockholm) • Hageby (Norrköping) • Torp (Uddevalla) • Etage (Trollhättan) • Allum (Partille) • Familia (Helsingborg)

13 Regulation governing the development of new retail surfaces

• New regulations set physical limits on the creation and extension of shopping centres • The creation and extension of a shopping center is subject to conditions set out in the approved derpartmental plans, which contain the rules for the location of shops and Norway other services. • In regions that are not governed by a departmental plan, the creation or extension of a center covering more than 3,000 sg.m. is prohibited

Sweden • No planning restrictions for the development of retail surfaces, city counsils being selective

• The Planning Law (”PA”) imposes restriction on the creation and extension of shopping centers Denmark • As a general rule, new shopping centers must be located in city centers. • General stores may not exceed 3,500 sq.m. and specialised stores are limited to 2,000 sq.m.

14 Scandinavian macro outlook and retail market

15 Key elements Q1

•Falling economic activity in Scandinavia

•Capital goods are struggling

•Steen & Strøm better than the market in general

•Food retailers boost turnover growth

•Further extensions, but limited number of new projects

16 Shopping centres reap market shares

Shopping center turnover in percentage of the total retail turnover, private consumption and household consumption 2008

35 31,7

30 26,3 25

14,9 15 Precentage

0 Shopping centre turnover Total private consumption Household consumption

Source: Kvarud Analyse and SSB (Statistics Norway)

17 Private consumption 2007-2010

Growth in private consumption 2007-2010

Percentage 1

0 2007 2008 2009 2010 -1

-2

-3

Norway Sweden Denmark

Source:Kvarud Analyse /Source: SSB (Statistics Norway), SCB (Statistics Sweden) and Danmarks Statistik (Statistics Denmark)

18 Forecast: Norway recovers rapidly

Private consumption Statistic Estimates

2006 2007 2008 2009 2010 2011 2012

Norway 4,8 % 6,0 % 1,5 % -0,4 % 3,1 % 4,3 % 4,6 %

Denmark 4,4 % 2,4 % -0,1 % -2,5 % 2,3 %

Sweden 3,0 % -0,2 % -1,8 % 1,5 %

Source: SSB (Statistics Norway), SCB (Statistics Sweden) and Danmarks Statistik (Statistics Denmark)

19 Sweden hit by higher unemployment rates

Unemployment rate Statistic Estimates

2006 2007 2008 2009 2010 2011 2012

Norway 3,4 % 2,5 % 2,6 % 3,7 % 4,7 % 4,7 % 4,2 %

Denmark 3,9 % 2,8 % 1,8 % 3,3 % 4,4 %

Sweden 6,2 % 6,1 % 8,7 % 10,7 %

Source: SSB (Statistics Norway), SCB (Statistics Sweden) and Danmarks Statistik (Statistics Denmark)

20 Retail turnover Q1 2009: Norway and Sweden stand out

Changes in retail turnover 1Q 2009

2 1,5

1 -0,1

0 Norway Sweden Denmark -1

-2 Percentage

-3

-4

-4,4 -5

Source: Steen & Strøm

21 Turnover per retail sector: Widespread differences

Changes per retail sector

10,0 %

5,9 % 5,0 % 5,0 % 2,5 % 2,5 % 2,4 %

0,4 % 0,0 %

Food retailing Clothes and shoes Interior-1,5 % -1,1 %Cafeterias -2,0 % Other shops Total -2,4 % -2,6 % -2,6 % -3,2 % and restaurants -4,0 % and service -5,0 % -4,1 % -4,5 %

-10,0 %

-10,9 %

-15,0 %

-17,8 % -20,0 %

Denmark Sweden Norway

Source: Steen & Strøm

22 Expected retail sales growth 2007-2017

Expected retail sales growth 2007– 2017 – 2017

<10%

10 – 20%

Sweden 21 – 30% Norway 34% (60%) 30% (43%)

31 – 40% Finland 32% (51%) >40%

Denmark 42% (32%) Ireland UK 33% (73%) 24% (50%) Germany Belgium 6% (3%) 24% (22%)

France Luxembourg 28% (37%) 34% (45%) Austria Switzerland 5% (1%) Portugal 6% (6%) 51% (57%) Italy 11% (8%)

Spain 21% (40%)

In brackets: Historic retail sales growth 1996 – 2006–2006 Source: King Sturge

23 Steen & Strøm overview

24 Unique retail real estate platform

• Steen & Strøm owns and partly owns 30 shopping centres located in attractive trade areas in Scandinavia > 18 in Norway > 9 in Sweden > 3 in Denmark

• Total tenant turnover of NOK 16 billions • Total net lettable area is 714,200 m2

• 26 centers under management for third parties > 12 in Norway

> 14 in Denmark Inhabitants per km2 0 - 4 5-24 25 -249 250 - 999 1,000+

25 Steen & Strøm: Developer, manager and owner in Scandinavia

Strong economic and retail environment in the Scandinavian region

Scandinavia’s leading shopping centre organisation with a Unique retail real estate proven financial track portfolio in Scandinavia record

Strong growth and Largest shopping centre development potential operator in Scandinavia

26 History of Steen & Strøm

1. DEPARTMENT STORE - BASIS FOR THE COMPANY 1797-1991 ● Steen & Strøm was originally etsablished as a little wine shop and general store in Oslo in 1797. ● During two centuries it was developed to the leading department store in Norway.

2. AGGRESSIVE EXPANSION IN NORWAY ● Steen & Strøm Magasinet was taken over in 1992 by Agora Eiendom (tbn Steen & Strøm) 1992-1995 ● Steen & Strøm was listed on the Oslo Stock Exchange in 1994 ● Rapid expansion in Norway (bought more than 20 shopping centres)

3. ESTABLISHED A CONGLOMERATE BUSINESS MODEL ● Steen & Strøm sold 11 shopping centres to Storebrand in 1996 and entered into a long term management agreement for 1996-1998 the management of these centres ● Invested in a construction company, insurance company, sport retail chain, group of restaurants etc. ● Steen & Strøm entered into an agreement with Danica relating to the asset management of their shopping centre portfolio

4. CONSOLIDATION AND EXPANSION IN SCANDINAVIA 1999-2003 ● Initiated a process to streamline itself as a Scandinavian shopping centre company ● Further expansion into the Scandinavian market

5. INCREASED DEVELOPMENT ACTIVITIES 2004-2008 ● Several large new development and redevelopments were initiated and completed in Norway, Sweden and Denmark ● Canica acquired 100% of the shares in 2007, and delisted the company from Oslo Stock Exchange

27 Strategy

Focus on Scandinavia

Securing long-term Having a geographically growth “Seek to optimize the balanced portfolio total portfolio of leading shopping centres and maximize the profitability of each property”

Owning and operating Securing the right balance leading large shopping between stabilised assets centers in densely and development projects populated growth regions

28 Steen & Strøm value creation

• Support of retail business • Design of shopping centre concept

• Renegotiation of management fees D y • Letting strategy t e • Cost management r v e e • Construction costs p t l o n o • Additional knowledge from third party r e p p m m management (Danica Storebrand) d e e n g n a a t • Possible synergies with Klepierre’s t n p e a r main retailers s o s m j e A Value c creation t 1 s

Shopping centre portfolio

• Reduction of costs • Support of tenant turnover growth • Reduction of vacant areas • Increase of rental income • Strategic assets • Renewals at higher rates • Possible synergies with Klepierre • Re-letting strategy

29 Steen & Strøm brand strategy

Comments

• Distinct brand strategy to support the positioning of Steen & Strøm’s shopping centres

• Pursuing a house of brands strategy

• Create the best places to shop in Scandinavia - ‘managed by Steen & Strøm’

Business-to- business Business-to- consumers

30 Shopping centre business model

Arrange optimal mix of retail shops to satisfy Format involves all physical aspects and tenant needs at a maximum surroundings of the centres and its common areas

Optimal communication and media mix to Selection of different service types per give credibility to customers centre to fulfill customer promises

Every centre’s and development’s brand positioning statement is the source of a promise to its specific target group

31 Vision – “we enrich modern shopping”

By providing customers and tenants with value beyond that of an efficiently located place for commerce

32 Shopping centre portfolio

33 34 Unique retail real estate portfolio

International players Scandinavian players

Source: ABG Sundal Collier Source: ABG Sundal Collier

Steen & Strøm

Eurocommercial Simon Eurocommercial Steen & Westfield Citycon Strøm VastNed Retail Citycon Deutsche Euroshop

Klepierre Corio

Liberty Unibail/Rodamco Atrium Ljungberg Unibail/Rodamco Atrium Ljungberg British Land Hammerson Retail focus Retail focus Olav Thon Colonial Olav Thon

Land Securities

Geographical diversity Geographical diversity

Local Regional Global Local Regional

Steen & Strøm today

Steen & Strøm including development potential

35 Pure play retail real estate company with geographically balanced portfolio …

Breakdown by geography (sq.m.) Breakdown of tenants by type (sq.m.)

Electronics 3 % Café & Other Restaurants 7 % 4 %

Shoes Denmark Norway 5 % Clothes & fashion products 30 % 42 % Services 40 % 5 %

Office 6 %

Sweden Decoration Food 28 % 7 % 15 % Entertainment 8%

Source: Company information

36 … and low vacancy

5 % 4,5% 3,5% 3,6% 2,9% 2,3% 0,6% 1,3% 3 % 0,6% 2,9% 2,3% 2,3% 2,2% % of NLA 0 % 2005 2006 2007 2008

Structural Temporary

37 Asset-by-asset trading density

Nerst randa Farmandst redet Amanda St orsent er Torvbyen M arkedet Å sane St orsent er Vint erbro St ovner Sent er Gulskogen Average Norway Field’s Lillest røm Torv Hamar St orsent er Average Torp Köpcentrum Nordbyen Kupolen Köpcent rum M arieberg Cent rum Bruun’s Galleri St avanger St orsent er Sjøsiden Allum Mitt i City M et ro Sent er Hageby Centrum Average Sweden Økernsent eret A verage Denmark Sollent una Cent rum Karl Johans Gat e 16 Et age Halden St orsent er Familia Bryggen

0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 (NOK/sqm) 2008B Note: Tenant turnover divided by NLA retail Source: Company information

38 Asset-by-asset operating cost vs. retail rent 45%

26 40% 1 Amanda Storsenter 2 Åsane Storsenter 3 Farmandstredet 4 Gulskogen 35% 5 Halden Storsenter 6 Hamar Storsenter 7 Karl Johans Gate 16 22 8 Lillestrøm Torv 9 Markedet 30% 10 Metro Senter 11 Nerstranda 12 Nordbyen 9 13 Økernsenteret 25% 14 Sjøsiden 15 Stavanger Storsenter 24 16 Stovner Senter 17 Torvbyen 20% 15 18 Vinterbro 19 Allum 20 Etage 30 5 33 21 Familia 23 22 Hageby Centrum Operating cost (%) 2008B 15% 18 23 Kupolen Köpcentrum 24 Marieberg Centrum 31 25 Mitt i City 16 4 26 Sollentuna Centrum 10% 34 20 19 32 27 Torp Köpcentrum 21 17 6 12 8 28 Bruun’s Galleri 27 29 28 29 Field’s 13 3 14 30 Bryggen 5% 10 2 1 11 25 31 Average 32 Average Norway 7 33 Average Sweden 34 Average Denmark 0% 500 1 000 1 500 2 000 2 500 3 000 3 500 Retail rent (NOK/sqm – NLA retail) 2008B

Cost reduction and increase of retail rent

39 Development projects

40 Strong development potential

• Major ongoing redevelopments/extensions are Gulskogen, Metro, Hageby, Marieberg and Sollentuna

• 17 new planned developments (exc. projects for third parties) - total estimated GLA of 769,000m2 and new area of 267,200m2

> 12 redevelopment/extension projects – total estimated GLA of 524,000m2 and new area of 85,700m2

> 5 new developments – total estimated GLA of 245,000m2 and new area of 181,500m2 which will be timed by 2010/2011

Legend status A: Board approved B: Extensive planning, probably up for board approval within 12 – 18 months

41 Development portfolio – strategy

Minimum Pre-project Execution Opening of initial yield: Initial stage preparation phase shopping centre Market yield stage + 200 bsp

● Positioning as preferred ● Tailoring to local market – ● Strict financial discipline to limit ● Evaluation partner for municipalities shopping centre model risk in zoning/planning activities ● Full development and ● Clear procedures for monitoring financing commitments only risks, construction and financials ● Acquiring strategic assets after in connection to existing − receiving zoning and building shopping centers permits ● Greenfield within place- − 60% pre letting making framework − ~15% buffer in building cost estimates included in financials

Capture added value of developments through all phases of the development life cycle:

–Solid development experience on all levels in the organisation

–Clear procedures (“development manual”) for identifying and monitoring projects and related risks

–Monthly reporting to CEO and in summary form to Board of Directors

42 Økern, Oslo

Total area 250 000 sqm

-Shopping 60 000 sqm - Restaurants 3500 sqm - Leisure 18 000 sqm - Culture 13 500 sqm - Hotel 11 000 sqm - Housing 15 000 sqm - Office 40 000 sqm - Parking 89 000 sqm

43 44 Emporia, Malmø

Total area 217 000 sqm

- Shopping 80 000 sqm

- Office 12 000 sqm

- Housing 12 000 sqm

- Parking 87 000 sqm

- Service 26 000 sqm

45 46 Mölndal, Gøteborg

Total area 150 000 sqm

- Shopping 70 000 sqm

- Culture 5 000 sqm

- Parking 75 000 sqm

47 Financials

48 Shopping centres 2008 Owned centres

Norway Sweden Denmark Lease income growth 11,4% 0,1% 19,8% LFL Growth 2,7% 4,6% 9,5% (1)

Growth in turnover 4,0% -1,1% 15,0% LFL growth -0,3% 2,2% 0,1%

Vacancy (% of NLA) 3,4% 1,4% 3,5%

Costs in percent 14,4% 28,0% (2) 17,3%

% variable rents 6,5% 8,4% 11,0%

(1) New centres – higher growth starting years (2) Cost are related to ongoing projects on existing shopping centres – temporary vacancy

49 Capital distribution 1Q 2009 - book values

Distribution per country Shopping centres vs. projects

13 % 31 % 42 %

27 % 87 % Norway Sweden Denmark Projects Shopping centres

50 Investment comittments (full year)

3500 3000 2500 2000 1500 1418 1000 543 500 19 0 2009 2010 2011

51 Financing

Debt maturity Comments

• Terms:

> Type of loans: Bonds, certificates,and ordinary loans 4 000 > Security: Normally mortgages or negative pledge. 3 000 > Margin: Average loan margin at present approx 40 bs. 2 000 > Main debt lenders: Scandinavian banks – DnB,

(NOKm) 1 000 Handelsbanken, Nordea, Danske Bank and Nykredit

0 > Material financial covenants: Book equity ratio >20%, Year end 2008: 31.4% 2009 > Payment periods: See figure. All debt maturities for 2009

2010-2011 are renegotiated. 2012 – 2013 – 2012 2017 – 2014 2026 – 2025 2034 – 2030 2034 – 2033 2036 – 2035

> Capex for 2009 is fully secured

> Key figues year end 2008:

• LTV 57% • ICR 1,7

52 Hedging strategy

Average interest rates (%) Comments

• Average interest rate is at present 4,5%. 7,0 • Approximately 60 % of the loans is hedged at an average 6,0 rate of 4,0% (excl. margin) 6,0 • Average length of hedging contracts is 4,2 years

• Evolution of short term interest rates (NIBOR-STIBOR and 5,0 4,6 CIBOR):

Daily QOINOK3MD=, Q/STISEK3MDFI=, QCIDKK3MD= 04/07/2003 - 13/10/2009 (GMT) 4,0 Pr ic e Line, QOINOK3MD=, Last Trade(Last) None 3,5 22/06/2009, 1.95 3,3 Line, Q/STISEK3MDFI=, Bid(Last) 7.6 3,2 22/06/2009, 0.97 7.2 Line, QCIDKK3MD=, Last Trade(Last) 22/06/2009, 2.28 6.8

3,0 6.4

5.6

5.2

2,0 4.8

4.4

4 1,0 3.6 3.2

2.8

2.4 0,0 2 1.6 2004 2005 2006 2007 2008 1.2

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2003 2004 2005 2006 2007 2008 2009

.12

53 Success criterias

IRR

Finance strategy Yield Real growth Inflation

1. Retail turnover growth

2. Renegotiations

3. Cost Success- criterias

4. Vacancy

5. Area efficiency

54 Steen & Strøm in Denmark Field’s center

1 KLÉPIERRE INVESTOR‘S DAYS COPENHAGEN

2 The Shopping center market and Steen & Strøm/Klépierre’s position

3 Shopping centers in Denmark Dominant centers in Denmark (over 10.000 sq.m.)

4 Center market in Denmark

Facts sheet – The entire center market in Denmark:

• Center Market turnover is approx. 50 billion. DKK incl. VAT.

• This is a share of the total retail turnover in Denmark of approx. 23%

• The 103 largest shopping centers in Denmark have a total of approx. 4000 stores

• The 103 largest shopping centers in Denmark have a total floor space of 1.4 million sqm

• The 103 largest shopping centers are visited by approx. 300 million customers annually

5 Steen & Strøm Denmark - Management

Friis Konsulentopgave

Randers Storcenter

Hvidovre Stationscenter

Kolding Storcenter Glostrup Storcenter Vestsjællands- Ishøj Bycenter Centret, Slagelse City 2, Taastrup

6 Steen & Strøm Denmark

Steen & Strøm Denmark’s management portfolio

• Amager Centret 62 shops 19.000 m2 • Bruun’s Galleri 92 shops 36.000 m2 • Bryggen 78 shops 30.000 m2 • City 2 111 shops 63.000 m2 • City Vest 70 shops 25.000 m2 • Field’s Copenhagen 140 shops 115.000 m2 • Glostrup Storcenter 59 shops 20.000 m2 • Helsingør Bycenter 29 shops 16.500 m2 • Hvidovre Stationscenter 36 shops 10.000 m2 • Ishøj Bycenter 38 shops 32.500 m2 • Kolding Storcenter 103 shops 54.500 m2 • Lyngby Storcenter 101 shops 28.000 m2 • Nørrebro Bycenter 22 shops 11.000 m2 • Randers Storcenter 46 shops 27.500 m2 • SlotsArkaderne 47 shops 18.000 m2 • VestsjællandsCentret 44 shops 23.000 m2

• Total 1.125 shops 529.000 m2

7 Unique positions for shopping centers owned by Steen & Strøm

8 The city's axis - Århus

Århus Domkirke

Clemens Bro

Søndergade

Ryesgade

Århus H

9 The city's axis - Vejle

Nørretorv

Sct. Nicolai Kirke Rådhus Torvet

Torvehallerne Bus og Tog Station

Sønder Bro

Sønder Torv

10 Field’s Copenhagen

11 ARKKIs masterplan – det blå element

The Area 3.1 mio.sqm. 12 Presentation on Field’s A super regional mall in the Copenhagen region

13 Field’s Copenhagen

Field’s opened on March 9th 2004: • 115,000 sq. meters • 140 shops • Total turnover 2008 (incl. VAT): € 350 million • Total footfall 2008: 7 million customers

• Situated in Copenhagen in the Øresund region – the new dominant growth area in Scandinavia within: • Business • Education • Residence

14 Scandinavian design and quality

ͻ Winner of the ICSC New Shopping Centers Award in 2006

ͻ 140 shops, cafés/ restaurants and leisure facilities in 3 levels.

ͻ 2 levels of underground parking and an outdoor parking area with a total of more than 3,000 parking spaces

15 Catchment Area - Super-regional catchment area

• More than 625,000 households in the Greater Copenhagen area Århus SWEDEN

• Plus 100,000 households DENMARK in the Southern part of Sweden Copenhagen

• 3.0 million people within a Field’s 50 minutes drive from Malmø Field’s

GERMANY

16 Unique placement

Perfect access and infrastructure: • Metro • Regional trains • Busses • Copenhagen International Airport • Direct exit from freeway

Copenhagen downtown to Field’s : 8 minutes by Metro

COPENHAGEN CITY

17 Level 0

Powerful Anchor Stores Anchor stores particularly dominate level 0 with Bilka One Stop hypermarket, Magasin (department store), ElGiganten (electronics), Toys’R’Us and Stadium (sport & leisure). Besides, the anchor stores approx. 40 specialty shops add a distinctive mark and greatness to this level.

18 Level 1

Bestseller 222 234 235 236 237 238 239 240 241 242 243 Fashion and lifestyle 232 233 244 246 230 231

329 331 332 333 334 339 325 326 327 336 Zara Fashion, accessories, living 324 337 248 220 323 338

and lifestyle shopping are 322 249 the key words describing Magasin 335 250 320 341 level 1 with more than 70 251 C 318 shops. Among others, H&M, 220 220 346 255 Zara, Magasin (department A 350 350 317 256 316 219 315 Store) and Bolia.com 217 314 300 256 313 312 216 311 310 301 (living). 215 308 307 212 306 302 258 213 305 303 304 B 259 211 210 208 206 205 204 214 203 260 202 Bolia.com 201 200 261

19 Level 2

Field’s Pleasure Pleasure for everybody is found on level 2: Fitness.dk offers a large fitness & health care area with all Fitness.dk kinds of activities, and C 430 Capella Play caters to the 423 424 needs of children. You will 419 431 450 413 422 412 also find 15 cafés and 421 414

418 restaurants each with their 432 special cuisine and 420 404 B 440 402 character. 401 408 402 400 401 408 400

20 Unique positioning through unique marketing

21 From Shopping Center To Ambitious Brand

ͻ Eye-catching marketing campaigns in combination with substantial media spending and impact has made it possible to establish a successful image with heavyweight pulling power in the catchment area. ͻ Field’s has been able to build a brand universe that is clearly differentiated from its competitors and has created a communication platform with its own distinct profile. ͻ Since its opening in 2004, Field’s has monitored consumer preferences and advertising recall in comparison with its key competitors within the catchment area. As the figure shows, Field’s comes out top and is clearly differentiated from the competition.

Media tracking – Advertising recall in Mind (%) 60% Fields Copenhagen Amager Centret Magasin 50% Fisketorvet City 2 Hundige Storcenter Rødovre Centrum Illum 40% Target group: 19-60 years in the catchment area 30% Period: week 45 2006 – week 44 2008 20% Gross spending: 183,619,763 DDK 10%

22 23 24 Financial statements on Field’s Copenhagen

25 Financial statements

• Field’s

> Turnover (incl. VAT) : • 2008 All stores incl. Bilka kr. 2.600.000.000 / € mil. 350.000

• 2008 All stores excl. Bilka kr. 1.650.000.000 / € mil. 220.000 • 2005-2008 +27% • 2007-2008 -2% • Q1 2008 – Q1 2009 -5%

26 Financial statements

• Field’s

> Leasing area: • Total GLA 115.000 m2

> Letting situation • Vacancy 31.12.2007 4,4% • Vacancy 31.12.2008 4,4% • Vacancy 31.03.2009 5,1%

27 Financial statements

• Field’s

> Visitors: • 2008 6.800.000 • 2007-2008 index 97 • Q1 2008 – Q1 2009 index 100

> Sales per visitor: • 2007 kr. 379 - €51 • 2008 kr. 382 - €51

28 Financial statements

• Field’s

> Rent per square meter (net area): • Anchor stores kr.1.700/m2 - € 227/m2 Common costs (service charge) kr. 750/m2 - € 100/m2 • Specialty stores kr. 3.100/m2 - € 413/m2 Common costs (service charge) kr. 1.369/m2 - € 182/m2

29 Financial statements

• Field’s > Development in net rent: • 2005 kr. 108,6 million / m2 - € 14.5/m2 • 2006 kr. 131,2 million / m2 - € 17.5/m2 • 2007 kr. 164,3 million / m2 - € 22.0/m2 • 2008 kr. 176,1 million / m2 - € 23.5/m2

> Costs in pct. of net rent: • 2005 24,7 % • 2006 16,3 % • 2007 9,6 % • 2008 11,1 %

30 Financial statements

Turnover potential

• Split large areas into smaller shops • Concession • Children concept • Leisure concept (Fun Golf)

Vacancy: > At present approx 5.100 sqm vacancy (where approx. 1.000 sqm are awaiting phase II)

31 Financial statements

Turnover potential

• Today’s turnover per sqm DKK 28.000 - € 3.733 • Market potential (next 5-8 years) DKK 45.000 - € 6.000 • Estimated growth (5-8 years) 60% • Historic growth 2006-2008 (year 0 = 2005)Approx. 30%

The turnover growth is mainly due to the growth in primary market.

32 Future developments for Field’s Copenhagen

33 Step 3 32.000 sqm. building rights

Step 2 40.000 sqm building rights 16.000 sqm building rights (options)

34 35 36 37 38 Field’s Site bought Dec. 1996 Accept of the plans for the Regional Center 2000

39 Ørestad City – summer 2004

40 Ørestad City - 2007

41 Ørestad City – 2012

• In 2012 4.000 people will be living in Ørestad City

42 Ørestad High School – 2006/2007

43 Royal Copenhagen Golf

Opening Spring 2006 – 71 driving ranges. 9 holes court opening 2009 and another 18 holes in 2010.

44 Copenhagen CityCentre

Ørestad City – Copenhagen City Copenhagen development by 3.1 mio. m2 International Within a 15 years period Ørestad will Airport have 20.000 inhabitants, 20.000 students, 60.000 office workers

45 Next step – Ørestad south - A new city for 16.000 inhabitants

LILLESTRØM TORV

1 KLÉPIERRE ,19(6725¶6'$<6 LILLESTRØM TORV

2 Lillestrøm Torv An attractive place for retail and entertainment activities

3 1 Lillestrøm Torv

Lillestrøm Torv is a city centre which has an excellent location by the town square in the centre of Lillestrøm, and serves as an active meeting place for commerce and culture.

The centre has experienced numerous expansions and rebuildings since its establishment in 1985. The oldest part of the centre has recently had the interior remodelled and has a new and up-to-date design with new chain concepts.

4 Facts

Total area : 36 600 square meter Retail area: 16 000 square meter 84 shops Indoor parking with 300 car parking spaces Total turnover 2008 (incl. VAT): MNOK 639 Total visits 2008: 4 Million

5 Excellent location in the centre of the city Lillestrøm

Many visitors at the yearly city festival

Mainstreet decorated for Christmas

6 Urban development

The centre of Lillestrøm is currently undergoing urban development, and this has consequences for Lillestrøm Torv. Lillestrøm Torv would like to contribute to and participate in this process, and is therefore continually evaluating changes in the variety of shops and reorganization of the shopping centre.

7 Market Area

Primary market area > Skedsmo municipal with 46 146 inhabitants Secondary market area > Totalt inhabitants 176 916 from following municipals: Aurskog Høland Enebakk Fet Gjerdrum Lørenskog Nannestad Nes Nittedal Rælingen Sørum Ullensaker

8 Competitors

1. Strømmen Storsenter, situated 2 km away (118 shops) 2. Lørenskog/Triaden Storsenter, situated 5 km away (84 shops) 3. Metro Storsenter, also situated 5 km away (100 shops) 4. Jessheim Storsenter, situated 20 km away (147 shops) 5. 2-3 minor centres situated 5-10 km away (20-40 shops)

9 The customer

69,5 % is women 48,9 % of customers are up to 39 years 40 % represent a total household income above NOK 600 000 21 % of our costumers spend NOK 200-399 15 % of our costumers spend NOK 400-599 16 % of our costumers spend NOK 800-2000 84 % visit Lillestrøm Torv by car Average visit is 1,18 hours

10 84 unique shops and approx. 16.000 sqm retail area

Lillestrøm Torv aims at being a source of inspiration for shopping, with an exciting variety of shops, novelties and surprises. The centre currently has 84 shops with a strong emphasis on clothing and shoes, clock and watch retailers and opticians, as well as other speciality shops.

11 Brand Building

12 Communication

Vision: We want to charm our visitors and our colleagues Position: The only city centre

Brand promise: The charming and pulsating city centre Values: Pulsating Inspiring Solution/knowledge-oriented Charming

13 ,QDUHDOSXOVDWLQJFLW\«

14 Financial statements

Lillestrøm Torv

15 Financial statements

Lillestrøm Torv, Turnover (incl. VAT): Turnover 700000000 > 2008 636 MNOK 600000000 500000000 > 06-08 + 16,5 % 400000000

> Progn. 2009 662 MNOK 300000000 200000000 100000000 In June 2008 there was a fire at the centre, and 0 both Peppe`s and Burger King were closed for 2006 2007 2008 Prog.2009 3 months

Weekly visitors 2009: Approximately 90.000 visitors

16 Financial statements

Lillestrøm Torv > Leasing area: Total GLA 36.600 m² Total NLA 21.138 m² ± Retail 16.045 m² ± Office 4.367 m² ± Storage 726 m²

> Letting situation Vacancy 31.12.2008 1,6 % Vacancy 31.03.2009 3,1 %

17 Financial statements

Lillestrøm Torv

Average rent per squaremeter in 2008: > Retail: NOK 2.473,-/m² > Office: NOK 1.046,-/m² > Storage: NOK 362,-/m²

Common costs (service charge) in 2008 > Retail: NOK 747,-/m²

18 Financial statements Lillestrøm Torv > Development in gross rent: 2005 NOK 36.120.000 2006 NOK 37.671.000 2007 NOK 42.193.000 2008 NOK 43.930.000

> Costs in pct. of gross rent: 2005 15,0 % 2006 11,5 % 2007 14,7 % 2008 16,1 %

19 Future developments

Lillestrøm Torv

20 Development plans

The city and the surroundings are in major growth We are building alliances with other proprietors City block development comprising:

> The centre as a part of the society (for instance library) > Increased space retail from 16.000 to 40.000 square metres > Increased space offices > Increased space residences

21 Ideas following

22 New area

Existing centre

23 New area

Existing centre

24 GULSKOGEN

1 KLÉPIERRE ,19(6725µ6'$<6 GULSKOGEN, DRAMMEN

2 Presentation on Gulskogen A regional mall in the Drammen region

3 4 Before extension

5 Catchment Area

6 Level 0 ʹ before

7 Level 1 ʹ before

8 Level 0

Powerful Anchor Stores XXL Lefdal Meny Cubus H&M

9 Level 1

Powerful Anchor Stores Clas Ohlson Torshov Super G

10 11 Profile

12 Phases

13 Phase 0

14 Phase 1

15 Phase 2

16 Phase 3

17 Phase 4 and 5

18 Before After (Expected) Opened 1985 (1986, 2000) Extension 2007 (completed 2010) 29.008 M² (GLA) 20.105 M² (NET) 50,600 M² (GLA) 37.500 M² (NET) 64 Shops 120 shops Turnover: 547 mill NOK (587 mill in 2004) Turnover: 1.3 billion NOK Visitors: 2,44 mill (2,29 in 2004) Visitors: 3,1 mill (2,6 in 2008) Car parking spaces: 800 Car parking spaces: 1200

19 20 Unique positioning through unique marketing

21 From Shopping Center To Ambitious Brand

ͻ Gulskogen is the largest shopping destination in Drammen County. At the completion of the project Gulskogen will be the largest shopping destination in the catchment area. > 75.149 households in the catchment area with totally 173.000 people > In 2009 2,8 mill visitors is estimated for Gulskogen > 98 % of the people in the catchment area is familiar with Gulskogen as a shopping destination ͻ A new marketing concept was launched in August 2008 > dĂƌŐĞƚĂƵĚŝĞŶĐĞŝƐŶĂŵĞĚ͞ĞƚĚĞƚŐŽĚĞůŝǀ͟ > Focus on the values of the target audience and the factors that are essential for them when it comes to choosing shopping destination. > Gulskogen has created a communication platform with its own distinct profile with ďŽƚŚĂůŽĐĂůƚǁŝƐƚĂŶĚĂ͞ŚŝŐŚƉƌŽĨŝůĞ͘͟DĂƌŬĞƚŝŶŐƐƚƵĚŝĞƐƐŚŽǁƚŚĂƚƚŚĞŵĂƌŬĞƚƐĞĞƐ the new profil as unique, different and brand building in a positive way.

22 The Story ± Gulskogen Gård

23 24 Financial statements on Gulskogen

25 Financial statements

Gulskogen Senter > Turnover: 2008 (incl. VAT) NOK. 639.663.000 2007-2008 +18,6% Q1 2008 ± Q1 2009 +0,9% Forecast end of project NOK. 1.300.000.000 > Visitors: 2008 2.600.000 2007-2008 +8,3% Q1 2008 ± Q1 2009 +3,2% Forecast end of project 3.100.000 > Sales per visitor: 2007 NOK. 224 2008 NOK. 261 Forecast end of project NOK. 419

26 Financial statements

Gulskogen Senter

> Leasing area end of project: Total GLA 50.600m² NLA 37.500m² > Letting situation Vacancy 31.12.2007 0% Vacancy 01.09.2008 0% Vacancy 01.06.2009 0%

> Total letting situation 71%

27 Financial statements

Gulskogen

> Rent per squaremeter: Anchor stores kr. 1.326 / m² Other stores kr. 2.540 / m² Average stores kr. 2.122 / m² Common costs (service charge) kr. 781 /m²

28 Financial statements

Gulskogen Senter > Development in gross rent: 2005 kr. 30.634.000 2006 kr. 30.092.000 2007 kr. 28.817.000 2008 kr. 35.676.000

> Costs in pct. of gross rent: 2005 21,0% 2006 20,4% 2007 16,7% 2008 16,2%

29 Financial statements

Turnover potential

Turnover 2008 per sqm GLA/NLA 12.642 NOK/17.057 NOK Market potential 2011 25.691 NOK/34.666 NOK Estimated growth (2008 - 2011) 103% Historic growth 2005-2008 17,6%

30 Thank you for your attention

31 METRO SENTER KLÉPIERRE INVESTOR’S DAYS METRO SENTER Presentation on METRO

”A modern shopping center that goes hand in hand with housing and culture as an integrated part of Lørenskog Town Center development”

3 METRO SENTER

METRO is situated in the heart of Lørenskog Kommune (municipal). • The center has been under refurbishment since February 2006 until December 2008 and appears now as a new, modern and exciting shopping center where great emphasis has been placed on design and architecture • Relaunched in phases from November 2007 to December 2008 • Increase in the retail area from 32,500 to 45,000 sqm • 95 shops • Underground and outdoor parking with 1450 places • Total turnover 2008 (incl. VAT): NOK 618 M • Total visits 2008: 2,6 Million

4 Building Lørenskog Town Center

RETAIL, LIVING, CULTURE, LEARNING

• METRO SENTER as an integrated part of the new Town Center which is under development • Culture Hall - 15.000 m² with cinema, theatre, library and offices • 500 new flats • New High School with 600 students • New public transport terminal

5 Metro Lørenskog Town Center By car or bus: Oslo – 15 minutes Airport – 30 minutes

6 Catchment Area

• Primary catchment area > Lørenskog kommune (municipality), which is part of Akershus county, and hosts 32.500 inhabitants • Secondary catchment area > Includes Oslo North (Alna, Stovner, Grorud, Bjerke) and parts of Skedsmo, Rælingen and Fet kommuner (municipalities). The extended area comprises all together ca 230.000 persons > Strong influence in the secondary area due to Product mix, a wide selection within several product categories together with central geographical placement and good infrastructure

7 THE CUSTOMER

• 60% is women

• 73% of Metro customers is 35+

• 47% represent at total household income above NOK 600.000

• 85% visit Metro by car

• Average visit is 47 minutes

8 95 unique shops on 45.000 sqm retail area

Metro Storhandel (Skårer/maxi building) Metro level 2

Metro level 1

9 Level 1

Household and living dominate On level 1 customers find most appliances they need for a modern household (hardware and tools, software, electronics, interior, decoration, kitchen and bath appliances, gifts, etc…)

…also dry cleaner, shoe repair, flower shop, toy store, cafe and bowling

10 Level 2

Fashion and lifestyle Fashion, accessories and lifestyle shopping are the key words describing level 2 with more than 70 shops. Among others, Cubus, Gina Tricot, Anton Sport

Groceries by Coop Mega

…plus cafés/restaurants, Post office, pharmacy,hair- and beauty saloons, restrooms, infodesk

11 Metro ”superstores” (Skårer/maxi-building)

Metro Storhandel Metro Storhandel - where size matters ICA Maxi is one of Norways largest grocery stores and has until recently ”occupied” this building with little support from neighbouring stores. Now you also find 3000m² Super G (sportshop) and Møbelringen 2700m² (furniture) also will open this fall. In January 2010 SATS (fitness center) will open their biggest and most modern studio in the county. NB! The building is currently under refurbishment

12 Unique positioning through unique marketing

13 Communication platform

Vision: Metro shall offer the most modern and attractive shopping experience in Romerike (county) Position: Metro shall offer the most modern and attractive shopping experience in Lørenskog (municipality) Brand promise: Exciting meetings Values: Modern, Engaged, Inviting, Respectful, Attentive

14 Exciting meetings

15 Financial statements

Metro senter, Lørenskog

16 Financial statements

• Metro, Turnover (incl. VAT):

Turnover > 2008 618 MNOK 800000000 > 05-08 + 24% 700000000 600000000 > 07-08 + 47,5% 500000000 400000000 > Q1/08-Q1/09 + 29,3% 300000000 200000000 > Progn. 2009 785 MNOK 100000000 0 2006 2007 2008 Prog.2009

17 Financial statements

Visitors •Metro 3000000 2500000

>Visitors: 2000000 •2008 2.6 Mill 1500000 1000000

•2007-2008 + 33% 500000

•Week23/09 1.359.000 0 2006 2007 2008 Prog.2009 – vs. 2008 + 7,8% NOK per visitor 300

>Sales per visitor: 250 •2007 NOK 216,- 200 •2008 NOK 238,- 150 100

0 2006 2007 2008 Prog.2009

18 Financial statements

• Metro Senter > Leasing area acc. Bud 2009: • Total GLA 87.476 m² • Total NLA 51.105 m² – Retail 44.319 m² – Office 5.178 m² – Storage 1.608 m²

> Letting situation

• Vacancy 31.12.2008 27,3% (Incl. Skårer-building, under refurbishment) • Vacancy 31.03.2009 16,3% (Incl. Skårer-building, under refurbishment)

19 Financial statements

• Metro Senter > Average rent (retail) per sqm 31.12.08: • Metro building NOK 1.517 / m² • Skårer Maxi building NOK 410 / m²

> Common costs (service charge) • Metro building NOK 815 / m² • Skårer Maxi building NOK 200 / m²

20 Financial statements

• Metro Senter > Development in gross rent: • 2005 NOK 47.497.000 • 2006 NOK 42.676.000 • 2007 NOK 31.651.000 • 2008 NOK 49.640.000

> Costs in pct. of gross rent: • 2005 17,5 % • 2006 10,2 % • 2007 26,7 % • 2008 20,0 %

21 Financial statements

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22 Financial statements

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23 Future developments

Metro senter, Lørenskog

24 Lørenskog 500 new flats under construction at Metro AS IS Culture Hall the top of Metro’s footprint under Skårer (maxi) construction building AS IS

25 Lørenskog Town Center development at METRO Construction of Lørenskog Culture Hall

26 Entrance Parking house Possible future P-house Possible future Solheimveien and groundfloor retail Hotel/conference

Festplassen

Vei 1 Possible building of appartments on the

2 i top of and in the e V area behind the Skårer Maxi building

27 FINI