Real Estate Projects

FEBRUARY 2018 Index

Our vision and philosophy 4

All eyes on the occupier market 6

Storogården 8

Exited investments 10

Portal Skøyen 20

Present Investments 22 Pontoppidansgate 7, Oslo 24

Hauketoveien 8, Oslo 26

Industrigata 1, Lier 28

Vitaminveien 1, Oslo 30

Jessheim Næringspark, Jessheim 32

Beddingen 8, Oslo 34

Eikveien 19-20, Drammen 36

Trondheimsveien 113, Oslo 38

Drammensveien 211-213, Oslo 40

Hanaveien 17, Sandnes 42

Infarten 2, Kungsbacka 44

46 Our team 48 Contact us! Real Estate Projects February 2018

Liquidity and volume are also central to one’s ability to purchase and to reduce exit risk. Greater Oslo normally has over 60% of all transactions in the Norwegian market. By focusing on a limited geographical area our compet- itive advantage in all phases of the property life cycle is enhanced: identifying opportunities, understanding tenants locally, zoning, asset management, property development and exit strategy. Our vision is We have always focused on commuting hubs. In 2017 we bought two properties located at commuting hubs in “to transform Oslo, both within Oslo Municipality’s strategic area development plan towards 2030. This means that the potential bricks into gold” exists to increase the properties’ volume.

Vitaminveien 1A at Storo was the largest acquisition last year at NOK 523 million and 21,000 m2. We have since closing in March rebranded the property with new signs and new façade paint, and approved building permit for The vision portrays who we are, an additional 2,300 m2 to transform the building from an our investment philosophy and the introverted brown brick block to an inviting modern of- results we wish to achieve. fice building that can compete against new builds at the main communication hubs in Oslo. We are very happy that Sector Alarm has chosen to stay in the building for an additional 15 years as the key tenant.

Hauketo Centre, bought in October, lies to the south of Oslo and is today a well-functioning local centre with 2 grocery stores, a fitness centre, a physiotherapist clinic Final concept at Carl Berner Torg where construction phase has started and a drugstore. Our plan is to work with the local district authorities and Oslo Municipality to rezone the property to utilize the potential that the new zoning plan allows. Anders Brustad-Nilsen result last year (IRR not calculated as Klaveness Marine Managing Director CEO/Partner 2017 was an exciting year on many of the properties we managed the property themselves). At Strandveien 41 in have under management. Portal Skøyen, formerly known Hamar, however, we could not re-establish the cash flow as the Stenshagen properties, has had a decrease in with a low enough CAPEX after DNB moved out, and the Our investment philosophy is to buy properties with vacancy of over 6,000 m2 with both Verisure and Envac bank took over the project at the start of the summer. potential beyond that which is normally expected. Some signing long-term lease agreements. Of a total of 23,000 The lesson learned from this project is avoid small trans- examples can illustrate this: to be first mover in an area m2 only 2,700 m2 is now vacant, and there is good inter- parent markets with single tenant risk. development, show financial creativity in the purchase est in many of the remaining areas. We used both equity phase, identify deals off market, optimize tenant con- and energy to turn the product into what tenants are The average IRR after valuation on assets under manage- tracts, conceptualize properties or areas, buy vacant looking for in a difficult market situation west of Skøyen. ment is around 50%, ranging from at the lowest 12% to properties to rent or build on, etc. We also invest in cash the highest at 140%. The main risk factor for the assets flow properties where the property, tenant or location At Hana in Sandnes new contracts with Coop, Elixia and is clearly interest rates as one of the main costs affecting has superb fundamental characteristics and where the Metro Bowling have been signed and at Carl Berner we values, but equally critical is our ability to work on value property’s ability to be fully let is high. have signed a long-term contract with one of the large creation according to the agreed strategy. grocery chains for all the retail space, and the start of Our geographical strategy of concentrating on projects building has now been formalized with an expected within Greater Oslo still stands. The real estate market is completion in 2020. strongly correlated with the development in GDP, and in We also sold two projects last year, the Maxbo portfolio the period between 1998 and 2015 Oslo had an annual and the logistics property Linnesstranda 2 in Lier. The for- average growth in GPD of 3.5%, against Norway as a na- mer had a holding period of only 9 months and achieved tion at 1.8%. The data for Stockholm and Sweden shows an IRR of 40 %. Linnesstranda 2 had a holding period of a similar pattern. We believe that this trend is getting around 2 years and recorded an equity multiple of 1.8 stronger, with development in the larger urban regions and an IRR 26%. Klaveness Marine, for whom we bought running ahead of the rest of the country. Mariboes gate 13, sold the property with a very strong

4 5 Real Estate Projects February 2018

term construction activity will pick up, at the same time large tenants relocate to more space-efficient buildings, with a resulting slowdown in rental growth as we get closer to 2020.

New technology is redefining the workplace, enabling employees to work anywhere and causing businesses to reconsider their office rental strategies around more flexible options. New generations are likely to adopt flexible working practices to an extent not seen in preceding generations. Combining the fight to attract talent with All eyes on the the search for technical and digital competence, while addressing Millennials’ working preferences, will become occupier market key to businesses prosperity. There needs to be a good understanding of not only who will be using office space, but how and when they will be using it.

Assets will thrive and assets will become obsolete. The rewards can be high. Value creation (BNP per em- ployee) of private sector office workers in Oslo has tripled (from NOK 0.5m to NOK 1.5m) over the last 20 years. When this is combined with space efficiency gains the cost burden of office space can be dramatically reduced, which represents a huge potential for successful real estate managers who are prepared to offer the flexibility Håvard Bjorå Head of Research and quality prosperous businesses will require to attract and retain talented employees.

Looking back to the 2017 issue of our report the overall Predicting the market is immensely challenging given message is still relevant and can be summarised as fol- the changes we are facing in both the workforce and lows: A continuing fall in interest rates has brought yields the workplace. One can only get so far using aggregate to a new low and commercial real estate prices to record statistics and we believe we will see a widening of the levels. The increase in commercial real estate prices since gap between the successful real estate managers, who the 2008 financial crisis, with corresponding handsome are able to understand and meet the future demand, capital gains for investors, has almost entirely been down and those who fall behind. Particular attention needs to to yield compression. be paid to the letting market, to next generation office requirements and to the ability of lessors to meet such Looking ahead interest rates and yields have now prob- expectations. ably bottomed-out and value gains are expected instead to be derived from a strong and strengthening letting market, which is predicted to continue throughout 2018. Beyond 2018, we might experience returns driven by rent increases to be offset by an increase in yields as interest rates slowly start to rise.

The letting market currently favours lessors and there is general agreement that it will remain strong in a 1-2 years’ perspective. We have seen a drop in vacancy levels, in part because of strong demand for office space, but mainly due to there being fewer office projects under construction. With a high rate of conversion from office to residential, the net new office stock in Oslo in 2017 has been negative, and we expect only a marginal increase in 2018. In sum, the supply and demand balance suggests continued upwards pressure on rent levels in the short and medium term. Nevertheless, in the longer

6 7 Real Estate Projects February 2018

Storogården - Vitaminveien 1, Oslo

Vitaminveien 1, reprofiled as “Storogården”

The property Vitaminveien 1 was acquired by Realkapital Investor from OBOS Forretningsbygg in March 2017. The 21,000 sqm building extends over 9 floors, plus a basement providing good parking coverage, and had a mix of shorter term leases, while two floors had been vacated when the property was acquired.

Realkapital developed a comprehensive business Storogården today plan for the property before acquisition, and during the first 10 months of ownership we have achieved many important milestones including renegotiating the lease to the anchor tenant in the building (Sector Alarm) for a longer term, obtaining a building permit from the municipality for expansion and renovation of the property and reprofiling of the building as “Storogården” (which included painting all facades a dark grey/ black).

The building has an excellent location close to the Storo subway station, which is also a major hub for tram and bus lines (the sixth largest in Oslo), as well as excellent profiling towards, and access from, the Oslo Outer Ring road.

The plan for 2018 is to commence the build out of the property and secure tenants for the new offices and those that become vacant. To date we Historic picture of building before have seen good interest at increasing rent levels. painting and reprofiling

8 9 Real Estate Projects January 2018

Exited investments

Exited investments have average IRR > 50 %

VEKTERGÅRDEN, GRØNLAND 34, DRAMMEN

10 11 Real Estate Projects February 2018

LINNESTRANDA 2, STRANDGATA 41, LIER HAMAR

Property class: Industrial Property class: Office

Lettable area: 11 562 Lettable area: 4 802

Investment year: 2015 Investment year: 2006

Realization year: 2017 Realization year: 2017

Purchase price: 136 200 000 Purchase price: 44 800 000

Sales price: 165 750 000 Sales price: 18 000 000

Equity multiple: 1,8 Equity multiple: -

Investment period: 2,5 y Investment period: 10,5 y

Equity IRR: 26,3 % Equity IRR: -29,9 %

MAXBO (MISC), ENSJØVEIEN 4, GJØVIK, HAMAR, ELVERUM OSLO

Property class: Retail Property class: Residential

Lettable area: 9 043 / 10 488 / 2 628 Lettable area: n/a

Investment year: 2016 Investment year: 2016

Realization year: 2017 Realization year: 2016

Purchase price: 222 000 000 Purchase price: 87 000 000

Sales price: 250 000 000 Sales price: n/a

Equity multiple: 1,2 Equity multiple: n/a

Investment period: 0,9 y Investment period: n/a

Equity IRR: 40 % Equity IRR: n/a

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: 4,75 y

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

12 13 Real Estate Projects February 2018

ØKERNVEIEN 9, OSLO MARIBOESGATE 13, OSLO

Property class: Office Property class: Office

Lettable area: 12 688 Lettable area: 17 144

Investment year: 2008 Investment year: 2014

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

Purchase price: 214 000 000 Purchase price: 404 000 000

Sales price: 415 000 000 Sales price: n/a

Equity multiple: 1,4 Equity multiple: n/a

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

Equity IRR: 7,0 % Equity IRR: n/a

TYSK BOLIGVEKST AS ØKERNVEIEN 11-13, OSLO

Property class: Office Property class: Residence

Lettable area: 11 984 Lettable area: 15 891

Investment year: 2012 Investment year: 2007

Realization year: 2014 Realization year: 2014

Purchase price: 106 000 000 Purchase price: 125 316 908

Sales price: 319 938 000 Sales price: 150 000 000

Equity multiple: 5,0 Equity multiple: 1,3

Investment period: 3,0 y Investment period: 6,9 y

Equity IRR: 69,6 % Equity IRR: 4,5 %

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: 2005

Realization year: 2015 (Investor hand-over) Realization year: 2006

Purchase price: 158 000 000 Purchase price: 82 500 000

Sales price: n/a Sales price: 105 000 000

Equity multiple: n/a Equity multiple: 3,0

Investment period: 0 Investment period: 1,0 y

Equity IRR: n/a Equity IRR: 209,0 %

14 15 Real Estate Projects February 2018

MAIL HANDLING FACILITIES MISC (HAUGESUND) (MISC)

Property class: Commercial Property class: Logistics

Lettable area: 15 673 Lettable area: 16 045

Investment year: 2007 Investment year: 2009

Realization year: 2013 Realization year: 2010/2012

Purchase price: 73 000 000 Purchase price: 257 000 000

Sales price: 88 847 788 Sales price: 291 000 000

Equity multiple: 2,7 Equity multiple: 1,8

Investment period: 6,0 y Investment period: 1,2 y / 3,6 y

Equity IRR: 16,0 % Equity IRR: 24,0 %

HAGEVEIEN 20, TØNSBERG TEVLINGVEIEN 23, OSLO

Property class: Logistics Property class: Office

Lettable area: 16 092 Lettable area: 24 300

Investment year: 2005 Investment year: 2005

Realization year: 2006 Realization year: 2007

Purchase price: 82 500 000 Purchase price: 227 500 000

Sales price: 105 000 000 Sales price: 326 200 000

Equity multiple: 3,0 Equity multiple: 5,2

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

Equity IRR: 209,0 % Equity IRR: 126,0 %

MISC (HAUGESUND) HAGEVEIEN 20, TØNSBERG

Property class: Commercial Property class: Logistics

Lettable area: 15 673 Lettable area: 16 092

Investment year: 2007 Investment year: 2006

Realization year: 2013 Realization year: 2014

Purchase price: 73 000 000 Purchase price: 105 000 000

Sales price: 88 847 788 Sales price: 42 000 000

Equity multiple: 2,7 Equity multiple: -

Investment period: 6,0 y Investment period: 7,4 y

Equity IRR: 16,0 % Equity IRR: -100,0 %

16 17 Real Estate Projects February 2018

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 %

FINNESTADVEIEN 44, GRÅTERUDVEIEN 8, STAVANGER DRAMMEN

Property class: Office Property class: Logistics

Lettable area: 22 000 Lettable area: 14 934

Investment year: 2004 Investment year: 2010

Realization year: 2006 Realization year: 2011 (Investor hand-over)

Purchase price: 379 500 000 Purchase price: 77 369 535

Sales price: 456 000 000 Sales price: n/a

Equity multiple: 3,3 Equity multiple: n/a

Investment period: 3,3 y Investment period: 1,0 y

Equity IRR: 96,0 % Equity IRR: n/a

BRONGSGATAN 10, REGNBUEVEIEN 9, SKI ÅSTORP (SVERIGE)

Property class: Logistics Property class: Logistics

Lettable area: 10 000 Lettable area: 14 934

Investment year: 2004 Investment year: 2010

Realization year: 2005 Realization year: 2011 (Investor hand-over)

Purchase price: 100 500 000 Purchase price: 77 369 535

Sales price: 127 502 349 Sales price: n/a

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

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

Equity IRR: 140,0 % Equity IRR: n/a

18 19 Real Estate Projects February 2018

Portal Skøyen, Drammensveien 211-213, Oslo

Portal Skøyen, acquired in 2015, has been re- vitalized with the creation of an innovative and exciting atrium space that was completed in Jan- uary 2017. The space has a unique atmosphere, combining elements of a hotel lobby, coffee shop, restaurant, bar and stage that can be used throughout the day for events, meetings, lunch- es and parties, as well as work areas. Focus on healthy food and a new fitness center are some of the services provided to empower the employees.

During the last year we have signed two long- term leases, for 10 and 15 years respectively, covering an area of 4,500 sqm. In addition, Bilia has extended its offices with an additional 700 sqm. The remaining area is currently let on shorter contracts, at the same time as negotiations are continuing to bring new tenants into the building.

20 21

Real Estate Projects January 2018

Present investments

CARL BERNER TORG, TRONDHEIMSVEIEN 113, OSLO

22 23 Real Estate Projects February 2018

Pontoppidans- gate 7, Oslo

2018 2019 2020 FACTS Property company Realkapital 13 AS Prognosis* (End of Year) Anders Brustad-Nilsen Contact person: Date of incorporation 03.11.17 Gross rental income Date of analysis: 31.12.17 Initial project cost 282 500 000 Net operating income Wgtd. remaining lease period (years): 7,8 Initial project cost per sqm 31 209 Net cash flow after loan instalments and dividend Year of build: 1899/2000/2014 Net purchase yield 5,6 % Net cash flow before loan instalments and dividend Lettable space (sqm): 9 052 Paid up equity 92 500 000 Budgeted dividend Property Property type: Office/fitness Tenant(s): Voice / SATS / misc. No. of shares 1 000 000 Net yield Vacancy: 0,0 % Capital paid back to 0 Estimated property value partners N/A Land (sqm): 7 732 (freehold) Estimated NPV interest swap Minimum share % 1,1 % Net debt Sales trigger 25 % Latent tax reduction 8%

Last share trade (date) n/a

li leL va nn sveie

n Value adjusted equity

H a

Lathusåsen n

H s

Løvenskioldbanen e e L f m Last share trade n/a

t a y e y c

r h

b v a n m M k Kringsjå Carl K a å Midt k jelse n e ns Korsvoll KJELSÅS l ve n Skytter t i Share value per 1 % n Muren r s o stuen K v (per 1% share) o n kollen s n ie e t g e v i v le yrerskog Haugerud ve M en ie Nygard Dælihuset O ei n l v k a lke a v Me Voksen b Holmenkollen Vettakollen A na N Fossum u v o k a i r

r d e u H Malin NORDBERG h s v t s s a å v g Calculated annual return (IRR) e s i Besserud l a e e v i j Dividend since est. 0

e T e Ø K Gulleråsen å i

v e

s s s e n n e l

Ila fengsel og t n e v

g n n

t m e

r o i

l e n S t a

forvaringsanstalt a Haugen e Grefsen s v s B

jø r G a y a r r

n Gråkammen l n B v Nord (per 1% share) L e kirke nv a n ei i e e n i n e e i d n v ve G

n ll Nils Bays l n

Dæli i a n e

a T e d h

o i

r v s l g e i f e n n v s e s e

v v a o i v allé ll d K

g e Blå o a u s i b RING 3 k

e r o n h rt

n e vn e Østern a t s s SOGN

ø Nydalen f

le o n e Ekraveien R S veie Grini Gressbanen m r Iris r

Slemdald T G

T r a

Mellom å lsveien Tåsen k

k Berg n a GREFSEN e Nordby Rikshospitalet i RING 3 e Stig Sæteren Gård Vestre v

n v e Holmen Ullevål eveien s

s Kild

é E f l g

n l n e n ie stadion r e u sve a g ch h n s jo e s A o

i Ris ta s v G VALUATION PR. 31.12.2017 Eiksmarka S t e Holen e Madserud RØA t

v i e e s kirke l i

l 150 O l e n

Sna a o v

Fredheim ret s s

H C t BUSINESS/DEVELOPEMENTPLAN

l Østerås D ch n a n u e

a n e i d lme E h H e LOFTHUS Årvoll

s o n p sv

a H s v é o o å

l J Bisk

e e s Nordli l l Østre l n

s i

l e a e

v j b n Mold i

d e

e g K

Haga k n Holmen t STORO TONSENen e

a i

i v

n v t e l s l a n B

ø u o r r

R v o

a ave r b

Tr e G Voldsløkka Å A ULLEVÅL DISEN k k FOR THE PROPERTY Net yield 6,30 % 6,50 % 6,70 % Bråten Lønnås n s Re e Makrellbekken f v i la st a e e k d v Lijordet v i e e s v BLINDERN ie ik e Rv 4 n n Gardlaus E i n e Vinderen BJØLSEN

e et n B Grefsen F E høgda ururabb r lin l a d v f e e REFSTAD rn Bjerke

Steinerud n v e e i • External asset management ie SAGENE e Ullevål a travbane n t Net operating income 2016 v a l ng Elg Østerås n a sykehus Åse efa et kke p r a A Aker b y

s eb b u a SMESTAD Vollebekk

n j s e r Hu s o å T k

Gran k B e

n i s

p n U TORSHOV e v l v n le RING 2 Haug e n SINSEN RISLØKKA ie o vå e

i Stein n k l a Frøn sv n e e i e i i e v e i Estimated property value e D Hosle s e Montebello l s n n e e

n v n l e t v s i a v o i a ø a t l n e e • Ensure good corporate governance l r i e a a i V r r g e g a e v g v e e d v Vestre r s r k u g t e k e t No k l s s e s ØKERN ø a a l s M l g k g s s

lh o æ a r i Øverland H r gravlund a o a V r Radium o o R V e d r e n V p VOLL n t RING 3 b o n V n n d a a e f hospitalet l l

e i r i

i C e t ILA S e J

e e l u v Grav j

l a n e v s v

i r e G f U i i Grorudbanen f

H e n d o i i e s e Borgen LØREN r r v n r ve n Øv b rg e

G a o P g

Skotta m l Majorstuen te a o i Estimated NPV interest swap (90 %)

i g l a F u e L R g

s ts

t t n

e r e te i e

Hosleve ll a

d o lg

Vigelands e n

e C

b e

t 163 a i S

anlegget FAGERBORG K e o

Godthåp s v

o H ULLERN MAJORSTUEN ﬁ d

H Åsjordet RING 2 e St. Hans u o r

s n d n s e l

l ei ie g

ev e haugen a a v HASLE r

t s a

g Jar e u H a Abbedi Net debt Helgese h Frogner n r Øraker SKØYEN n s engen e g e i a e te d n Jar parken v n ie e Nadderud e k U v ir s n K te m k a te Aker b g a u i SØNDRE r Bestum s g G Haslum r t s y r V æ d r B T Ka n a e HOVIN e Lilleaker re c n u s n n

s kirke S e

Hoff s t i s

t O E6 l e r

e e a

y t l a

e g t g l r e b i v n s i e ﬁ o

S v v E N t a a k ULVEN a Tjernsrud e

e r Reduction tax values 10 % e t ll g s t é a i l i D e i s e e a ra P F RING 3 l n m e s n n Sollerud i

Bekkestua m n n u v Tøyen d l e v

B n Valle Hovin

u e n yg ø Aker r Ringstabekk s d l g RING 2 k Jar ø m

r v y r e e Furulund a n

t j e llé o e a

s B ie G

en d b r kirke i l s k

Å ve n t y Det Kongelige n g Botanisk hage Nes n lys e ie jø d a e S e t

v Slott r a og museum r n F e Egne hjem i t e e i n e a v v e t te s T v r g Gjønnes a pu Cash flow after 31.12.2015 s in olle d g n ll K E18 r ien In a Ringstabekk u ve r H Haslum ik Ibsens gate le rn t e nr l e s l e ø k o l H Ø E r o M n P S E18 B s E6 Skarpsno rug igata jø t rl v N/A Sø e Avløs n ie n ra Vækerø n ie TEISEN t Hengsenga VIKA sve r rs en m y a S ei Oslo domkirke rø tne K olliv St S r M Å ø n a s k r e G Munkedam ve eb KAMPEN ås i erg Dividend after 31.12.2015 e ve i n n ie v D n ø ie ic Rådhuset H e k Frogne ien v Myra s N e g r esv v s n n tran ei Store ie e da vv e i Oscarshall ei v Kl s

Å n Tr e el i ast e ga Løkeberg v ta

r u ETTERSTAD o b

N Kongen

e Value adjusted equity

n n v r Bryn n AKER Oper

e o atun l F n mle Ki BRYGGE elen VÅLERENGA a Fagerl G ia Ballerud n v

y e

n e t t Høyenhall

ve E18 s s a

A Filipstad Akershus s F n Store r

k o g e

n m u B i s

e o i a irk e

H M l ebe e Stabekk in e slott s er v

v R gata e ts vei r ls st hele O vn a e v ic enb d Estimated property value per sqm r se M Ry er t P s Fornebu g r T a ien ynes v S r e a er ve dø v ie v n s BYGDØY g e n Kono ie en n By i ws g e

e m e en at

v i

am s W g e a Dr k Ro r v

O OSLO i e g

D g e t H r hall v n

l ve l B a ien Strand V e

o e a s j Sva

rtdal s

s r e b tun n l i n e v s Kavringen u

r e d

l n o k e d m i n e

s r e e Sørenga Lin H v n s ø

a v f v e r e

e l n l e

t s ie

n l a o e n s g i

dsletta S v ie d e Share value per 1 % ta an llin n e A s tr P. T. Ma V v m rs Fornebu å g a e Grønlia rv o R Høvikg ei l a P F Hovedøya en

a kirke Oksenøya E18 Ly

P n

n m V gv

l eie

a n n

o v a

h bruk

e H ø r

Blommenholm t i d j

F e e

S s SIMENSBRÅTENei k e MANGLERUD j ev n v

o i g

r e

d g u e v n

e e R

Galteskjær EKEBERG v i e k

n Kongshavn o Calculated annual return (IRR) Dyna

K s on n

Høvik o i K J e g o Ryen iv s verk h n V v g

n a s e m

e v v k o Sarbu L i

n e T e t

v i r ve e e kt n e vollen u r s b ie v fs k vn l n e e s Ro i ita e v Ver n n Ekeberghallen

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

n banen Veritas Hamna Sandst uveien 24Raudsekkene 25 Real Estate Projects February 2018

Hauketoveien 8, Oslo

2018 2019 2020 FACTS Property company Realkapital 12 AS Prognosis* (End of Year) Anders Aasand Contact person: Date of incorporation 17.10.17 Gross rental income Date of analysis: 31.12.17 Initial project cost 133 000 000 Net operating income Wgtd. remaining lease period (years): 4,7 Initial project cost per sqm 30 526 Net cash flow after loan instalments and dividend Year of build: 1993/1996/2000 Net purchase yield 5,6 % Net cash flow before loan instalments and dividend Lettable space (sqm): 4 357 Paid up equity 43 000 000 Budgeted dividend Property Property type: Local mall/fitness Tenant(s): Rema 1000 / Fresh Fitness / Misc. No. of shares 1 000 000 Net yield Vacancy: 7,7 % Capital paid back to 0 Estimated property value partners N/A Land (sqm): 5 375 (freehold) Estimated NPV interest swap Minimum share % 2,0 % Net debt Sales trigger 25 % Latent tax reduction 8% Last share trade (date) n/a Value adjusted equity Last share trade n/a (per 1% share) Share value per 1 % Calculated annual return (IRR) SKULLERUD Dividend since est. 0 # NORD- (per 1% share) STRAND Malmøya

Ursvik # Sjøstrand Ljan VALUATION PR. 31.12.2017 BUSINESS/DEVELOPEMENTPLAN E18 Ildjernet Brenna Østmark- Hellvik kapelletFOR THE PROPERTY Net yield 6,30 % 6,50 % 6,70 % Hauketo E6 • Cash flow property with base of long leases Net operating income 2016 Sunnås Berger HOLMLIA sykehus KLEMETSRUD • Good mix of tenants for local shopping/services Estimated property value Alværn Rosenholm Estimated NPV interest swap (90 %) To Mastemyr Brokkenhus• Development of value add opportunities in the Ingier- 155 Net debt strand longer run including re-zoning of the property to

152 Reduction tax values 10 % Torget increase utilization and opportunities in collabo- Bunnefjorden Cash flow after 31.12.2015 Nesodden Sørmarkaration with the municipality Fjell kirke N/A Dividend after 31.12.2015 Bomansvik Siggerud Fjellstrand Gjer- Soﬁemyr sjøen Value adjusted equity Svartskog # Myrvoll

Bly- Estimated property value per sqm laget Greverud Oppegård Share value per 1 % kirke # Sterkerud Oppegård Calculated annual return (IRR) #

26 27 Real Estate Projects February 2018

Industrigata 1, Lier

2018 2019 2020 FACTS Property company Realkapital 11 AS Prognosis* (End of Year) Stian L. Andresen Contact person: Date of incorporation 01.09.17 Gross rental income Date of analysis: 31.12.17 Initial project cost 146 000 000 Net operating income Wgtd. remaining lease period (years): 4,7 Initial project cost per sqm 12 167 Net cash flow after loan instalments and dividend Year of build: 1970 / 1990 Net purchase yield 6,6 % Net cash flow before loan instalments and dividend Lettable space (sqm): 12 000 Paid up equity 56 000 000 Budgeted dividend Property Property type: Industrial Tenant(s): Asko No. of shares 1 000 000 Net yield Vacancy: 0,0 % Capital paid back to 0 Estimated property value partners N/A Land (sqm): 20 404 (freehold) Estimated NPV interest swap ERBYE Minimum share % 2,0 % Net debt Sales trigger EAARA25 % Latent tax reduction 8% Last share trade (date) n/a Value adjusted equity Last share trade n/a (per 1% share) Share value per 1 %

Dividend since est. 0 Calculated annual return (IRR) (per 1% share)

VALUATION PR. 31.12.2017 BUSINESS/DEVELOPEMENTPLAN # FOR THE PROPERTY Net yield 6,30 % 6,50 % 6,70 % • Secure leasing agreement with new tenant Net operating income 2018

• Increase operating income and tenancy Estimated property value Estimated NPV interest swap (90 %) • Maintain a good relationship with existing tenant Net debt ERRAA # Reduction tax values 10 % RAE Cash flow after 31.12.2015 # N/A Dividend after 31.12.2015

Value adjusted equity

Estimated property value per sqm

Share value per 1 %

Calculated annual return (IRR)

28 29 AUAARA

UEAE Real Estate Projects February 2018

Vitaminveien 1, Oslo

2018 2019 2020 FACTS Property company Realkapital 10 AS Prognosis* (End of Year) Anders Aasand Contact person: Date of incorporation 01.03.17 Gross rental income 35 272 940 35 978 399 36 697 967 Date of analysis: 31.12.17 Initial project cost 512 600 000 Net operating income 32 800 000 33 500 000 34 200 000 Wgtd. remaining lease period (years): 7,9 Initial project cost per sqm 28 453 Net cash flow after loan instalments and dividend 15 900 000 16 800 000 17 700 000 Year of build: 2002

Net purchase yield 5,5 % Net cash flow before loan instalments and dividend 21 700 000 22 600 000 23 500 000

li 21 394 leL Lettable space (sqm): va nn sveie Paid up equity 222 600 000 Budgeted dividend 0 0 0 n Property Property type: Office/retail

H No. of shares 1 000 000 Net yield 5,00 % 5,00 % 5,00 %

Tenant(s): Sectora Alarm / GE Healthcare / Misc.

Lathusåsen n

H s

Løvenskioldbanen e e L

f m t a Capital paid back to 0 Estimated property value 670 000 000 684 000 000 697 700 000 y

6,5y % c e Vacancy: b r h v m a n partners M k Kringsjå Carl K a å Midt k jelse Korsvoll n e ns KJELSÅS Estimated NPV interest swap -900 000 -600 000 -300 000 6 637 (freehold) n Skytter l vei Land (sqm): t n Muren r s o stuen Ko n v kollen s n ie e Minimum share % t g e l v i v Haugerud e Myrerskog ve Net debt -291 200 000 -271 600 000 -250 400 000 en ie Nygard Dælihuset O ei n l v k a lke a Sales trigger 25 % v Me Voksen b Holmenkollen Vettakollen A na N Latent tax reduction 8% -43 200 000 -44 900 000 -46 500 000 Fossum u v o k a i r

r d e u H Malin NORDBERG h s v Last share trade (date) n/a t s s a v å g e s Value adjusted equity 334 700 000 366 900 000 400 500 000 i Besserud l a e e v i j e T e Ø K Gulleråsen å i Last share trade n/a v e

s s s e n n e l

Ila fengsel og t n

e v n Share value per 1 % 3 347 000 3 669 000 4 005 000 g n

t m e (per 1 % share) r o i

l e n S t a

forvaringsanstalt a Haugen e Grefsen s v s B

jø r G a y a r r

n Gråkammen l B v n L e kirke Nord nv a n Calculated annual return (IRR) 24,9 % 19,3 % 16,5 % ei i e e n i n e e i d n v ve G

n ll Nils Bays l n

Dæli i a n e

a T e d h

o i

r v s l g e i f e n n v s e s e v v a o i v allé ll *Estimated CPI 2% d K

g e Blå o a u s i b RING 3 k

e r o n h rt

n e vn e Østern a t s s SOGN

ø Nydalen f

le o n e Ekraveien R S veie Grini Gressbanen m r Iris r

Slemdald T G

T r a

Mellom å lsveien Tåsen BUSINESS/DEVELOPEMENTPLAN k VALUATION PR. 31.12.2017 k Berg n a GREFSEN e Nordby Rikshospitalet i RING 3 e FOR THE PROPERTYStig Sæteren Gård Vestre v

n v e Net yield 4,90 % 5,00 % 5,10 % Holmen Ullevål eveien s

s Kild é E f

l g • Maximixze value potential from prime location on

n l n e n ie stadion r e u sve a g ch h n s jo e s A o a i Ris G Eiksmarka St s v t e Holen e Net operating income 2016 32 800 000 32 800 000 32 800 000 Madserud RØA t v i e e s kirke l i

l 150 O l e n communication hub with unique parking cover-

Sna a o v Fredheim ret s s H C

l Østerås t D ch n a n u e

a n e i d Estimated property value 669 400 000 656 000 000 643 100 000 lme E h H e LOFTHUS Årvoll

s o n p sv

a H s v é o o å

l J Bisk age, extend lease length of current contracts

e e s Nordli l l Østre l n

s i

l e a e

v j b n Mold i d e

e g K

Haga k n Holmen t STORO TONSENen e

a i

i v

n v t e l Estimated NPV interest swap (90 %) -1 100 000 -1 100 000 -1 100 000 s l a n B

ø u o r r

R v o a • avReprofilinge r and refurbish of bproperty to increase

Tr e G Voldsløkka Å A ULLEVÅL DISEN k Bråten Lønnås n s Re k Net debt -309 600 000 -309 600 000 -309 600 000 e Makrellbekken f v i la st a e e k d v Lijordet attractiveness and tenantv satisfactioni e e s v BLINDERN ie ik e Rv 4 n n Gardlaus E i n e Vinderen BJØLSEN Reduction tax values 10 % -42 600 000 -41 500 000 -40 400 000

e et n B Grefsen F E høgda ururabb r lin l a d v f e e REFSTAD• Build out of approx. 2,000 sqm “infill” over rn Bjerke Cash flow after 31.12.2015 0

Steinerud n v e e i ie SAGENE a e n Ullevål t travbane v a 9 floors to increase lease area l g Østerås n a Åsen Elg e p sykehus Dividend after 31.12.2015 0 efa et kk r a A Aker b y

s eb b u a SMESTAD Vollebekk

n j s e r Hu s o ranå T k

G k Value adjusted equity 316 100 000 303 800 000 292 000 000 B e

n i s

p n U TORSHOV e v l v n le RING 2 Haug e n SINSEN RISLØKKA ie o vå Estimated property value per sqm 38 051 37 290 36 556 e

i Stein n k l a Frøn sv n e e i e i i e v e D e i Hosle s e Montebello l s n n e e

n v n l e t v s i a v o i a ø a t l n e l i e ie r r a a e Share value per 1 % 3 161 000 3 038 000 2 920 000 V r g g a e v g v e e d v Vestre r s r k u g t e k e t No k l s s e s ØKERN ø a a l s M l g k g s s

lh o æ a r i Øverland H r gravlund a o a V r Radium o o R V e d r e n V p VOLL n t RING 3 b o n V Calculated annual return (IRR) 52,1 % 45,1 % 38,4 % n n d a a e f hospitalet l l

e i r i

i C e t ILA S e J

e e l u v Grav j

l a n e v s v

i r e G f U i i Grorudbanen f l

H e n d o i i e s e Borgen LØREN r r v n r ve n Øv b rg e

G a o P g Skotta m l Majorstuen te a

io g i l a F u e L R g

s ts 30 31

t t n

e r e te i e

Hosleve ll a

d o lg

Vigelands e n e C

b e

t 163 a i S

anlegget FAGERBORG K e o

Godthåp s v

o H ULLERN MAJORSTUEN ﬁ d

H Åsjordet RING 2 e St. Hans u o r s n d n s e l

l ei ie g

ev e haugen a a v HASLE r t s a g Jar e

u Abbedi H a Helgese h Frogner n r Øraker SKØYEN n s engen e g e i a e te d n Jar parken v n ie e Nadderud e k U v ir s n K te m k a te Aker b g a u i SØNDRE r Bestum s g G Haslum r t s y r V æ d r B T Ka n a e HOVIN e Lilleaker re c n u s n n

s kirke S e

Hoff s t i s

t O E6 l e r

e e a

y t l a e g t g l r e b i v n s i e ﬁ o

S v v E

N t a a k ULVEN a Tjernsrud e e r

t e ll g s t é a i l i D e i s e e a ra P F RING 3 l n m e s n n Sollerud i

Bekkestua m n n u v Tøyen d l e v

B n Valle Hovin

u e n yg ø Aker r Ringstabekk s d l g RING 2 k Jar ø m

r v y r e e Furulund a n

t j e llé o e a

s B ie G

en d b r kirke i l s k

Å ve n t y Det Kongelige n g Botanisk hage Nes n lys e ie jø d a e S e t

v Slott r a og museum r n F e Egne hjem i t e e i n e a v v e t te s T v r g Gjønnes a spu in olle d g n ll K E18 r ien In a Ringstabekk u ve r H Haslum ik Ibsens gate le rn t e nr l e s l e ø k o l H Ø E r o M n P S E18 B s E6 Skarpsno ru gata jø gt rli v Sø e Avløs n ie n ra Vækerø n ie TEISEN t Hengsenga VIKA sve r rs en m y a So ei Oslo domkirke rø S rtne K lliv St a M Å ø n nkedamsv k råse G Mu e eber KAMPEN ie gve i n n ie v D n ø ie ic Rådhuset H e k Frogne ien v Myra s N e g r esv v s n n tran ei Store ie e da vv e i Oscarshall ei v Kl s

Å n Tr e el i ast e ga Løkeberg v ta

r u ETTERSTAD o b

N Kongen e

n n v r Bryn n AKER Oper

e o atun l F n mle Ki BRYGGE elen VÅLERENGA a Fagerl G ia Ballerud n v y e n e t t Høyenhall

ve E18 s s a

A Filipstad Akershus s F n Store r

k o g e

n m u B i s

e o i a irk e

H M l ebe e Stabekk in e slott s er v

v R gata e ts vei r ls st hele O vn a e v ic nb d r se M Rye er t P s Fornebu g r T a ien ynes v S r e a er ve dø v ie v n s BYGDØY g e n Kono ie en n By i ws g e

e m e en at

v i

am s W g e a Dr k Ro r v

O OSLO i e g

D g e t H r hall v n

l ve l B a ien Strand V e

o e a s j Sva

rtdal s

s r e b tun n l i n e v s Kavringen u

r e d

l n o k e d m i n e

s r e e Sørenga Lin H v n s ø

a v f v e r e

e l n l e

t s ie

n l a o e n s g i dsletta S v ie d ta an e llin n e A s tr P. T. Ma V v m rs Fornebu å g a e Grønlia rv o R Høvikg ei l a P F Hovedøya en

a kirke Oksenøya E18 Ly

P n

n m V gv

l eie

a n n

o v a

h bruk

e H ø r

Blommenholm t i d j

F e e

S s SIMENSBRÅTENei k e MANGLERUD j ev n v

o i g

r e

d g u e v n

e e R

Galteskjær EKEBERG v i e k n Kongshavn

Dyna o

K s on n

Høvik o i K J e g o Ryen iv s verk h n V v g

n a s e m

e v v k o Sarbu L i

n e T e t

v i r ve e e kt n e vollen u r s b ie v fs k vn l n e e s Ro i ita e v Ver n n Ekeberghallen

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

n banen Veritas Hamna Sandst uveien Raudsekkene Real Estate Projects February 2018

Jessheim Næringspark, Ullensaker

2018 2019 2020 FACTS Property company Realkapital 8 AS Prognosis* (End of Year) Kari Myrland Contact person: Date of incorporation 01.03.17 Gross rental income 20 700 000 21 800 000 22 200 000 Date of analysis: 31.12.17 Initial project cost 285 500 000 Net operating income 19 200 000 19 600 000 20 000 000 Wgtd. remaining lease period (years): 4,6 Initial project cost per sqm 21 041 Net cash flow after loan instalments and dividend -2 500 000 0 0 Year of build: 2000-2008 Net purchase yield 6,5 % Net cash flow before loan instalments and dividend 11 900 000 11 600 000 11 800 000 Lettable space (sqm): 13 569 Paid up equity 111 500 000 Budgeted dividend 10 600 000 7 800 000 8 000 000 Property Property type: Office, workshop, retail Tenant(s): Snap Drive / Elixia / Mekonomen / misc. No. of shares 1 000 000 Net yield 6,30 % 6,30 % 6,30 % Vacancy: 4,5 % Capital paid back to part- 4 000 000 Estimated property value 311 100 000 317 500 000 323 800 000 ners Land (sqm): 18.976 (freehold) Estimated NPV interest swap (23 % tax) -200 000 Minimum share % 1,0 % Net debt -169 200 000 -165 800 000 -162 200 000 Sales trigger 25 % Latent tax reduction 10% -18 900 000 -19 700 000 -20 500 000 Last share trade (date) n/a Value adjusted equity 122 800 000 132 000 000 141 100 000 Last share trade (per 1% n/a share) Share value per 1 % 1 228 000 1 320 000 1 411 000

Dividend since est. (per 1% 40 000 Calculated annual return (IRR) 12,6 % 13,2 % 13,2 % share) *Estimated CPI 2%

BUSINESS/DEVELOPEMENTPLAN VALUATION PR. 31.12.2017 FOR THE PROPERTY Net yield 6,20 % 6,30 % 6,40 % • Attractive retail park with stable cash flow Net operating income 2018 19 200 000 19 200 000 19 200 000

UFA ARERE • Large plot with excellent location in an area with Estimated property value 309 700 000 304 800 000 300 000 000 strong growth Estimated NPV interest swap (23 % tax) -400 000 -400 000 -400 000

• Development potential Net debt -170 500 000 -170 500 000 -170 500 000

Reduction tax values 10% -18 500 000 -18 100 000 -17 700 000

Cash flow after 30.06.2017 5 900 000 5 900 000 5 900 000 EE Dividend after 30.06.2017 -4 000 000 -4 000 000 -4 000 000

Value adjusted equity 122 200 000 117 700 000 113 300 000

Estimated property value per sqm 22 825 22 464 22 110

Share value per 1 % 1 222 000 1 177 000 1 133 000

Calculated annual return (IRR) 16,1 % 11,1 % 6,3 %

32 33

Beddingen 8, Oslo

Prognosis* (End of Year) 2018 2019 2020 Year end prognosis* 2018 2019 2020

Gross rental income 6 200 000 6 400 000 6 500 000 FACTS Property company Realkapital 7 AS Contact person: Anders Aasand Net operating income 5 400 000 5 500 000 5 600 000 B Date of incorporation Seilduk01.11.16sgata o a g at t st B lg g S Date of aanalysis: 31.12.2017 is a el Net cash flow after loan instalments and dividend 2 100 000 2 100 000 2 100 000 s d l o t j y v e a F Gre ﬁ Initial project cost 87 400 000 ns e r

l e tt g a eve e t r i

n ie g Helgesens gate g a en r GRÜNER- a

n t s e r g a 0,9 N t o Wgtd. remaining lease period (years): M ø e g Net cash flow before loan instalments and dividend 5 200 000 5 600 000 5 300 000

a T n F g b s a a a a e LØKKA h i t s Initial project cost per sqm 41 000 e l e t m r t t d o e a e r v e a a k ø o O t g g a n r r e i 1991 v a Year of build: g e n v G T s e i k r e k e r g e r k a Budgeted dividend s v 2 000 000 2 400 000 2 100 000 t r k b t i s i jo n u l l s e a e s j h K d g e d ﬁ B sb Net purchaseTelt yield 5,8 % er r n u e t n s e B k M a d g a Lettable spaceo (sqm): 2 079 A n J m e s I NetTela vyieldåggt E ei 4,00 % 4,00 % 4,00 % k e te y inars v a d e a i a Paid up equity 30 500 000 r T g r d s Property type: Office s r t o d g Estimated property valueE 137 500 000 140 000 000 143 800 000 a a e N n t i t u t a n

S No. of shares e 1 000 000 a g t Misc. M a g e Tenant(s): r r lt ber ta e ns ga a s i s il o te g So l E S r Estimated NPV interest swap e 0 0 0 ﬁ v v H i N e e nb d ergg s Ø ata b Capital paid back to e 2 500 000 d

0,0 % a n v

Vacancy: d o l u

s r H r

e v partners e n re

e Net debt -52 300 000 -49 100 000 -45 900 000 e

i o g

g T r i Kor ve

e sgata n/a Da t t H s Land (sqm): ms t FROGNER n e im N r e j s h å Minimum share % l 3,5 % nd Latent tax reduction 10% ls -9 000 000 -9 400 000 -9 800 000 e o t b Tr v g s n s e g i Sales triggern a25 % e a t Value adjusted equity 76 200 000 81 500 000 88 100 000 v e n m e s ei r h v e c in k i v Last share tradee (date) n/a o

A Share value per 1 % H 762 000 815 000 881 000

D ta Last share trade a n/a Calculated annual return (IRR) 58,8 % 40,6 % 33,1 % g r (per 1 % share) o t te SLOTTSPARKEN S ga s E l ta n e h H s *Estimated CPI 2% t a a j V e g ø a n v g i e m e t y i s d ø g e g T

a g n h l a s n i o g t

r a R a t VALUATION PR. 31.12.2017g K a n ø a B ti s Ka ri rl h Net yield 3,90 % 4,00 % 4,10 % Jo BUSINESS/DEVELOPEMENTPLANBr C B r N ta h ug eig o iga an at at r rl s a a b ø a

t NATIONALTHEATRET ga y S te FOR THE PROPERTY g Net yield a 3,90 % 4,00 % 4,10 %

a g

VIKA STASJON t s Gr a ønla n • Maximize value potential of attractive primend CBD n Net KAMPENoperating income 2018a 5 400 000 5 400 000 5 400 000 F a r t m o a e r

g g t o n location g a

r N e g Estimated property value 138 500 000 135 000 000 131 700 000 r G o st Rådhuset B s ra r ik n ø ir da n E GRØNLAND l • Potential to increase rent from offices and parking a Estimated NPV interest swap (90 %) 0 0 0 n Å d k s e l b e er i Netg debt -55 400 000 -55 400 000 -55 400 000 r v a • Increase contract length e e t t ie a t n g s g d ls Reduction tax values 10n % a -9 000 000 -8 700 000 -8 400 000 n la d e ø H O AKER BRYGGE k n i A Cash flow afterr 31.12.2016 0 0 0 k a t B e rlega r Ja s Ro t h lg st rda u oc Dividend after 31.12.2016Jo 0 0 0

s k

e g

s G

rg r t a e a

r ta l

a Aru b g p e n s g Value adjusted equity 74 100 000 70 900 000 67 900 000 d ate

a e t

TJUVHOLMEN Bispek a aia g t Estimated property value perVÅLERENGA sqm 66 619 64 935 63 348 o s ga e l ard s v Hal O .

St Share value per 1 % 741 000 709 000 679 000

n a g k Calculated annual return (IRR) 121,4 % 113,4 % 105,9 % re g ø n S e r ø S D ta yv a eke eing 34 s vei Birkeb 35 nbe Rye rgv gat eie ows e n Kon vn sse Mo Svingen

GAMLEBYEN

Eikeveie n s vei hrt Rø

142 SIMENSBRÅTEN 49

Ekeberg

Kongshavn K o n g s v e ie n

r e k

s t

u Erlandstu p v

i ei

k en

s k

n e

a i T t s J u o r m f f ru m M b o rå

o J t s ve s ie Sand He n stuveien ia s

v E in g k e e n b e r g

e Gressholmen n i e e

i n

v v

e d

i n

BEKKELAGET e

n l

a M Real Estate Projects February 2018

Eikveien 19-20, Drammen

FACTS Prognosis* (End of Year) 2018 2019 2020 ERBYE Property company Realkapital 4 AS Anders Aasand Contact person: Gross rental income 9 900 000 10 100 000 10 300 000 Date of incorporation EAARA30.06.16 Date of analysis: 31.12.17 Net operating income 9 300 000 9 500 000 9 700 000 Initial project cost 139 300 000 Wgtd. remaining lease period (years): 10,2 Net cash flow after loan instalments and dividend 300 000 -100 000 100 000 Year of build: 2005(2016) / 2003 Initial project cost per sqm 15 400 Net cash flow before loan instalments and dividend 6 100 000 5 700 000 5 900 000 Lettable space (sqm): 5 255 Net purchase yield 6,5 % Budgeted dividend 4 000 000 4 000 000 4 000 000 Property Property type: Workshop/office Paid up equity 49 000 000 Net yield 6,10 % 6,20 % 6,30 % Tenant(s): Volvo Norge AS / Norsk Scania AS No. of shares 1 000 000 Vacancy: 0,0 % Estimated property value 155 700 000 156 500 000 157 000 000 # Capital paid back to 6 623 000 Land (sqm): 14.441 / 14.710 (freehold) partners Estimated NPV interest swap (23 % tax) 1 000 000 900 000 800 000 Minimum share % 2,5 % Net debt -85 500 000 -83 900 000 -82 100 000

Sales trigger 25 % Latent tax reduction 10% -7 400 000 -7 800 000 -8 200 000

Last share trade (date) n/a Value adjusted equity 63 800 000 65 700 000 67 500 000

Last share trade n/a Share value per 1 % 638 000 657 000 675 000 ERRAA (per 1 % share) # Calculated annual return (IRR) 19,6 % 16,9 % 15,3 % Dividend since est. 66 230 RAE (per 1% share) # *Estimated CPI 2% #

# VALUATION PR. 31.12.2017

Net yield 5,90 % 6,00 % 6,10 %

BUSINESS/DEVELOPEMENTPLAN Net operating income 2018 9 300 000 9 300 000 9 300 000 FOR THE PROPERTY Estimated property value 157 600 000 155 000 000 152 500 000 • Cash flow oriented investment with high annual Estimated NPV interest swap 1 400 000 1 400 000 1 400 000

dividends Net debt -88 000 000 -88 000 000 -88 000 000 AUAARA • Long term lease contracts with Volvo Norge and Reduction tax values 10 % -7 300 000 -7 000 000 -6 800 000 Norsk Scania hosting truck repair, maintenance Cash flow after 30.06.2017 3 000 000 3 000 000 3 000 000

and newsales Dividend after 30.06.2017 -2 000 000 -2 000 000 -2 000 000

• Large plots with potential additional Value adjusted equity 64 700 000 62 400 000 60 100 000 development Estimated property value per sqm 29 990 29 496 29 020

Share value per 1 % 647 000 624 000 601 000

Calculated annual return (IRR) 29,1 % 26,3 % 23,5 %

36 37 Real Estate Projects February 2018

Trondheims- veien 113113, Oslo

FACTS Property company Realkapital 5 AS Prognosis* (End of Year) 2018 2019 2020 Anne-Lise Øien Contact person: Project start 01.07.16 Gross rental income Date of analysis: 31.12 17 Initial project cost Net operating income Wgtd. remaining lease period (years): N/A Net purchase yield Net cash flow after loan instalments and dividend Year of build: Planned Q3/Q4 2020 Paid up equity N/A Net cash flow before loan instalments and dividend Lettable space (sqm): 3 640 Capital paid back to partners Budgeted dividend Property Property type: Retail/residential Sales Trigger Tenant(s): Coop Norge Øst SA Net yield Vacancy: NO Estimated property value Land (sqm): 6 432 (freehold) Estimated NPV interest swap N/A BUSINESS/DEVELOPEMENTPLAN Net debt FOR THE PROPERTY Latent tax reduction 8% • New development project for housing and retail Value adjusted equity at Carl Berner Place – a public transport hub, centrally placed in Oslo City Share value per 1 % Calculated annual return (IRR) • The project estimated to build 111 apartments, convenience stores, cafes and restaurants VALUATION PR. 31.12.2017 • The apartments and retail stores are planned to be completed in Q3 2020 Net yield 6,30 % 6,50 % 6,70 % Net operating income 2016

Estimated property value

Estimated NPV interest swap (90 %) B Net debt

Reduction tax values 10 %

Cash flow after 31.12.2015 RERA N/A Dividend after 31.12.2015

Value adjusted equity UE Estimated property value per sqm

B Share value per 1 % Calculated annual return (IRR) E 38 39

E EFYR EE YE

RA AE

BRY EERA

EREA

Real Estate Projects February 2018

Drammensveien 211 – 213, Oslo

FACTS Property company Realkapital 1 AS Prognosis* (End of Year) 2018 2019 2020 Anders Brustad-Nilsen / Kari Myrland Contact person: Date of incorporation 07.01.15 Gross rental income 22 700 000 23 200 000 23 700 000 Date of analysis: 31.12.17 Initial project cost 260 000 000 Net operating income 21 300 000 21 700 000 22 100 000 Wgtd. remaining lease period (years): 11,0 SOGN Initial project cost per sqm 11 294 Net cash flow after loan instalments and dividend 0 7 400 000 -18 200 000 Year of build: 1965/1990/1995/2004 Net purchase yield Development Net cash flow before loan instalments and dividend -17 800 000 7 600 000 8 600 000 Lettable space (sqm): 24 300 RØA Paid up equity 27 500 000 Budgeted dividend 0 0 0 Property Property type: Industrial/logistics/office Net yield 5,45 % 5,55 % 5,65 % Tenant(s): Bilia AS / Verisure / misc. No. of shares 1 000 000 Estimated property value 398 200 000 398 200 000 399 000 000 Vacancy: 12,0 % Capital paid back to 0 partners BLINDERN Land (sqm): 9 716 (freehold) Conservative estimate NPV development/vacancies 102 400 000 102 400 000 102 400 000 Minimum share % 4,0 % Net debt -293 500 000 -285 100 000 -275 300 000 Sales trigger 20 % Latent tax reduction 10% -26 300 000 -27 300 000 -28 300 000 Last share trade (date) n/a Value adjusted equity 180 800 000 188 200 000 197 800 000 Last share trade n/a Share value per 1 % 1 808 000 1 882 000 1 978 000 (per 1 % share) Calculated annual return (IRR) 59,6 % 46,6 % 38,7 % Dividend since est. 0 (per 1 % share) *Estimated CPI 2%

ULLERN MAJORSTUEN VALUATION PR. 31.12.2017 SKØYEN BUSINESS/DEVELOPEMENTPLAN Net yield 5,25 % 5,35 % 5,45 %

# FOR THE PROPERTY Net operating income 2018 21 300 000 21 300 000 21 300 000 • The property common areas have been renewed Estimated property value 405 700 000 398 100 000 390 800 000 FROGNER in 2016, and are ready to open the doors in Conservative estimate NPV development/vacancies 102 400 000 102 400 000 102 400 000 January 2017 Net debt -303 200 000 -303 200 000 -303 200 000

• The focus has been to attract tenants who are Reduction tax values 10% -29 200 000 -29 200 000 -29 200 000 entitled to urban qualities at low rental cost in an # Value adjusted equity 175 700 000 168 100 000 160 800 000

embracing atmosphere. Estimated property value per sqm 21 312 20 913 20 530 LYSAKER • New tenants has already moved in, and the new Share value per 1 % 1 757 000 1 681 000 1 608 000

# concept seem to attract even more tenants Calculated annual return (IRR) 84,5 % 81,8 % 79,2 %

• For more information visit Portal Skøyen’s website www.portalskoyen.no

40 BYGDØY 41 Real Estate Projects February 2018

Hanaveien 17, Sandnes

FACTS Property company Hana Sanz Prognosis* (End of Year) 2018 2019 2020 Kari Myrland Eiendomsinvest AS Contact person: Gross rental income 10 100 000 10 300 000 10 500 000 Date of analysis: 31.12.17 Date of incorporation 27.12.10 Net operating income 9 000 000 9 200 000 9 400 000 Wgtd. remaining lease period (years): 8,1 Initial project cost 110 397 000 Net cash flow after loan instalments and dividend -1 600 000 400 000 600 000 Year of build: Originally 1980’ies refurbished 2010 Initial project cost per sqm 12 462 Net cash flow before loan instalments and dividend 6 200 000 6 200 000 6 400 000 Gross building area (sqm): 8 859 Net purchase yield 7,5 % Local mall/fitness/medical Budgeted dividend 5 000 000 3 000 000 3 000 000 Property type: Paid up equity 21 283 000 Tenant(s): Coop, Sats Elixia, Lucky Bowl, etc Net yield 7,00 % 7,10 % 7,20 % Paid up equity per 1 % unit 212 830 Vacancy: 0,0 % Estimated property value 131 400 000 132 400 000 133 200 000 Sales Trigger 20,00 % Land (sqm): 11 364 (freehold) Estimated NPV interest swap 0 0 0 Last share trade (date) 30.06.16 Tax discount reduction ("Skatterabatt") 10% -4 600 000 -5 000 000 -5 300 000 FORUS Last share trade (per 1 %) 375 000 Net debt -69 300 000 -66 200 000 -62 900 000 Dividend since est. 6 600 000 Value adjusted equity 57 500 000 61 200 000 65 000 000

Unit value per 1 % 575 000 612 000 650 000 FORUS Calculated annual return (IRR) 16,7 % 16,3 % 15,9 %

*Estimated CPI 2% VALUATION PR. 31.12.2017

Net yield 6,70 % 6,90 % 7,10 % BUSINESS/DEVELOPEMENTPLAN Net operating income 2018 9 000 000 9 000 000 9 000 000 FOR THE PROPERTY Estimated property value 134 300 000 130 400 000 126 800 000 • Local mall near the city center of Sandnes Estimated NPV interest swap 0 0 0 SANDNES • Largest tenant (Coop) representing 42 % of the SENTRUM Net debt -70 300 000 -70 300 000 -70 300 000 rental income Tax discount reduction ("Skatterabatt") 10% -4 900 000 -4 500 000 -4 200 000 STANGALAND • Utilizing property development potential by Cash flow after 30.06.2016 0 0 0 building homes on the property’s roof Dividend after 30.06.2016 0 0 0

Value adjusted equity 59 100 000 55 600 000 52 300 000

Estimated property value per sqm 15 160 14 719 14 313

Unit value per 1 % 591 000 556 000 523 000

Calculated annual return (IRR) 18,1 % 17,2 % 16,3 %

42 43

FOSSEIKELAND Real Estate Projects February 2018

Infarten 2, Kungsbacka

Property company Kungsbacka Holding AS Date of incorporation 22.12.04 Initial project cost (SEK) 90 LIERSTRANDA138 000 Initial project cost per sqm 12 930 (SEK) FACTS Prognosis* (End of Year) 2018 2019 2020 Arild Aubert Net purchase yield 8,9 % Contact person: Gross rental income 11 400 000 11 500 000 11 600 000 Date of analysis: 31.12.17 Paid up equity (SEK) 12 200 000 Net operating income 8 300 000 8 400 000 8 500 000 Wgtd. remaining lease period (years): 3,5 No. of shares 1 000 Net cash flow before loan instalments and dividend 5 200 000 6 200 000 6 300 000 Year of build: 1996 Capital paid back to 31 515 819 partners (SEK) Budgeted dividend 3 700 000 4 700 000 4 800 000 Lettable space (sqm): 6 971 Net yield 6,30 % 6,40 % 6,50 % Property type: Office/retail/school Sales trigger 25 % Tenant(s): Misc Estimated property value 133 300 000 132 800 000 131 700 000 Vacancy: 7,7 % Estimated NPV interest swap 0 0 0 Land (sqm): 5728 (freehold) Net debt -59 100 000 -57 600 000 -56 100 000 BUSINESS/DEVELOPEMENTPLAN Latent tax reduction 10 % -7 300 000 -7 400 000 -7 400 000 FOR THE PROPERTY • Office, school and commercial premises located Value adjusted equity 66 900 000 67 800 000 68 200 000 in central Kungsbacka, a growing city south of Share value per 1 % 669 000 678 000 682 000 Gothenburg. Calculated annual return (IRR) 20,2 % 19,8 % 19,4 %

• The property is steady generating healthy cash *Estimated CPI 1% flow and dividends.

• Trade volume in central city is threatened by competition from shopping malls. VALUATION (SEK) PR. 31.12.2017 • Focus on developing the property and adapting BORÅS Net yield 6,00 % 6,20 % 6,40 % GØTEBORG the premises according to the tenants’ future JÖNKÖPING Net operating income 8 300 000 8 300 000 8 300 000 needs. Estimated property value 138 300 000 133 900 000 129 700 000

KUNGSBACKA Reduction tax values 10 % -7 900 000 -7 500 000 -7 200 000 Net debt -60 600 000 -60 600 000 -60 600 000

Estimated NPV interest swap 0 0 0

Value adjusted equity 69 800 000 65 800 000 61 900 000

Estimated property value per sqm 19 839 19 208 18 606

Share value per 1 % 698 000 658 000 619 000

Calculated annual return (IRR) 21,1 % 20,8 % 20,4 %

44 45 Real Estate Projects February 2018

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 STIAN LEVI ANDRESEN ALEXANDRA BERGGREN CFO PROJECTS/PARTNER SENIOR ASSET MANAGER/ INVESTMENT MANAGER / ACCOUNTANT PARTNER PARTNER Arild holds degrees as State Authorized Alexandra holds a Master of Economics Public Accountant (Norway) as well as Kari holds a Master of Business and Stian holds a degree as State Authorized and Business degree from NHH (Norwe- Certified Financial Analyst (AFA), both Economics degree from NHH (Norwe- Real Estate Agent from BI Norwegian gian School of Economics) and a Bachelor from the Norwegian School of Economics gian School of Economics and Business Business School. He has a broad network of Economics and Business from UMB (NHH). He joined Realkapital in 2014 and administration). She also has a Bachelor and 18 years’ experience from prop- (Norwegian University of Life Sciences). has previously held various management in Real Estate studies from BI (Norwegian erty transactions, management and Before joining Realkapital Alexandra was positions in DnB Bank and Pareto group. School of management). She has 25 years development. For the past 13 years he working as an Accountant and Investment He has extensive experience in finance, experience from Asset Management, has been working with investments and analyst in the investment company accounting, real estate projects and busi- project development and finance. She development of commercial properties. AS Hamang Papirfabrik. ness management. has managed her own real estate agency Stian came to us in 2017 from Skanska and previously held position as director in Commercial Development. As Head of Aberdeen Property Investors and senior Business Development, he acquired one financial adviser in Nordea. of Norway’s most attractive portfolio of development properties for new office buildings in Oslo.

46 47 Real Estate Projects February 2018

REALKAPITAL INVESTOR

VISITING ADDRESS: Munkedamsveien 35 2. etg, 0250 Oslo

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

WWW.REALKAPITAL.NO Phone: 23 11 68 68

48 Real Estate Projects February 2018

50 51