Real Estate Projects

MARCH 2020 Index

Our vision and philosophy 4

Realkapital Hotel 6

Exited investments 8

Breivollbyen 10

Eikveien 19-20 11

Present Investments 22

Rolf Olsens vei 30-32, Lillestrøm 26

Ingeniør Rybergs gate 101, Drammen 28

Grini Næringspark 8, Bærum 30

Håndverksveien 13-17, Ski 32

Ole Deviksvei 10-14, Oslo 34

Storgata 5-7, Oslo 36

Rosenkrantzgate 21, Oslo 38

Enebakkveien 117, Oslo 40

Fornebuveien 1-3, Lysaker 42

CO Lundsgate, Drammen 44

Pontoppidansgate 7, Oslo 46

Hauketoveien 8, Oslo 48

Industrigata 1, Lier 50

Jessheim Næringspark, Ullensaker 52

Trondheimsveien 113, Oslo 54

Infarten 2, Kungsbacka 56

Our team 58

Håndverksveien, a logistic property at Langhus, one of the prime logistic areas south of Oslo. We took over the property in the middle of the development process. At the time of purchase, one building was completed, one rented out but not built and one area to was neither built nor rented out. Status per this report is that two buildings are finished and all remaining space is rented out to one tenant on a long-term lease. The construction of the last Growing value building will start Q2 this year.

Åssiden commercial park in Drammen with 11 000 m2 through active was bought from two different sellers in the autumn. The business plan is to give the property a new identity, work ownership with the existing tenants and attract new tenants to fill the vacant areas.

Rolf Olsen vei 30-32 is a 40 000 m2 meter plot at Lillestrøm, The Greater Oslo real estate 15 km north of Oslo with only 5 000 m2 of building mass market experienced yet another constructed. We plan to develop this property together with strong year in 2019. the main tenant in the coming years. With the exception of our development properties, we reflects this fact. That being said, the choice to focus on Rådhusgata 9 is a 4 700 m2 office building in Kvadraturen have below 2% vacancy and strive to keep our tenants our “home market”, the greater Oslo region, is chosen in the city center of Oslo, only 500 meters from the central happy and satisfied by providing top-notch service. for a reason: station. The building will be vacant and our business plan is to develop a unique office space. This property is Risk and strategy • Historically higher growth in GDP per capita than the located in a very strong tenant market with vacancy just At Realkapital Investor, risk management is a large part rest of Norway, almost 1,8 x below 3% and low supply of competing spaces. of our DNA. Risk is often considered as the pitfall, the • Oslo being ranked as top ten global cities in terms of downside and where it all can go wrong. In Norwegian GDP per capita Anders Brustad-Nilsen We sold: we call risk management uncertainty management, which • In down cycles, capitals and or large urban areas are Managing Director CEO/Partner Breivollbyen, a large land plot with low utilization and a includes two sides of the equation; risk and opportunities. much more robust than regional areas (e.g. under the long lease agreement after owning it for only 15 months. We like this approach better. We are extremely cautious 2009 financial crisis Denmark experienced recession The property is in the heart of a big box and prime logistic to the downside pitfalls. Nothing is worse than getting it while greater Copenhagen still had GDP growth) area close to the Alna terminal. Our business plan was to wrong. However, we also believe that too many in outline • Location, location & location; in terms of tenants, value extend the WALT and reduce zoning risk for potential new of business focus predominately on the risks, and as such, creation and exit possibilities This was partially due to high growth in GDP resulting building volumes in the future. We achieved an IRR of 70% miss potential opportunities. By assuring we spend time, in 6% job growth over the last 2 years equaling almost and Equity multiple of 2.0. effort and resources identifying, analyzing and quantifying More on The Greater Oslo Area; 50 000 new jobs. In addition, the low supply of space potential that is not always obvious, we are able to see During 2018 and 2019 almost 50 000 jobs were created available for occupancy have caused a solid increase in Since Realkapital Investor was founded in 2002, our opportunities that others miss. in the greater Oslo area (6%) which is a historically high rent levels in both the office and logistics segments, with average weighted/unweighted IRR (annual return) is now figure. The leading macro analysts’ are predicting a mild vacancy in the office market in Oslo city center now below 56%/54 %. Delivering such returns shows that even in The future slowdown of Norway’s economy, siting Q4 2019 as the 3%. While 2020 also looks promising, increased supply of times where the yield compression is no longer a value Looking ahead, we must consider when the positive peak. This would no doubt also affect the Oslo market, available space after 2021 and reduced growth rate will driver, high IRR is possible through active management of cycle experienced during the last decade will end and however, we track job creation actively and are yet to see likely change the sentiment in the office market and stall projects. Based on an analysis of our projects completed how a change in the market cycle will affect our active this downturn. A lower annual growth figurebetween further increasing in rental prices. throughout the past seven years, we discovered that investments. This is especially relevant for our projects, 12 000 and 20 000 new jobs will be created in 2020. approximately 1/3 of returns are due to yield compression where the risk is higher than normal commercial real Investment and exit while the remaining 2/3 can be credited to active asset estate. This higher risk is magnified by -our investments Realkapital Hotell; 2019 was an active year for Realkapital Investor with 6 management. being SPV-based, and thus stand-alone. In order to We are ecstatic about the launch of our Realkapital Hotell purchases and 1 sale. combat some of these factors, we constantly tweak our Company in November 2019. It was a dream come true, Property management and development projects models, cash flows and values based on stress tests. and we aim to both have an active role in the Norwegian We bought; Per January 2020, Realkapital Investor has 17 properties We west out different negative scenarios and their Hotel market while also using the Realkapital Hotell as a Grini Næringspark, a 11 000 m2 industrial and retail park under management with a total of 180 mill NOK in annual consequences; tenant bankruptcy, increased interest building block for the further development our growing close to Oslo City Center surrounded by highly populated rent. The property value is approximately 4,3 billion NOK rates and a slow tenant market are all examples that can organization. We invite you to read more about on the area. The business plan is to take advantage of low and total area is 180 000 m2. Nearly all properties, with occur independently or in some combination. Given our following pages where Emil, our CEO and co-founder competition, high demand and at the same time develop the exception of one, are located within 30 minutes’ drive long-term approach, we expect that we should experience of Realkapital Hotell, gives you a small taste of what’s to the property by giving it a facelift and possibly expanding. from our office in Oslo city center. downturns in the economy and our risk reward curve come out our newest business unit.

4 5 Real Estate Projects March 2020

Guests travel more. Guests experience more. Guests wants something more. As a hotelier we have a respons- We are ibility. We need to challenge the hotel operators as well. We need to create meaningful destinations that engages more than juts a bed and a breakfast. This is not «Slightly accomplished alone, but through teamwork that includes us, designers, contractors, guests and the operators. We Different» need to understand and evaluate the whole picture, write the script and then put the story together.

Our story is to empower hotels Statistics show that it is still relatively cheap to stay in hotels in Norway and specifically Oslo compared to key with more active ownership to European cities. We are confident that this is partially create more exciting hotels and explained by the density of only 4 local operators who enhanced memories for guests. control close to 90% of the Oslo market and that the physical products and local experiences need to be more meaningful to meet guest expectations.

Our story is our DNA and what do we want to tell? But most importantly, what do guests want to discover and what do we want guests to tell? More and more travelers today seek destinations with unique local experiences and authentic people who wishes to share some of their own. Our vision is to develop better hotels, thus creating destinations and places travelers and locals desire to seek and engage in. Emil Neumann Tingulstad Co-Founder/CEO/Partner Realkapital Hotell is the twitch to think slightly different about hotels. We dear to push boundaries and engage Over the past few years Scandinavia has become an emotionally in order to deliver memorable experiences international destination and in some Nordic cities it is to guests and outstanding returns to our investors. still relatively cheap to stay in hotels. To revitalize this, Since hotels have strong influence in any local market, we need better and more diverse hotel products. we can generate different dynamics in the market and thus contribute to develop a destination. So, what is Realkapital Hotell, who are we and what are we going to do? Our story began as a dream, a dream We enjoy when there is a good feeling for what we to create something new and meaningful. Hotel isn’t do – who doesn’t? Because you get engaged. Through something new! We dear to say that most of you know feelings and engagements something new is created what a hotel is and can relate to it, whether for leisure – a memory. Thereafter these memories are shared in or business activities. The most fascinating with a hotel different forms and places. And for these memories to is that you have so many options to explore and some become meaningful they need to be familiar. Hotels are many people to engage. It is this opportunity we are nothing new, hotels are familiar. But we will be slightly taking on and are going to be responsible for through different, slightly better. If we can achieve this, it the development of a Nordic hotel platform. We are a becomes irresistible. hotel investor and developer, not an operator, that will apply our background and experience to empower We are Realkapital Hotell. hotels with more active ownership to create more exciting hotels and enhanced guest experiences. We are Slightly Different.

6 Real Estate Projects March 2020

Exited investments

Realkapital Investor has since Exited projects 2005 - 2019 (IRR)

250 % 2005 had an annual average 209 % return (IRR) above 50% 200 % 140 % 135 % 131 % 140 % 150 % 62 % 66 % 100 % 61 % 51 % 41 % Exited project Realization year IRR Equity X 75 % 25 % 42 % Breivollbyen, Oslo 2019 ~70 % 2,0 50 % 96 % 18 % 17 % 65 % 66 % 27 % Eikveien 19 og 20, Drammen 2019 26 % 1,8 5 % 0 % 26 % Røykenveien 70, Asker Investor hand-over 15 % 7 % Vitaminveien 1A, Oslo 2018 62 % 1,8 -50 % -30 % -100 % Beddingen 8, Aker Brygge, Oslo 2018 75 % 3,0 -100 % Drammensveien 211-213, Oslo 2018 65 % 7,3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Hana Sanz, Sandnes 2018 15 % 2,3

Grønland 34, Union Brygge, Drammen 2017 140 % 1,7

3 x Løvenskiold Handel, Maxbo 2017 42 % 1,4 Exited projects 2005 - 2019 (Equity x) Linnesstranda 2, Lier 2017 27 % 1,8 8,5 Mariboesgate 13, Oslo 2017 41 % 2,4 8,0 6,9 Strandgata 41, Hamar 2017 -30 % 0,0 7,5 7,0 Morstongveien 47, Eidsberg 2016 17 % 2,2 6,5 5,2 5,0 Ensjøveien 4, Oslo Investor hand-over 6,0 5,5 7,3 Øvre Voll gate 13, Oslo Investor hand-over 5,0 3,3 Økernveien 11 -13, Oslo 2014 61 % 5,0 4,5 4,0 2,4 3,0 3,0 2,0 Økernveien 9, Oslo 2014 7 % 1,4 3,5 2,7 2,7 2,2 3,0 Tysk Boligvekst 2014 5 % 1,3 1,8 1,8 1,4 1,8 2,5 Hageveien 20, Tønsberg 2014 -100 % 0,0 2,0 2,3 1,8 1,5 2,6 Haugesund Handelsinvest AS 2013 18 % 2,7 1,3 1,7 1,0 1,4 Maputo Eiendomsinvest AS (50%) 2012 25 % 1,8 0,5 0,0 0,0 1,8 0,0 Maputo Eiendomsinvest AS (50%) 2010 51 % 1,8 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Bronsgatan 10, Åstorp Sverige Investor hand-over Regnbueveien 9, Oslo (Ski) Alfasetveien 11, Oslo Finnestadveien 44, Stavanger Gråterudveien 8, Drammen Investor hand-over Norgesgruppen Hageveien 20, Tønsberg Nye Hageveien 20 AS Tevlingveien 23, Oslo Maputo Eiendomsinvest AS (50%) Maputo Eiendomsinvest AS (50%) Tevlingveien 23, Oslo 2007 131 % 5,2 Haugesund Handelsinvest AS Tysk Boligvekst Økernveien 9, Oslo Økernveien 11 -13, Oslo Morenen Kjøpesenter, Østfold Bankbygget, Hamar Hageveien 20, Tønsberg 2006 209 % 3,0 Mariboesgate 13, Oslo ** 3 x Løvenskiold Handel, Maxbo Grønland 34, Union Brygge, Drammen Finnestadveien 44, Stavanger 2006 96 % 3,3 Linnesstranda 2, Lier Vitaminveien 1A, Oslo Hana Sanz, Sandnes Beddingen 8, Aker Brygge, Oslo Drammensveien 211-213, Oslo Eikveien 19 og 20, Drammen Norgesgruppen 2006 135 % 6,9 Breivollbyen, Oslo

Alfasetveien 11, Oslo 2005 66 % 2,6

Regnbueveien 9, Ski 2005 140 % 2,7

8 9 Real Estate Projects March 2020

Breivollbyen, Breivollbyen, Oslo Eikveien 19-20, Oslo Drammen

15 months hold period – – 2.5 years – 1.8 x equity 175 mNOK value creation

Breivollbyen consists of 5 properties, 16,500 Industrial garage for Volvo and Scania in sqm building and 32,000 sqm freehold land Drammen. When acquired the main tenant was moving out and a 10 year lease had been signed with Bavaria. The properties were acquired in a structured However, the building required substantial fit-out process mid 2016 as a cash-flow investment with to fulfil their needs. In addition, 8,000 sqm land value add potential. The investment has benefitted and 100+ parking lots were vacant. from low interest rates and increasing interest for combination assets. Working to unlock value potential with full focus in an intensive phase 12 months from closing... The project consisted of two adjacent properties • Renegotiated lease with Bavaria to cater that was divested on the open market mid 2018, for custom fit between the building, out- with delayed closing to q1-2019. Attractive door space and their needs. Spending 50+ attributes included long leases at almost bare million capex in exchange for substantial rent house terms, as well as medium term increase as well as prolongation to 18 years development potential at one of the properties. lease term. In addition, additional outdoor space was rented out. Our business plan included utilizing the • Rented out vacant parking lots on flexible development potential, but falling yield levels contracts catering for property development and indication of interest at attractive levels over time changed the conclusion to a sale at an earlier • Rented out 7,000 sqm to the Norwegian point in time. government for 5+5 years, delivering cash flow in zoning process going forward In total investors received 1.8x the equity invested in 2+ years. …thereafter the property was sold as next development wave and step change in value would take some years • Value creation 175 mNOK • 2x equity • IRR ~70 %

Eikveien 19-20, Drammen

10 11 Real Estate Projects March 2020

BREIVOLLBYEN, OSLO DRAMMENSVEIEN 211-213, OSLO

Property class: Office/Retail Property class: Office Lettable area: 16 369 Lettable area: 24 300 Investment year: 2018 Investment year: 2015 Realization year: 2019 Realization year: 2018 Purchase price: 450 000 000 Purchase price: 260 000 000 Sales price: 691 000 000 Sales price: 561 923 205 Equity multiple: 2,0 Equity multiple: 7,3 Investment period: 1,3 y Investment period: 4,0 y Equity IRR: ~70,0 % Equity IRR: 65,0 %

EIKVEIEN 19-20, DRAMMEN BEDDINGEN 8, OSLO

Property class: Industrial Property class: Office Lettable area: 5 255 Lettable area: 2 079 Investment year: 2016 Investment year: 2016 Realization year: 2019 Realization year: 2018 Purchase price: 137 500 000 Purchase price: 87 535 000 Sales price: 165 000 000 Sales price: 162 000 000 Equity multiple: 1,8 Equity multiple: 3,0 Investment period: 2,7 y Investment period: 2,2 y Equity IRR: 26,3 % Equity IRR: 75,0 %

RØYKENVEIEN 70, ASKER VITAMINVEIEN 1, OSLO

Property class: Logistics Property class: Office Lettable area: 7 464 Lettable area: 21 394 Investment year: 2019 Investment year: 2017 Realization year: 2019 (Investor hand-over) Realization year: 2018 Purchase price: 135 500 000 Purchase price: 523 000 000 Sales price: n/a Sales price: 775 000 000 Equity multiple: n/a Equity multiple: 1,8 Investment period: n/a Investment period: 1,2 y Equity IRR: n/a Equity IRR: 62,0 %

12 13 Real Estate Projects March 2020

HANAVEIEN 17, SANDNES GRØNLAND 34, DRAMMEN

Property class: Retail Property class: Office Lettable area: 8 859 Lettable area: 6 701 Investment year: 2010 Investment year: 2016 Realization year: 2018 Realization year: 2017 Purchase price: 106 945 000 Purchase price: 170 000 000 Sales price: 126 000 000 Sales price: 206 225 000 Equity multiple: 2,3 Equity multiple: 1,7 Investment period: 7,5 y Investment period: 0,5 y Equity IRR: 14,5 % Equity IRR: 140,0 %

LINNESTRANDA 2, LIER STRANDGATA 41, 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: 27,0 % Equity IRR: -29,9 %

MAXBO (MISC), GJØVIK, HAMAR, ELVERUM MARIBOESGATE 13, OSLO

Property class: Retail Property class: Office Lettable area: 9 043 / 10 488 /2 628 Lettable area: 17 144 Investment year: 2016 Investment year: 2014 Realization year: 2017 Realization year: 2017 Purchase price: 222 000 000 Purchase price: 404 000 000 Sales price: 250 000 000 Sales price: 560 000 000 Equity multiple: 1,4 Equity multiple: 2,4 Investment period: 0,9 y Investment period: 3,0 y Equity IRR: 42,3 % Equity IRR: 41,0 %

14 15 Real Estate Projects March 2020

ENSJØVEIEN 4, OSLO ØKERNVEIEN 9, OSLO

Property class: Residential Property class: Office Lettable area: n/a Lettable area: 12 688 Investment year: 2016 Investment year: 2008 Realization year: 2016 (Investor hand-over) Realization year: 2014 Purchase price: 87 000 000 Purchase price: 214 000 000 Sales price: n/a Sales price: 415 000 000 Equity multiple: n/a Equity multiple: 1,4 Investment period: n/a Investment period: 6,6 y Equity IRR: n/a Equity IRR: 7,0 %

MORSTONGVEIEN 47, EIDSBERG ØKERNVEIEN 11-13, OSLO

Property class: Retail Property class: Office Lettable area: 17 000 Lettable area: 11 984 Investment year: 2012 Investment year: 2012 Realization year: 2016 Realization year: 2014 Purchase price: 172 890 000 Purchase price: 106 000 000 Sales price: 189 200 000 Sales price: 319 938 000 Equity multiple: 2,2 Equity multiple: 5,0 Investment period: 4,8 y Investment period: 3,0 y Equity IRR: 17,0 % Equity IRR: 61,0 %

ØVRE VOLLGATE 13, OSLO TYSK BOLIGVEKST AS

Property class: Office Property class: Residence Lettable area: 5 420 Lettable area: 15 891 Investment year: 2015 Investment year: 2007 Realization year: 2015 (Investor hand-over) Realization year: 2014 Purchase price: 158 000 000 Purchase price: 125 316 908 Sales price: n/a Sales price: 150 000 000 Equity multiple: n/a Equity multiple: 1,3 Investment period: n/a Investment period: 6,9 y Equity IRR: n/a Equity IRR: 4,5 %

16 17 Real Estate Projects March 2020

HAGEVEIEN 20, TØNSBERG GRÅTERUDVEIEN 8, DRAMMEN

Property class: Logistics Property class: Office Lettable area: 16 092 Lettable area: 6 000 Investment year: 2006 Investment year: 2010 Realization year: 2014 Realization year: 2011 (Investor hand-over) Purchase price: 105 000 000 Purchase price: 55 000 000 Sales price: 42 000 000 Sales price: n/a Equity multiple: - Equity multiple: n/a Investment period: 7,4 y Investment period: n/a Equity IRR: -100,0 % Equity IRR: n/a

HAUGESUND HANDELSINVEST AS MAIL HANDLING FACILITIES (MISC)

Property class: Retail 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: 260 000 000 Sales price: 88 847 788 Sales price: 290 500 000 Equity multiple: 2,7 Equity multiple: 1,8 Investment period: 6,0 y Investment period: 1,2 y / 3,6 y Equity IRR: 18,0 % Equity IRR: 51,0 % / 25,0 %

BRONGSGATAN 10, ÅSTORP (SVERIGE) TEVLINGVEIEN 23, OSLO

Property class: Logistics Property class: Office Lettable area: 934 Lettable area: 24 300 Investment year: 2010 Investment year: 2005 Realization year: 2011 (Investor hand-over) Realization year: 2007 Purchase price: 77 369 535 Purchase price: 227 500 000 Sales price: n/a Sales price: 326 200 000 Equity multiple: n/a Equity multiple: 5,2 Investment period: n/a Investment period: 2,2 y Equity IRR: n/a Equity IRR: 131,0 %

18 19 Real Estate Projects March 2020

HAGEVEIEN 20, TØNSBERG ALFASETVEIEN 11, OSLO

Property class: Logistics Property class: Industrial Lettable area: 16 092 Lettable area: 13 841 Investment year: 2005 Investment year: 2003 Realization year: 2006 Realization year: 2005 Purchase price: 82 500 000 Purchase price: 125 644 800 Sales price: 105 000 000 Sales price: 151 000 000 Equity multiple: 3,0 Equity multiple: 2,6 Investment period: 1,0 y Investment period: 2,0 y Equity IRR: 209,0 % Equity IRR: 66,4 %

NORGESGRUPPEN (MISC) REGNBUEVEIEN 9, SKI

Property class: Industrial Property class: Logistics Lettable area: 28 572 Lettable area: 10 000 Investment year: 2003 Investment year: 2004 Realization year: 2006 Realization year: 2005 Purchase price: 176 175 000 Purchase price: 100 500 000 Sales price: 255 000 000 Sales price: 127 502 349 Equity multiple: 6,9 Equity multiple: 2,7 Investment period: 2,3 y Investment period: 1,1 y Equity IRR: 135,0 % Equity IRR: 140,0 %

FINNESTADVEIEN 44, STAVANGER

Property class: Office Lettable area: 22 000 Investment year: 2004 Realization year: 2006 Purchase price: 379 500 000 Sales price: 456 000 000 Equity multiple: 3,3 Investment period: 3,3 y Equity IRR: 96,0 %

20 21

Real Estate Projects March 2020

Present investments

FORNEBUVEIEN 1-3, LYSAKER

22 23 Real Estate Projects March 2020

Håndverksveien – new building of logistics property

THE INVESTMENT The lease agreement is starting from April 1th 2021 The property was acquired in the beginning of 2019, and and covers the entire new building in Håndverksveien the sellers continued their investment by participating in 17 for a period of 13 years. A refrigeration and freezer the project with 30 % of the shares. The property consists storage will be built and made available to the tenant. of three addresses; Håndverksveien 13, Håndverksveien The engineering and construction application process 15 and Håndverksveien 17. There is also paved areas for is underway, and we assume that construction work will handling the logistics. We consider the location to be begin in Q2 2020. well suited for logistics activities. EXIT AND RETURN TO INVESTORS At the time of the acquisition was Håndverksveien 17 After completion and handover of the new building in completed and leased to Hurtigruta Carglass AS og 2021 the business plan is fulfilled in much shorter time Børresen Cooltech AS. Håndverksveien 13 was fully than estimated. As a result, the return to the investors is leased and under construction, while Håndverksveien likely to be higher than presumed. The property will be 15 was a vacant plot. divested at an appropriate time closer to the completion.

The business plan consists of completing the new This investment is totally in line with the core strategy of building in Håndverksveien 13 as well as work on leasing, Realkapital Investor. We are proud of the outcome and engineering and construction of Håndverksveien 15 in appreciate a good cooperation with all parties involved collaboration with the sellers. in the process.

PROPERTY DEVELOPMENT AND RENTAL Håndverksveien 13 was completed in September 2019 and is now being used as premises for Leko Matter AS and Outland AS. The construction work went according to the plans and the tenants are satisfied with the buildings and the process. Our work was then focused on the rental process for Håndverksveien 15.

Following a process of explorations and negotiations, a lease was signed in December 2019 with Mandarinen Oslo AS.

24 25 Real Estate Projects March 2020

Rolf Olsens vei 30-32, Lillestrøm

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

BUSINESS/DEVELOPMENTPLAN 2019 2020 2021 2022 • Industrial cash flow property with ample outdoor Net yield space Normalized Net operating income

FACTS • Develop new buildings to fulfill current or new Estimated property value Anders Aasand tenants needs Contact person: Reduction tax values 31.12.2019 Date of analysis: • Longer term re-zoning opportunities including Net debt 3,0 WALT: residential development Value adjusted equity Year built: 1967 / 1975 Estimated property value per sqm N/A N/A Lettable space (sqm): 5 103 Share value per 1 % Property type: Storage / Industry Property company Realkapital Åråsen AS Calculated annual return (IRR) Tenant(s): Cramo / Stor Oslo Transport Date of incorporation 08.01.2020 0,0 % Loan-to-value (LTV) Vacancy: Net purchase yield 5,6 % 39 816 *Estimated CPI 2% Land (sqm): Paid up equity 86 000 000 IRR SENSITIVITIES Equity paid back to partners 0 E6 Net yield 5,25 % 5,50 % 5,75 % 6,00 % 6,25 % Sales trigger 25 % -10 % E16 -5 % RENT 0 % +5 %

E6 PROPERTY AND LOCATION +10 % • 5 000 sqm shared between two buildings, mainly 0 % 4

171 5 % N/A 120 storage and some office space. Vast outside area E6 mainly used for storage at a 39 816 sqm freehold VACANCY 10 % 4 property 15 % 20 % 22 • Currently shared between three tenants using

4 the property for equipment rental and storage/ EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS logistics hub 18 % 70 % 150 163

172 159 Lillestrøm 120 16 % 4 163 • Property located at Kjeller/Åråsen, Lillestrøm. 60 % 168 22 161 159 14 % 160 Easy access to main highway E6 in three directions 150 50 % 170 12 % Oslo from the property E6 10 % 40 %

E18 22 8 % 30 % 6 % N/A N/A 20 % 120 4 % 22 10 % E6 2 %

0 % 0 % 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y 155

120 Cash-on-cash return (before tax) Max. interest rate

E18 E6 26 27 Real Estate Projects March 2020

Ingeniør Rybergs gate 101, Drammen

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

2019 2020 2021 2022

Net yield

BUSINESS/DEVELOPMENTPLAN Normalized Net operating income FACTS • Lease out vacant space Estimated property value Nikolai Staubo Contact person: • Upgrade the property façade and general standard Reduction tax values 31.12.2019 Date of analysis: Net debt 3,6 • Maintain a good relationship with existing tenants WALT: Value adjusted equity Year built: 1974 / 2009 Estimated property value per sqm N/A N/A Lettable space (sqm): 13 700 Share value per 1 % Property type: Retail / Storage / Office Property company Realkapital Åssiden AS Calculated annual return (IRR) Tenant(s): Europris / Staples / Date of incorporation 15.11.2019 misc Loan-to-value (LTV) Net purchase yield 6,0 % Vacancy: 25,4 % *Estimated CPI 2% Paid up equity 63 000 000 19 231 Land (sqm): IRR SENSITIVITIES Equity paid back to partners 0 Net yield Sales trigger 25 % -10 % -5 % RENT 0 % +5 % PROPERTY AND LOCATION +10 % • Property situated in Åssiden in Drammen, an area 0 % E18 with big box retail and car dealerships surrounded 5 % N/A 10 % Lier 282 by residential and recreational areas, 10 minutes’ VACANCY drive from the center of Drammen. 15 %

285 20 % • Åssiden is the highest populated district in Drammen, E18 and there are several ongoing and planned residential 282 EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS projects in the area. E134 18 % 70 %

16 % 283 282 • The property cosist of big box, retail, office and 60 % 14 % 283 workshops. 50 % E134 282 12 % 283 E18 10 % 40 %

E134 Drammen 8 % 30 %

E134 282 6 % N/A N/A E134 20 %

E134 4 % 10 % 2 % 319 0 % 0 % E18 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate

E18

28 29 Real Estate Projects March 2020

Grini Nærings- park 8, Bærum

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) BUSINESS/DEVELOPMENTPLAN 2019 2020 2021 2022 • Industrial cash flow property with ample parking space Net yield 5,50 % 5,75 % 6,00 % 5,75 % 5,75 % 5,75 % Normalized Net operating income 12 800 000 12 800 000 12 800 000 13 100 000 13 400 000 13 700 000 • Increase operating income and tenancy FACTS Estimated property value 232 700 000 222 600 000 213 300 000 227 800 000 233 000 000 238 300 000 Morten Warberg • Maintain a good relationship with existing tenants Contact person: Reduction tax values -10 900 000 -10 000 000 -9 200 000 -10 800 000 -11 600 000 -12 300 000 31.12.2019 Date of analysis: • In the long run develop new building to fulfill Net debt -149 900 000 -148 100 000 -147 200 000 -148 500 000 -145 100 000 -141 700 000 4,7 WALT: existing or new tenants needs Value adjusted equity 68 400 000 61 200 000 53 700 000 65 100 000 72 800 000 80 700 000 Year built: 1973 / 1999 Estimated property value per sqm 19 647 18 794 18 009 19 233 19 672 20 120 Lettable space (sqm): 11 844 Share value per 1 % 684 000 612 000 537 000 651 000 728 000 807 000 Property type: Office / Logistics Property company Realkapital 22 AS Calculated annual return (IRR) 39,8 % 20,1 % 0,5 % 12,0 % 11,9 % 11,6 % Tenant(s): Leos Lekeland / Vianor Date of incorporation 08.04.2019 / misc Loan-to-value (LTV) 64 % 67 % 70 % 65 % 63 % 60 % Net purchase yield 5,9 % Vacancy: 1,7 % *Estimated CPI 2% Paid up equity 53 500 000 15 344 Land (sqm): IRR SENSITIVITIES Equity paid back to partners 0 Net yield 5,25 % 5,50 % 5,75 % 6,00 % 6,25 % Sales trigger 25% -10 % 14 % -8 % -28 % -45 % -60 % -5 % 38 % 17 % -4 % -23 % -40 % RENT 0 % 63 % 40 % 20 % 1 % -19 % +5 % 89 % 64 % 42 % 22 % 4 % PROPERTY AND LOCATION +10 % 116 % 89 % 65 % 44 % 25 % • Property situated at Grini Næringspark, a small 0 % 63 % 40 % 20 % 1 % -19 % business park with storage, offices, retail and car 5 % 34 % 14 % -7 % -27 % -43 % 10 % 7 % -15 % -35 % -51 % -65 % 150 dealership surrounded by residential and recreational VACANCY 168 150 areas, 20 minutes’ drive from Oslo center 15 % -27 % -46 % -61 % -74 % -85 % 168 150 20 % -54 % -69 % -81 % -91 % -98 % Østerås • Grini is situated in Bærum municipality, suburb west 168

161 of Oslo. Bærum has the highest income per capita 168 EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS 4 in Norway. 160 18 % 70 % 150 161 63 % 16 % 160 • The property contains a combination of 60 % E18 Oslo 14 % 13,5 % 150 entertainment/amusement for kids, storage, office/ 12,8 % 160 Lysaker 162 12,2 % 50 % 161 12 % 11,5 % E18 production etc. 10,8 % E18 40 % 160 E6 10 % 166 8,3 % 7,5 % 7,7 % 8,0 % 8 % 7,2 % 30 % E18 6 % 20 % 17 % 18 %

E18 4 % 10 % 2 % 2 % E18 0 % 0 % 0 % E18 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 4,7 years

30 31 Real Estate Projects March 2020

Håndverksveien 13-17, Ski

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

2019 2020 2021 2022 BUSINESS/DEVELOPMENTPLAN • Logistic property with ongoing development Net yield 5,25 % 5,50 % 5,75 % 5,50 % 5,50 % 5,50 % Normalized Net operating income 12 800 000 12 800 000 12 800 000 13 100 000 13 400 000 13 700 000 • The plot is suited for three separate buildings FACTS Estimated property value 240 800 000 229 700 000 219 600 000 235 200 000 240 600 000 246 100 000 Anders Brustad-Nilsen • Two buildings are completed and fully leased Contact person: Reduction tax values -7 800 000 -6 900 000 -6 000 000 -7 700 000 -8 500 000 -9 300 000 31.12.2019 Date of analysis: • Signed lease for the third building to be completed Net debt -164 400 000 -162 400 000 -161 000 000 -158 200 000 -153 600 000 -148 000 000 12,3 WALT: in April 2021 Value adjusted equity 65 000 000 57 000 000 49 300 000 65 800 000 74 900 000 85 100 000 Year built: 2017 / 2019 / 2021 Estimated property value per sqm 28 260 26 957 25 772 27 602 28 236 28 882 Lettable space (sqm): 8 521 Share value per 1 % 650 000 570 000 493 000 658 000 749 000 851 000 Property type: Logistics Property company Realkapital 19 AS Carglass / Børresen Calculated annual return (IRR) 51,9 % 26,7 % 3,7 % 20,0 % 17,7 % 16,6 % Tenant(s): Date of incorporation 10.04.2019 Cooltech / misc Loan-to-value (LTV) 68 % 71 % 74 % 68 % 64 % 61 % Net purchase yield 5,4% (6,0%) Vacancy: 0,0 % *Estimated CPI 2% Paid up equity 48 000 000 18 802 Land (sqm): IRR SENSITIVITIES Equity paid back to partners 0 Net yield 5,00 % 5,25 % 5,50 % 5,75 % 6,00 % Sales trigger 25 % -10 % 22 % -5 % -29 % -50 % -66 % -5 % 50 % 24 % 0 % -24 % -44 % RENT 0 % 81 % 52 % 27 % 4 % -20 % 150 163 +5 % 112 % 81 % 53 % 29 % 7 %

159 4 163 +10 % 145 % 111 % 81 % 54 % 31 % 168 PROPERTY AND LOCATION 168 161 159

160 • The property consists of 3 merged plots, of which 0 % 81 % 52 % 27 % 4 % -20 % 150 Oslo two are recently built with logistics buildings. 5 % 46 % 20 % -5 % -28 % -48 % E6 VACANCY 10 % 14 % -13 % -36 % -56 % -72 % • The property is at the logistic hub “Regnbuen” E18 15 % -22 % -45 % -64 % -79 % -91 % located at Langhus In Nordre Follo, 20 km south to 20 % -54 % -72 % -87 % -97 % -100 % Oslo. There is approx. a 15 – 20 minute drive to the city center of Oslo. E6 EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS 18 % • Regnbuen is located very close to the highway E6 17,0 % 100 % 16,1 % 16 % 15,2 % 155 with easy connections both south, east, north and 14,3 % 80 % west (through the Oslofjord Tunnel). 14 % 13,4 % 72 % 12 % 60 % E18 • There is substantial growth in the logistics business E6 10 % 157 in the area. 8 % 6,6 % 7,1 % 40 % 155 5,7 % 6,2 % 6 % 5,3 % 27 % 157 E18 4 % 20 % 152 E6 Ski 2 %

0 % 0 %

155 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y

157 Cash-on-cash return (before tax) Max. interest rate Average duration leases: 12,3 years

154 152

32 154 33 Real Estate Projects March 2020

Ole Deviksvei 10-14, Oslo

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) BUSINESS/DEVELOPMENTPLAN 2020 2021 2022 • Cash flow property in the near term 2019 Net yield 5,90 % 6,10 % 6,30 % 6,10 % 6,10 % 6,10 % • Repositioning and conceptualization as base for Normalized Net operating income 31 400 000 31 400 000 31 400 000 32 000 000 32 600 000 33 300 000 re-lease for mixed use as offices, warehouse, FACTS Estimated property value 532 200 000 514 800 000 498 400 000 524 600 000 534 400 000 545 900 000

i workshop etc. Ample parking and outdoor space l L le va nn Anders Aasand sveie

n Contact person: Reduction tax values -23 500 000 -22 000 000 -20 600 000 -23 600 000 -25 200 000 -26 800 000

H a

Lathusåsen n • Longer term re-zoning opportunities including

H 31.12.2019 s

e e Løvenskioldbanen L f m Date of analysis: t a Net debt -284 700 000 -281 600 000 -281 400 000 -265 200 000 -248 800 000 -231 700 000 y e ringsjå y h r b Midt v m M a n k Car a å l je n stuen k lsen orsvoll ELSÅS 2,3 residential development l s n e v Skytter t ei r s Muren n o WALT: n v kollen s o ie n e e t g gv Value adjusted equity 216 000 000 203 500 000 188 900 000 227 900 000 252 400 000 279 200 000 v Haugerud le Myrersko i ve en i Nygard Dlihuset O i e Holmenkollen Vettakollen ve n l k 1950 - 2009 a ke a v l Voksen Me b Year built: N A n a Fossum v i o u a k e r Estimated property value per sqm 19 028 18 406 17 820 18 756 19 107 19 518

Malin r NORDBERG H v d u s s h Besserud å t a s s l g 27 969 v Gulleråsen e e i e a j

v i T e Lettable space (sqm): Ø e v å

s i s e s e n l

n e n

v n Ila fengsel og e

e g i t 2 279 000 2 524 000 2 792 000 n m

e Share value per 1 % 2 160 000 2 035 000 1 889 000

l o r

a v

a s

forvaringsanstalt n Haugen Gråkammen S t s Grefsen y

v e Office/Industrial / B G a j

ø r l

a r B n r L v n Property kirke type: Nord Property company Realkapital 20 AS nnve a e ie i i n i e e e e n n

n d v v G

n l e s

l Nils Bay e

i i l T i a h

Dli n a o r

d l e e v i e n f 11,2 % 11,1 % 10,9 % g s Calculated annual return (IRR) 17,5 % 10,5 % 2,2 %

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

B all o u a e lå

r s k h i bo RING 3 n Date of incorporation 15.01.2019

Ekraveien e e r e a Gressbanen t tv

Østern n n s

ø Slemdal s SOGN f o e

R le en r Grini S m r Irisvei T Tåsen G

T ABB / LMTS

d Nydalen 55 % 53 % 51 % r Loan-to-value (LTV) 56 % 58 % 60 %

Mellom å alsvei Berg k e

n Tenant(s): n k e Steren Gård i Net purchase yield 6,2 % a GREFSEN Nordby Rikshospitalet e

v Stig Vestre RING 3 Ullevål

n v

e 0,0 % s *Estimated CPI 2% Holmen stadion s veien l e

f d g l :E il

n Eiksmarka a Vacancy u n ien r e e he v g

s o jon i s s h s Ris t G A ta v S e t Paid up equity 185 000 000 Holen e Madserud RØA v e

i i s l l e kirkel e

O 150 o v

S a s n s 28 455 (freehold) F nar t C redhe H e h

i D

m Østerås t n n

a n u e a e i

E e d Land (sqm):

h H s lme v LOFTHUS Årvoll o p IRR SENSITIVITIES

n o s s H l o a å v l Bisk s n

Nordli e e l

l Østre a

s i je i

l e v d b Molde e Equity paid back to partners 0

n n g e a

Haga Holmen STORO TONSENien v t k t l

v e l

i e s

v a o B

u Voldsløkka r n

ø v ro

R a e r Net yield 5,70 % 5,90 % 6,10 % 6,30 % 6,50 %

v b ra Å Makrellbekken G T e n Lijordet A ULLEVÅL DISEN k Bråten Lønnås ie s Re k f v e la sta e Sales trigger 25 % v k dv s i 1 % -8 % -16 % -23 % -30 % v Vinderen e k BLINDERN i e -10 % i e e n Rv 4 n n Gardlaus E i

e e BØLSEN t n b høgda F E re B Grefsen ururab a lin l f Bjerke v d 14 % 6 % -3 % -10 % -18 % e Steinerud e REFSTAD -5 % r n n travbane e v i e a e ie Ullevål SAGENE t v a l n g n a n 25 % 18 % 10 % 2 % -6 % Østerås t e sykehus se 0 % Elg p Å ef e kk RENT ar ba A

s by

u b

j e r SMESTAD Vollebekk n o s åse T Hu a Aker Gran k

B k +5 % 36 % 28 % 21 % 14 % 7 % e i

s n p n U TORSHOV e v l n n Frøn l

Haug v ev RING 2 RISLØA e e SINSEN n o

i n

Stein e i Montebello k å 48 % 39 % 31 % 24 % 17 % e l s e e a i v +10 % i e i v e

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

l i a l e v i a ø i Vestre e a t n o l a e r r e g a i g v e V a r g v e e v r d u e s k g t gravlund e r k s Radium s e t o k s N a a l s ø l g k ØERN l a M g s

h o r r s l H r a o i Øverland a hospitalet e o o V R • Single tenant property located at Bryn in Oslo r V e d t n V V 25 % 18 % 10 % 2 % -6 % p n b n n VOLL RING 3 o 0 % e n d a

e a i f r l l Grorudbanen i i S e

C e e l Borgen u t ILA

e j l

Grav a n v

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

n i d e i i re s v e LØREN r e n Øv rg n e v a 12 % 3 % -5 % -13 % -20 %

G bo e g Skotta m l Majorstuen t a 5 %

io g i a l F

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

t n

Vigelands t t e

i r e t

Hosle e e l a

v l g n d o l -4 % -12 % -20 % -27 % -34 %

anlegget e

Godthåp C e i 10 % e b e

S 163 a VACANCY

Åsjordet t St Hans v FAGERBORG o d

f o H MAORSTUEN u buildings. Office comprises five floors in total.

ULLERN i H RING 2 haugene r

n n d e e s l -20 % -28 % -35 % -41 % -48 % i i s ar a 15 % e g

lev ve Abbedi HASLE r a s a

g Frogner t u Øraker e H a engen h Helgese Basement floor contains both storage and work-shop. r parken n n SØEN e s -35 % -42 % -48 % -55 % -60 % e i g 20 % e a d n t e ar v e n i e Nadderud e k U v ir e s n Bestum t k a m g te b a u i s g r Lilleaker G SØNDRE Haslum r t s y d r Aker V Hoff r T n a e • Office was refurbished in 2015

e are u n HOVIN

e s

kirke s n S ie

Tjernsrud t

s t a s

t t a

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

i e l f e o y l v S i i s g a v E k v ULVEN t N Sollerud t r e a

t e es ll s a i D e i

l F Valle Hovin l e i e e RING 3

s a n Ringstabekk ra n i m v n

d Bekkestua lu Furulund m v n Tøyen n

e ø g

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

r n yg r k n RING 2 r ar s dø m

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

b a Aker s B G d n l ie i s r Å kirke e e n tv n y n Botanisk hage k 14 % 100 % s e g Nes ie ly d e Egne hjem Sjø Det ongelige e a

r t v n og museum 92 % r a F i e e e t i Slott n v hub in Oslo, and close to E6 the main highway e a v e t e s v t g Haslum T a ur n Gjønnes d p i 11,9 % g ns ll oll r u E18 eien In a r v H 12 % Ringstabekk bsens gate le rn t 11,4 % e rik I l l n e s l e k o H ø Ø E r 10,9 % o between Oslo and Oslo airport Gardermoen M n 80 % S E18 B s E6 Skarpsno rug igata jø 10,4 % t rl v Sø e 10,1 % Avløs n i n 9,9 % ie Vkerø e ie TEISEN e n ve 10 % 9,6 % rv n Hengsenga VIA s ei e S ie øm 9,2 % s v d o ve tr S rtn re n lli S a r a Å

ø y r ms k

r e G t Munkeda v Oslo domkirke e 8,8 %

ås s e be AMEN r r

n i Rådhuset gv 8,4 % a e e

v e Myra D ie i M n 60 % ø e i n n H v k Frog ie g s n 8 % N ve n er

es n v s

i ie tra e e nd

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

Å e Osarshall i Trel

e ast v g ongen a

Løkeberg u t ETTERSTAD 6 % n b ie 40 % ve n e

li v n n r

vei rd e AER BRN s o l o p

en i O era F t m N unn ram BRGGE ele D n VÅLERENGA age le F rl n i 4 % m

Ballerud v a a y e t G n e t

e s a Høyenhall s v F

Filipstad E18 s

A g Akershus r ei e

Store o

m k e v

n n 20 %

e u o s l a i s l

M Bi

e Stabekk H s rkebe e v R slott inerg a a e at d st elets vei O rv t e ih n r 2 % r ien yenbe a ve n M R r v T se ie Fornebu yne g e as ø v o S 8 % rr ve n s e n n s gd v ie o e n BGDØ e y s gate ei e i B e n n

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

H k e

l B o lhallve

s e Strand O Va ien r 0 %

a u j b n

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

n e o k e m e le

i e n s r H e ø v Linn 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y

r s a f n s e l v t e l

a o e l g n n S s e Sørenga v ie d dslett n i ta a a li n e A s tr Mal v m rs T g a e Fornebu Grønlia o R Høvik g Oksenøya V l a å

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

kirke bruk y n i

m l ng e a ve

o v ien n h

H j Blommenholm e

s MANGLERUD S

j SIMENSBRÅTEN n

o V e r o ar i d d

v g e

e Dyna v

Galteskjr e

i EEBERG

n e g i

e n u

n ongshavn

e i R

o Ryen v n

Høvik k g

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

e 34 o 35 L k o s

Sarbu i v v T

e t

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

lvika Ekebergbanen H ø g Nordre d Lambertseter a v Abildsø e

Veritas banen e n

Hamna Sands n tuveie Raudsekkene Real Estate Projects March 2020

Storgata 5-7,

i l L le va nn sveie

n Oslo

H a

Lathusåsen n

H s

e e Løvenskioldbanen L

f m t a y e ringsjå y h r b Midt v m M a n k Car a å l je n stuen k lsen orsvoll ELSÅS l s n e v Skytter t ei r s Muren n o n v kollen s o ie n e e t g gv v Haugerud le Myrersko i ve n i O ie e Nygard Dlihuset Holmenkollen e n l Vettakollen v k a ke a v l Voksen Me b

A n a N Fossum v i o u a k e r

Malin r NORDBERG H v d u s s h Besserud å t a s s v l g VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) Gulleråsen e BUSINESS/DEVELOPMENTPLAN e i e a j

v i e T Ø e

v å

s i s e s e n l

n e n

v n

Ila fengsel og e

e g i t • Newly refurbished and renewed property based in n m

l o e 2020 2021 2022 r

v 2019

a s

forvaringsanstalt n Haugen Gråkammen S t s Grefsen y v e

B G a j

ø r l a r B n r L v n kirke Nord nnve a e ie i i n i central Oslo e e e e n n

n d v v G

n l 4,50 % 4,50 % 4,50 % e s Net yield 4,25 % 4,50 % 4,75 %

l Nils Bay e

i i l T i

a h

Dli n a o r

d l e e v i e n g s f

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

B all o u a e lå

r s k h i bo RING 3 n

Ekraveien e e r e Normalized Net operating income 14 400 000 14 400 000 14 400 000 14 700 000 15 000 000 15 300 000 a • Attractive cash flow with a good mix of tenants Gressbanen t tv

Østern n n s

ø Slemdal s SOGN f o e

R le en r Grini S m r Irisvei T Tåsen G

T d Nydalen r

Mellom å alsvei Berg and base of long leases Estimated property value 331 400 000 313 000 000 296 600 000 319 500 000 326 000 000 332 600 000 k e

n FACTS n k e Steren Gård i a GREFSEN Nordby Rikshospitalet e

v Stig Vestre RING 3 Ullevål

n Morten Warberg v

e s -13 700 000 -14 600 000 -15 500 000 s ie Reduction tax values -14 000 000 -12 700 000 -11 600 000 Holmen Contact stadion person: ve n l e f d

l E • Maintaing a goodil relationship with existing tenants

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

s o jon i s s h s Ris t G A ta v e 31.12.2019 S t Holen e Madserud RØA v e i i s Date of analysis:l

l e -193 800 000 -188 500 000 -182 700 000 kirkel e O Net debt -202 200 000 -198 800 000 -197 400 000 150 o v

S a s n F nar t s C redhe H e h i D m t

Østerås n • n Attract new tenants on long-term leases with

a n u e a e i

E 9,3 e

d h H s lme v LOFTHUS Årvoll

o n o p s s H l o

a v WALT: å l Bisk s n

Nordli e e l l Østre a

e 107 200 000 118 000 000 129 400 000

s Value adjusted equity 110 200 000 96 800 000 83 200 000 i je i

l e v d b Molde e

n n g e a

Haga Holmen STORO TONSENien v t higher rents to maximizel potential value k t v e l

i 1903 / 1957 e s

v a o B

u Voldsløkka r n

ø Year built: v ro R a r

ve b ra Å 50 238 51 253 52 284 Makrellbekken G T e Estimated property value per sqm 50 961 48 132 45 610 n Lijordet A ULLEVÅL DISEN k Bråten Lønnås ie s 6 503 Re k f v e la sta v Lettable space (sqm): d e s k v v Vinderen e i k BLINDERN i e i e e n Rv 4 n n Share value per 1 % 1 102 000 968 000 832 000 1 072 000 1 180 000 1 294 000 Gardlaus E i

e e BØLSEN Office / Retail t n b høgda F E re B Grefsen ururab a lin Property type: l f d Property company Bjerke Realkapital 21 AS v e Steinerud e REFSTAD r n n travbane Calculated annual return (IRR) 32,5 % 16,8 % 0,8 % 13,8 % 12,5 % 11,8 % e v Øslo / Compedge / i e a e ie Ullevål Tenant(s): SAGENE t v a l n g Date of incorporation 21.12.2018 Østerås n a en Elg t e p sykehus Ås ef e kk 62 % 59 % 57 % ar ba A misc Loan-to-value (LTV) 60 % 64 % 67 %

s by

u b

j e r SMESTAD Vollebekk n o s åse T Hu a Aker

Gran k Net purchase yield 4,8 % B k

e 21,9 % *Estimated CPI 2% i s

n : p n U Vacancy TORSHOV e v l n n Frøn l

Haug v ev RING 2 RISLØA e e SINSEN n o

i Paid up equity n 82 500 000

Stein e i Montebello k å e l s 889 (freehold) e e a i v i e i v e

s e D Landi (sqm): n e e Hosle n s e e IRR SENSITIVITIES l n s v n t v

l i a l e v i a ø i Vestre e a t n o l a e r r e g a i g v e V a r g v e e v r d u Equity paid back to partners 0 e s k g t gravlund e r k s Radium s e t o k s N a a l s ø l g k ØERN l a M g s Net yield 4,00 % 4,25 % 4,50 % 4,75 % 5,00 %

h o r r s l H r a o i Øverland a hospitalet e o o V V e d R r t n V p n b n V n VOLL RING 3 o e n d a

e a i f r l l Grorudbanen i i S 20 % 2 % -15 % -31 % -46 % e

C e e l Borgen u t ILA -10 %

e j l Sales trigger 25 %

Grav a n v

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

n i d e i i e s v e LØREN r e n r v Øv rg n e

G a bo e 35 % 18 % 2 % -15 % -31 % g Skotta m l Majorstuen t a -5 %

io g i a l F

L u e g

R s ts n

Vigelands t t e 50 % 33 % 17 % 1 % -15 %

i r e t 0 %

Hosle e e l a

v l g n RENT

d o l

anlegget e

Godthåp C e i

e b e

S 163 a

Åsjordet t St Hans v 65 % 47 % 30 % 15 % 0 %

FAGERBORG o +5 % d

f o H MAORSTUEN u

ULLERN i H RING 2 haugene r

n n d e e s l i i s ar a 80 % 61 % 43 % 28 % 14 % e g +10 %

lev ve Abbedi HASLE r

a s PROPERTY AND LOCATION a

g Frogner t u Øraker e H a engen h Helgese r parken n n SØEN e s e i g • Storgata 5-7 is centrally located near to Oslo Central e a 0 % 50 % 33 % 17 % 1 % -15 % d n t e ar v e n i e Nadderud e k U v ir e s n Bestum t 35 % 18 % 2 % -15 % -31 % k a m g te Station (1 minute walk), the main public transport hub 5 % b a u i s g r Lilleaker G SØNDRE Haslum r t s y d r Aker V Hoff r T n

B a e

e are u n HOVIN 10 % 18 % 0 % -17 % -33 % -48 %

e s

kirke s n S ie in Oslo.

Tjernsrud t VACANCY

s t a s

t t a

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

i e l f e o y l v S i i s g a v E k v ULVEN t N Sollerud t r e a

t e es ll s a 15 % -1 % -20 % -36 % -51 % -65 % e i D

l F i Valle Hovin l e i e e RING 3

s a n Ringstabekk ra n i m v n

d Bekkestua lu Furulund m v n Tøyen n

e ø g

n u e B l

r n yg r • The property consists of two old buildings, the facade k n RING 2 r ar s dø m -20 % -37 % -53 % -67 % -81 %

e v y o 20 % e a e t j e ll

b a Aker s B G d n l ie i s r Å kirke e e n tv n y n Botanisk hage k s e g Nes ie ly d is listed by the municipality, and some of the floors e Egne hjem Sjø Det ongelige e a

r t v n r og museum a F i e e e t i Slott n v e a v e t are interconnected.e s v t g Haslum T a ur n Gjønnes d p i g ns ll oll r u E18 eien In a EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS r v H Ringstabekk bsens gate le rn t e rik I l l n e s l e k o H ø Ø E r o 14 % 45 % M n S E18 B • s Good mix of tenants.E6 The ground floor contains a 42 % Skarpsno rug igata jø t rl v Sø e Avløs n i n ie Vkerø e ie TEISEN 40 % e n ve v n Hengsenga VIA bar/restaurants with its own brewery and a sports 12 % r ei e S ie øm s v d o ve tr S rtn re n lli S a r a Å

ø y r ms k 35 %

r e G t Munkeda v Oslo domkirke e

ås s e be AMEN r r

n i Rådhuset gv clothes retailer. In the upper floors there are offices, a e e 32 %

v e Myra D ie 10 % i M n ø e i n n H v k Frog 30 % ie g s n 8,7 % N ve n er

es n v s

i ie tra consisting a various type of companies, such as a e e nd 8,1 %

e Stor e a 26 % v i iv v 8 % 7,5 % e s

l n 25 % Å 7,0 % e Osarshall i Trel leading company within digital and based marketing. 6,5 %

e ast v g ongen a 6,1 %

Løkeberg u t ETTERSTAD 5,9 % 5,8 % 5,8 % 5,8 % 20 % n b 6 % ie ve n e

li v n n r

vei rd e AER Bryn s o l o p • Storgata is a part of fast-growing Oslo.

en i O era 15 % F t m N unn ram BRGGE ele D n VÅLERENGA age 4 % le F rl n i m

Ballerud v a a y e 10 % t G n e t

e s a Høyenhall s v F

Filipstad E18 s

A g Akershus r ei e

Store o

m k e v

n n 2 %

e u o s l a i s l

M Bi

e Stabekk H s rkebe 5 % e v R slott inerg a a e at d st elets vei O rv t e ih n r r ien yenbe a ve n M R r v T se ie Fornebu yne g 0 % e as ø v o S 0 % rr ve n s e n n s gd v ie o e n BGDØ e y s gate ei e i B e n n

v m e ie 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y g m a ra n v i R o D g r e e g e s OSLO n

D r v t

H k e

l B o lhallve

s e Strand O Va ien r

a u j b n

Sv s e artda i lstu d l s n e Cash-on-cash return (before tax) Max. interest rate Average duration leases: 9,3 years v n d v r i avringen e

n e o k e m e le

i e n s r H e ø v Linn

r s a f n s e l v t e l

a o e l g n n S s e Sørenga v ie d dslett n i ta a a li n e A s tr Mal v m rs T g a e Fornebu Grønlia o R Høvik g Oksenøya V l a å F rv

a Hovedøya E18 L e

kirke bruk 36 37

y i n

m l ng e a ve

o v ien n h

H j Blommenholm e

s MANGLERUD S

k j SIMENSBRÅTEN n

o V e r o ar i d d

v g e

e Dyna v

Galteskjr EEBERG e i n e g i

e n u

n ongshavn

e i R

o Ryen v n

Høvik k g

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

e o L k o s

Sarbu i v v T

e t

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

lvika Ekebergbanen H ø g Nordre d Lambertseter a v Abildsø e

Veritas banen e n

Hamna Sands n tuveie Raudsekkene

Real Estate Projects March 2020

i l L le va nn sveie

H a

Lathusåsen n

H s

e e Løvenskioldbanen L

f m t a y e ringsjå y h r b Midt v m M a n k Car a å l je n stuen k lsen orsvoll ELSÅS l s n e v Skytter t ei r s Muren n o n v kollen s o ie n e e t g gv Rosenkrantzgate i v Haugerud le Myrersko ve n i O ie e Nygard Dlihuset Holmenkollen e n l Vettakollen v k a ke a v l Voksen Me b

A n a N Fossum v i o u a k e r

Malin r NORDBERG H v d u s s h Besserud å t 21, Oslo a s s v l g Gulleråsen e e i e a j

v i e T Ø e

v å

s i s e s e n l

n e n

v n

Ila fengsel og e

e g i t n m

l o e r

a v

a s

forvaringsanstalt n Haugen Gråkammen S t s Grefsen y v e

B G a j

ø r l a r B n r L v n kirke Nord nnve a e ie i i n i e e e e n n

n d v v G

n l e s

l Nils Bay e

i i l T i

a h

Dli n a o r

d l e e v i e n g s f

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

B all o u a e lå

r s k h i bo RING 3 n

Ekraveien e e r e a Gressbanen t tv

Østern n n s

ø Slemdal s SOGN f o Nydalen e

R le en r Grini S m r Irisvei T Tåsen G VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

T d r BUSINESS/DEVELOPMENTPLAN

Mellom å alsvei Berg k e

n n k e Steren Gård i a GREFSEN Nordby Rikshospitalet • CBD location with multiplee opportunities 2019 2020 2021 2022

v Stig Vestre RING 3 Ullevål

n v

Holmen stadion s s veien l e f d

l E g il

e n

Eiksmarka a n u 4,10 % 4,10 % 4,10 % ien r Net yield 3,60 % 4,10 % 4,60 % e e he v g

s o jon i s • Refurbishment and increased srenth level combined s Ris t G A ta v S e t Holen e Madserud RØA v e

i i s l l e kirkel e

O 150 o v

S a s n Normalized Net operating income 8 200 000 8 200 000 8 200 000 8 400 000 8 600 000 8 800 000 F nar t s C redhe H e h

i D with add-on newbuild potential

m Østerås t n n

a n u e a e i

E e

d h H s lme v LOFTHUS Årvoll

o n o p s s H l o a å v l Bisk s n

Nordli e e l

l Østre a

s i je i Estimated property value 227 800 000 200 000 000 178 300 000 204 900 000 209 800 000 214 600 000

l e FACTS v d b Molde e

n n g e a

Haga Holmen STORO TONSENien v t k t l

v • Ideal as single use for larger tenant or sharede l

i e s

v a o B

u Voldsløkka r n

ø Anders Aasand v ro R a r

ve b Reduction tax values -13 800 000 -11 600 000 -9 900 000 -12 100 000 -12 700 000 -13 200 000 Contact person: ra Å Makrellbekken G T e n Lijordet A ULLEVÅL between tenants as today DISEN k Bråten Lønnås ie s Re k f v e la 31.12.2019 sta v d e s k Date of analysis: v v Vinderen e i Net debt -98 400 000 -93 400 000 -90 500 000 -89 300 000 -84 800 000 -79 900 000 k BLINDERN i e i e e n Rv 4 n n Gardlaus E i

e e BØLSEN t n 2,5 b høgda F E re B Grefsen ururab a lin WALT: l f d Bjerke 100 400 000 109 200 000 118 300 000 v Value adjusted equity 112 200 000 92 000 000 75 200 000 e Steinerud e REFSTAD r n n 1866 / 1890 travbane

e v i eYear built: a e ie Ullevål SAGENE t v a Estimated property value per sqm 65 160 57 208 51 001 58 610 60 011 61 384 l n g n a n Østerås t e 3 496 se Elg p sykehus Å ef re akk a b A LettableAkerspace (sqm): Property company Realkapital

s by

u b

j e 1 004 000 1 092 000 1 183 000 r SMESTAD VollebekkShare value per 1 % 1 122 000 920 000 752 000 n o s åse T Hu a Gran k Office Rosenkrantzgate 21 AS

B k Property type:

e i

s n p n U TORSHOV Calculated annual return (IRR) 42,1 % 22,0 % 4,5 % 16,2 % 13,9 % 12,6 % e v l Gramo / Grafill / Misc. n n Frøn l

Haug v ev RING 2 Date of incorporation 12.09.2018 RISLØA e e SINSEN n o

i Tenant(s): n

Stein e i Montebello k å e l s e e a i v i e i v e

s e D i n e e Hosle n s e 47 % 45 % 43 % l v e t Loan-to-value (LTV) 43 % 50 % 56 % n 9,6 % v s n

l i a l e v t i a ø i Vestre : e a Net purchase yield 4,1 % n o l Vacancy a e r r e g a i g v e V a r g v e e v r d u e s k g t gravlund e r k s Radium s e t o k s N a a l s ø l g M k ØERN l *Estimated CPI 2% a 845 (freehold) g s

h o r r s l H r a o i Øverland a hospitalet e o o V V e Land (sqm): d R r t n V Paid up equity 71 000 000 p n b n V n VOLL RING 3 o e n d a

e a i f r l l Grorudbanen i i S e

C e e l Borgen u t ILA

e j l

Grav a n v

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

n i d e i IRR SENSITIVITIES i e s v e LØREN r e n r Equity paid back to partners 0 v Øv rg n e

G a bo e g Skotta m l Majorstuen t a

io g i a l F

L u e g Net yield 3,10 % 3,60 % 4,10 % 4,60 % 5,10 %

R s ts n

Vigelands t t e

i r e Sales trigger 25 % t

Hosle e e l a

v l g n

d o l -10 % 49 % 26 % 6 % -13 % -30 %

anlegget e

Godthåp C e i

e b e

S 163 a Åsjordet t St Hans v

FAGERBORG o

d -5 % 58 % 34 % 15 % -4 % -21 % f o H MAORSTUEN u

ULLERN i H RING 2 haugene r

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

lev ve Abbedi HASLE r RENT 0 % 67 % 42 % 22 % 5 % -13 % a s a

g Frogner t u Øraker e H a engen h Helgese +5 % 76 % 50 % 29 % 12 % -5 % r parken n n SØEN e s e i g e a d n t e ar v e n i e +10 % 85 % 58 % 37 % 19 % 3 % Nadderud e k PROPERTY AND LOCATION U v ir e s n Bestum t k a m g te Aker b a u i s g • CBD property situated right next to Oslo City hall r Lilleaker G SØNDRE Haslum r t s 0 % 67 % 42 % 22 % 5 % -13 % y d r V Hoff r T n

B a e

e are u n HOVIN

e s

kirke s n S ie

Tjernsrud t

s t a s

t t a

r O e g r E6 e a b l n 5 %

e 58 % 34 % 15 % -4 % -21 % i e l f e o y l v S i i s g

a v E k • All public transportation is availablev nearby ULVEN t N Sollerud t r e a

t e es ll s a e i D

l F i Valle Hovin l e i e e RING 3

s a n Ringstabekk ra n 10 % 47 % 24 % 4 % -15 % -32 % i m v n

d Bekkestua lu Furulund m v n Tøyen n VACANCY

e ø g

n u e B l

r n yg r Aker k n RING 2 r ar s dø m

e v y o e • Comprises six floors in total. Four floors of office t e a 15 % 38 % 16 % -6 % -24 % -41 % j e ll a

s B G b d n l ie i s r Å kirke e e n tv n y n Botanisk hage k s e g Nes ie ly d 20 % 29 % 6 % -16 % -34 % -50 % e Egne hjem Sjø Det ongelige e space,a retail at ground level and one basement floor.

r t v n r og museum a F i e e e t i Slott n v e a v e t e s v t g Haslum T a ur n Gjønnes d p i g ns ll oll r u E18 eien In a r v H Ringstabekk bsens gate le rn t e rik I l l n e s l e k o H ø E r EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS o Ø M n S E18 B s E6 Skarpsno rug igata jø 18 % 45 % t rl v Sø e Avløs n i n ie Vkerø e ie TEISEN e n ve 38 % rv n Hengsenga VIA s 16 % 40 % ei e S ie øm s v d o ve Oslo domkirke tr S rtn re n lli S 14,2 % a r a Å

ø y r ms k

r e G t Munkeda v e

ås s e be AMEN 14 % 35 % r r

n i Rådhuset gv a e e 12,8 %

v e Myra D ie 31 % i M n ø e i n n H v k Frog 12 % 11,6 % 30 % ie g s n N ve n er

es n v s

i ie tra 10,5 % e e nd

e Stor e a v i 24 % iv v Osarshall 10 % 9,5 % 25 % e s l n

Å e i Trel

e ast v g ongen a 8 % 7,3 % 20 %

Løkeberg u t ETTERSTAD 6,9 % n b 6,5 % ie 6,2 % ve n e 5,8 %

li v n 6 % 15 % n r

vei rd e AER Bryn s o l o p

en i O era F t m N unn ram BRGGE ele VÅLERENGA D n Fager 4 % 10 % le l 7 % n i m

Ballerud v a a y e t G n e t

e s a Høyenhall s v F 5 % Filipstad E18 s 2 %

A g n Akershus r

Store o e m k i

n e

e u o e l a i s

M Bi

e Stabekk H s rkebe v e

v R slott iner s e gata l 0 % 0 % st elets vei O rv a e ih n d r ien yenbe t 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y ve n M R r r T e e Fornebu yn g e ass i ø e v S a rr ve n s e n s gd v ie v e n BGDØ e y ono e ei e i B e n n s g t

v m e ie a g m Cash-on-cash return (before tax) Max. interest rate Average duration leases: 2,5 years a v a Dr n i Ro r e e e s g OSLO g D r k v t

H n

l B o lhallve

Strand a ien s e O V e

a j b n

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

n o k m e

e le d e s r n H n ø v Sørenga Linn v

r s a f s e l v

t e l eie

a o e l g n n S s e 38 v ie d 39 dslett n i ta a a li n e A s tr T Mal v m rs Vå g e Fornebu Grønlia r o a v l R Høvik g Oksenøya e a i F en

a Hovedøya E18 L

kirke bruk y

m l n

g n

a ve v

o a ien

h e

ø r t i

d H j

Blommenholm e

F s e S

k j SIMENSBRÅTENveie v

o e n MANGLERUD r g

o e

d i u e

v g v

e Dyna R

Galteskjr n

EEBERG k i

o n ongshavn

s o n Ryen

Høvik n o e g v o i s V verk v ha n n g e

m e L k o s i T

Sarbu e v v t

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

lvika Ekebergbanen H ø g Nordre d Lambertseter a v Abildsø e

Veritas banen e n

Hamna Sands n tuveie Raudsekkene Real Estate Projects March 2020

Enebakkveien 117, Oslo

BUSINESS/DEVELOPMENTPLAN • Cashflow property

• Increase operating income and tenancy VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) 2019 2020 2021 2022 • Maintain a good relationship with existing tenants Net yield 5,10 % 5,35 % 5,60 % 5,35 % 5,35 % 5,35 % • Development of value add opportunities in the Normalized Net operating income 13 600 000 13 600 000 13 600 000 13 900 000 14 200 000 14 500 000

longer run including re-zoning of the property to

i l L 259 800 000 265 400 000 271 000 000 le FACTS Estimated property value 266 700 000 254 200 000 242 900 000 va nn sveie

n increase utilization and opportunities (housing and H

a Morten Warberg

Lathusåsen n H s Reduction tax values -21 800 000 -20 800 000 -19 800 000 -21 300 000 -21 800 000 -22 300 000

e Contacte person: Løvenskioldbanen L

f m t a y e ringsjå y h r b Midt v m retail) in collaboration with the municipality M a n k Car a å l je n stuen k lsen orsvoll ELSÅS 31.12.2019 l s n e v Skytter t ei r s Muren n o o Date of analysis: en v kollen s i -123 100 000 -117 800 000 -112 100 000 n e e Net debt -130 500 000 -128 200 000 -126 200 000 t g gv v Haugerud le Myrersko i ve n i O ie e Nygard Dlihuset Holmenkollen e n l Vettakollen v k a ke a v l Voksen Me b 3,0

A n a N Fossum v i o u a WALT: e r k

Malin r NORDBERG H v d u s h 111 500 000 121 800 000 132 500 000 s Value adjusted equity 110 400 000 101 400 000 93 300 000 Besserud å t a s s v l g Gulleråsen e e i e a j

v i e T Ø e

v å 1960 s i s e s e n l

n e n

v n

Ila fengsel og e

e g i t n m

l o e r

Year built: v

a s

forvaringsanstalt n Haugen Gråkammen S t s Grefsen y v e

B G a j

ø r l

a r 22 297 22 777 23 258 B n r Estimated property value per sqm 22 889 21 816 20 846 L v n kirke Nord nnve a e ie i i n i e e e e n n

n d v v G

n l e s

l Nils Bay e i l T 11 652 i i

a h

Dli n a o r

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

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

B all o u a e lå

r s k

h i bo RING 3 n e Property company Realkapital

Ekraveien e r e a Gressbanen t tv

Østern n n s 1 115 000 1 218 000 1 325 000

ø Slemdal s SOGN f Share value per 1 % 1 104 000 1 014 000 933 000 o Nydalen e

R le en r Grini S m r Irisvei

T Tåsen G T Office / Logistics

d r

å a Berg

Mellom lsvei Enebakkveien 117 AS k e Property type: n

n k e Steren Gård i a GREFSEN Nordby Rikshospitalet e

v Stig Vestre RING 3 Ullevål

n v

e 16,0 % 14,0 % 12,8 % s Calculated annual return (IRR) 27,3 % 20,2 % 13,7 % Holmen stadion s veien l e f d

l NutraQg il / Leteng / misc E

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

s o sjon i s s h Date of incorporation 05.07.2018 Ris t G A ta Tenant(s): v S e t Holen e Madserud RØA v e

i i s l l e kirkel e

O 150 o v

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

i D

m Østerås t n n

a n u e a e i

E e

d h H s lme v LOFTHUS Årvoll 50 % 48 % 45 %

o n p s Loan-to-value (LTV) 51 % 53 % 55 %

o s 0,0 %

H l o a å v l Bisk s n

Nordli e e l

l Østre a

s i : e i j

l e v d b VacancyMolde e

n n g e a

Haga Holmen STORO TONSENien v Net purchase yield 5,8 % t k t l

v e l

i e s

v a o B

u Voldsløkka r n

ø v ro R a r

ve b ra Å Makrellbekken G T e A k *Estimated CPI 2% n Lijordet ULLEVÅL DISEN 9 219 (freehold)k Bråten Lønnås ie s Re f v e la sta e v k dv s Land (sqm): i v Vinderen e k BLINDERN i e i e e n Rv 4 n n Gardlaus E i Paid up equity 77 000 000

e e BØLSEN t n b høgda F E re B Grefsen ururab a lin l f v d Bjerke e Steinerud e REFSTAD r n n travbane e v i e IRR SENSITIVITIES a e ie Ullevål SAGENE t v a l n g n a n Østerås t e sykehus Åse Equity paid back to partners 0 Elg p ef e kk ar ba A Aker

s by

u b

j e r SMESTAD Vollebekk n o s åse T Hu a

Gran k B k Net yield 4,85 % 5,10 % 5,35 % 5,60 % 5,85 %

e i

s n p n U TORSHOV e v l n n Frøn l

Haug v ev RING 2 RISLØA e e SINSEN n o

i n i Sales trigger 25 %

Stein e Montebello k å e l s e e a i v i i e e v -10 % 19 % 12 % 4 % -4 % -12 %

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

l i a l e v i a ø i Vestre e a t n o l a e r r e g a i g v e V a r g v e e v r d u e s k g t gravlund e r k s Radium s e t o k s N a a l s ø l g k ØERN l a M g s

h o r r s l H r a o i Øverland a hospitalet e o o r V V e d R -5 % V 27 % 20 % 13 % 5 % -2 % t n p n b n V n VOLL RING 3 o e n d a

e a i f r l l Grorudbanen i i S e

C e e l Borgen u t ILA

e j l

Grav a n v

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

n i d e i i e s v e LØREN r e n r v Øv rg n e

G a bo e g Skotta m l Majorstuen t a 0 % 35 % 27 % 20 % 14 % 7 %

io g i a

l F u e g RENT L

R s ts n

Vigelands t t e

i r e t

Hosle e e l a

v l g n d o l

anlegget e

Godthåp C e i e b e

S 163 a

Åsjordet t St Hans v +5 % 42 % 35 % 27 % 21 % 14 % FAGERBORG o d

f o H MAORSTUEN u

ULLERN i H RING 2 haugene r

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

lev ve Abbedi HASLE r a s a g Frogner t

u Øraker e H +10 % 50 % 42 % 34 % 28 % 21 % a engen h Helgese r SØEN parken n ns PROPERTY AND LOCATION e e i g e a d n t e ar v e n i e Nadderud e k U v ir e s n Bestum t k a m g te Aker b a u i s g r Lilleaker G SØNDRE r t • The property consists of two buildings Haslum s y d r V Hoff r 0 % T 35 % 27 % 20 % 14 % 7 % n

B a e

e are u n HOVIN

e s

kirke s n S ie

Tjernsrud t

s t a s

t t a

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

i e l f e o y l v S i i s g a v E k v ULVEN t N Sollerud t r e a

t e es ll s a i D e i

l F Valle Hovin l e i e e RING 3

s a n Ringstabekk ra n i m v n

d Bekkestua u Furulund m v n Tøyen n (interconnected), hosting offices and smaller 5 % 25 % 18 % 11 % 3 % -5 % l

e ø g

n u e B l

r n yg r Aker k n RING 2 r ar s dø m

e v y o e a e t j e ll a

s B G b d n l ie i s r Å kirke e e n tv n y n Botanisk hage k s e g Nes ie ly d e Egne hjem Sjø Det ongelige e a

t 10 % r n 16 % 9 % 0 % -8 % -16 % v r og museum a

F i industrial companies, eg. a coffee roasting factory, e VACANCY e e t i Slott n v e a v e t e s v t g Haslum T a ur n Gjønnes d p i g ns ll oll r u E18 eien In a r v H Ringstabekk bsens gate le rn t e rik I l s 15 % 6 % -3 % -11 % -19 % -27 % l n e l e k o H ø E r o Ø M n a Plummer and head-office for a pharmaceutical S E18 B s E6 Skarpsno rug igata jø t rl v Sø e Avløs n i n ie Vkerø e ie TEISEN e n ve 20 % -6 % -15 % -23 % -31 % -39 % rv n Hengsenga VIA s ei e S ie øm s v d o ve Oslo domkirke tr S rtn re n lli S a r a Å company.

ø y r ms k

r e G t Munkeda v e

ås s e be AMEN r r

n i Rådhuset gv a e e

v e Myra D ie i M n ø e i n n H v k Frog ie g s n

N ve n er es n v s

i ie tra e e nd

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

Å e

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

st v g ongen a

Løkeberg u t ETTERSTAD n b ie e e EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS v n

li v n n r

vei rd e AER Bryn s o l o p

en i O era N F tunn amm e transport hub Ryen, with busses and subways r BRGGE l D en VÅLERENGA e e Fag r 18 % 45 % l l n i m

Ballerud v a a y e t G n e t

e s a Høyenhall s v F

Filipstad E18 s

A g Akershus r ei e

Store o

m k e v

n n

e u o s l a i s l

M Bi

e Stabekk H s rkebe e v R slott inerg a a within walking distance. 39 %

e at d i O 40 % st elets ve rv t 16 % e ih n r r ien yenbe a ve n M R r v T e e Fornebu yn g 14,9 % s i e e as ø v o S rr ve n s e n n s gd v ie o e n BGDØ e y s gate ei e i B e n n

v m e ie g m a ra n v i R o D g r e REN e g e s OSLO n 35 %

D r 14 % v t

H k e

l B o lhallve

s e Strand O Va ien r 13,1 %

a u j b n

Sv s e artda i lstu d l 32 % s n e • Travel time by Subway to Oslo Central Station is v n d v r i avringen e

n e o k e m e le

i e n s r H e ø v Sørenga Linn

r s a f n s e l v t e l 11,7 % 11,9 %

a o e l g n 29 % n S s e v ie d dsletta n i 12 % 30 % ta a li n e A s tr Mal v 10,4 % 11,3 % m rs T g a e Fornebu Grønlia o l 10 minutes. By road the distance is less than 5 km. 10,7 % R Høvik g Oksenøya V a å 9,4 % F rv 10,0 %

a Hovedøya E18 L e

kirke bruk y n i

m l ng e a ve

o v ien n

h 25 %

ø 10 % t

H j

Blommenholm e 9,3 %

s MANGLERUD S

k j SIMENSBRÅTEN n

o V e r o ar i d d

v g e

e Dyna v

Galteskjr EEBERG e i n e g i

e n u

n ongshavn e

i R • The property is located within a prioritized area by the e Ryen 8 % 20 %

o v n

Høvik k g

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

e o L k o s

Sarbu i v v T

e t

v n e r e t v ie e municipality, and the area is expected to have a huge k vollen u e n r b s 6 % 15 % fs i v k n l e e sv Ro n e ita Ekeberghallen ie v Ver n n

lvika Ekebergbanen rise in the population within the next 10-15 years. 4 % 10 % H ø g Nordre d Lambertseter a v Abildsø e

Veritas banen e 5 % n 2 %

Hamna Sands n tuveie Raudsekkene 0 % 0 % 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 3,0 years

40 41 Real Estate Projects March 2020

Fornebuveien 1-3, Lysaker

BUSINESS/DEVELOPMENTPLAN • Rebranding and refurbish of property and VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) common areas to increase attractiveness and 2019 2020 2021 2022 tenant satisfaction completed 2019 Net yield 5,40 % 5,50 % 5,60 % 5,50 % 5,50 % 5,50 % • Attract new tenants on long-term leases with Normalized Net operating income 13 600 000 13 600 000 13 600 000 13 900 000 14 200 000 14 500 000 higher rents to maximize potential value FACTS Estimated property value 205 400 000 201 600 000 198 100 000 206 000 000 210 500 000 214 900 000 Anne-Lise Øien

Contact person: • For more information visit Grow´s website: Reduction tax values -18 100 000 -17 700 000 -17 300 000 -18 300 000 -18 900 000 -19 400 000

i l L le va 31.12.2019 www.grow1-3.no nn Date of analysis: sveie -106 500 000 -102 000 000 -97 100 000

n Net debt -110 600 000 -110 600 000 -110 500 000

H a

1,9 n Lathusåsen

H s

e e

Løvenskioldbanen WALT: L

f m

t a y 78 100 000 86 400 000 95 200 000 y Value adjusted equity 73 600 000 70 300 000 67 300 000 e h r b v m M a ringsjå n k Car a å l je n 1987 Midt k lsen orsvoll ELSÅS l s n e v Skytter t ei r s Muren n o stuen Year built: n v kollen s o ie n e e t g gv v Haugerud le Myrersko i ve Estimated property value per sqm 29 601 29 053 28 549 29 687 30 336 30 970 n i O ie e Nygard Dlihuset e n l v k a 6 939 ke a v l Voksen Me b Holmenkollen Vettakollen A n a N Lettable space (sqm): v i Fossum o u a k Property company Realkapital e r

Malin r NORDBERG H v d u s s h t å a Share value per 1 % 640 000 611 304 585 217 679 130 751 304 827 826 s s v l g e e i e a Besserud j

Office v i e T Ø Fornebuveien 1-3 AS e Gulleråsen v å

s i s e

s e

n Property type: l

n e n

v n

Ila fengsel og e

e g i

t n m

l o e r

a v

a s

forvaringsanstalt n Haugen S t s

Grefsen y v e

B G a j

ør r l 14,2 % 13,2 % 12,5 % a B n r v Gråkammen Nord Calculated annual return (IRR) 19,9 % 16,4 % 13,0 % n CommfidesL Norge / e n kirke nve a ie i i n i e e e e Date of n incorporation 08.05.2018 n

n d v v G

n l

e s

Tenant(s): l Nils Bay e

i i l T i

a h

Dli n a o r

d l e e v i e n g s f

v n v a v s l

s o e l

d g v i

B all o

u a e lå

r s k h i bo RING 3 n

e e r e 54 % 51 % 48 %

a t Loan-to-value (LTV) 55 % 56 % 57 %

t v n CopyCat / Misc. s

Østern n ø s SOGN f

o Nydalen e R n Ekraveien Sle Net purchaser yield veie N/A r Grini Gressbanen m Iris T G

T Slemdald r

Mellom å alsvei Tåsen k e

n n k e Berg i 45,0 % a GREFSEN *Estimated CPI 2% Nordby Rikshospitalet e : RING 3 v Stig Vestre Steren Gård n

Vacancy v

Holmen Paid up equity Ullevål 56 000 000 s s veien l e f d

l E g il

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

s o jon i s s h s Ris t G A ta v Eiksmarka S e t Holen e

6 196 (freehold) v Madserud RØA e

i i s l l e l e

O kirke 150 o v Land (sqm): a n

S s F nar t s C redhe H e h IRR SENSITIVITIES

i D

m Østerås t n n

a n u e a e i

E e

d h H s lme Equity paid back to partners 0 v LOFTHUS Årvoll

o n o p s

s H l o a å v l Bisk s n

Nordli e e l

l Østre a

s i je i

l e v d b Molde e

n n g e a

Haga Holmen STORO TONSENien v t

k t l

v e l

e s

v a Neto yield B 5,30 % 5,40 % 5,50 % 5,60 % 5,70 %

u r n

ø v ro R a r

ve b ra Å G Voldsløkka T e n A Sales trigger ULLEVÅL 25 % DISEN k Bråten Lønnås ie s Re k Makrellbekken f v e la sta v Lijordet k d e -10 % 3 % 0 % -4 % -7 % -11 % s v v e i k BLINDERN i e i e e n Rv 4 n n Gardlaus E i

e e Vinderen BØLSEN t n b høgda F E re B Grefsen ururab a lin l f d v e -5 % e REFSTAD 14 % 10 % 7 % 3 % 0 % r n n Bjerke

Steinerud e v i e a e ie Ullevål SAGENE t travbane v a l n g n a n t Østerås e se Elg p sykehus Å 0 % 23 % 20 % 16 % 13 % 9 % ef e kk ar ba A Aker RENT

s by

u b

j e

r SMESTAD Vollebekk n o s åse T Hu a

Gran k B k

e i s

n +5 % 31 % 28 % 25 % 22 % 19 % p n U TORSHOV e v l n l

Haug v n ev RING 2 RISLØA e e SINSEN n o

i n

Stein e i k å e l s e e a i v i Frøn e i v e

s e D i n e e n e Hosle s Montebello e +10 % l v t v 38 % 35 % 32 % 29 % 26 % n s n

l i a l e v i a ø i e a t n o l a e r r e g a i g v V a r PROPERTY AND LOCATION e g v e e v r d u e s k g t Vestre e r k s s e t o k s N a a l s ø l g k ØERN l a M g s

h o r r s l H r a o i Øverland a Radium e o gravlund o V V e d R r t n V p n b n V n VOLL RING 3 o e n d a

e a i f r l l i hospitalet i S

C e e l u t ILA

j • The property, a stone-throw from Lysaker

e l

Grav a n v

v v s

f e r e i f 0 % 23 % 20 % 16 % 13 % 9 %

U i G H o Grorudbanen l

n i d e i i e s v Borgen e LØREN r e n r v Øv rg n e

G a bo e g Skotta m l MajorstuenMajorstuen t a

io g i a l F

L u e g

R s ts n square, hosting mainlyt subsea,t data, digital and

e 5 % 12 % 9 % 5 % 2 % -2 %

i r e t

Hosle e e l a

v l g n

d o l

Vigelands e

C e i

e b e

S 163 a t v

Godthåp anlegget FAGERBORG o d

f o H MAORSTUEN u

ULLERN i r 10 % 0 % -3 % -7 % -10 % -14 % H Åsjordet RING 2 e St Hans

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

e g

lev ve haugen HASLE r a s a

g ar t u e H a Abbedi h Helgese r Frogner n n 15 % -12 % -16 % -19 % -23 % -27 % Øraker SØEN e s e engen i g e a d n t e ar parken v e n i e Nadderud e k U v ir e s n • The propertyt is located within short walking k a e m g t Aker 20 % -24 % -28 % -32 % -36 % -40 % b a u i s r g G SØNDRE Haslum r Bestum t s y SØEN d r V r T n

B a e

e Lilleaker are u n HOVIN

e s

s kirke n S ie

s t a s

t t a

Hoff g

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

i e l f e o

y l v S i i

s g a v distance to the third major public transport hub in E k v ULVEN t N Tjernsrud t r e a

t e es ll s a i D e i

l F l e i e e RING 3

s a n ra n i Sollerud m v n

d Bekkestua lu m v n n ø Tøyen

e g

n u e B l Valle Hovin

r n yg r Aker k n RING 2 r Ringstabekk s dø m

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

s B G b d n i Norway, andl alongside European Road 18, visible ie s r Å kirke e e n tv n y n k s Det ongelige e g Botanisk hage Nes ie ly d e Sjø e a

r t v n EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS r Slott a og museum F i e Egne hjem e e t i n v e a v e t e s v t g T to 90.000 road users passing eacha day. r u n Gjønnes d sp li ll g 20n % l 60 % o r u E18 eien In a Ringstabekk r e v H Haslum bsens gate Nationaltheatret l rn t e rik I l l n e s l e k o LSAER H ø Ø E r o M n S E18 B s E6 18,0 % 54 % Skarpsno rug igata jø t rl v Sø e 18 % Avløs n i n 17,1 % ie Vkerø e ie TEISEN e n ve rv n Hengsenga • Travel time to Oslo AirportVIA is 32 minutes, and Oslo s ei e S ie øm Helsfyr 16,3 % s v d o ve Oslo domkirke tr 50 % S rtn re n lli S a r a Å

ø y r ms k 15,5 %

r e G t Munkeda v e 16 %

ås s e be AMEN r r

n i gv a e e 14,9 %

v e D ie i M n ø e i Rådhuset Oslo S n n H v k CentralFrog Station 10 minutes. ie g Myra s n N ve n er

es n v s 13,5 %

i ie tra e e e nd 14 %

Stor e a v i iv v Osarshall 12,7 % e s l n 40 %

Å e i Trel 12,0 %

e ast v g

a 35 % u 11,3 %

Løkeberg t ETTERSTAD12 % n b

ie 10,9 % e • Lysaker are and will continue to grow, as an ve n ongen

li v n n r

vei rd e AER Bryn s o l o p

en i O era F t m N unn ram BRGGE ele D n VÅLERENGA 10a g%e 30 % le F rl n i m

Ballerud v a a y attractive office area, due both to the efficient e t G n e t

e s a

s Høyenhall v E18 s F

A Filipstad g n Akershus r

Store o e m k i

n e

e u o e

l a 8 % i s

M Bi

e Stabekk H s rkebe v e

v R slott iner s

e gata l t ts vei O s hele rvn a e n i and easy access to the transport hub and the enb td r ie y e ve n M Fornebu R r r 20 % T e e yn g e ass i ø e v S a rr ve n s e n s gd v ie v e n BGDØ e y ono e 6 % ei e i B e n n s g t

v m e ie a g m a v a Dr n i Ro r e e e s g OSLO g D r k v t

H n

l B developing plan of the new “Lysakerbyen” lhallv 11 % o e

Strand a ien s e O V e

a j b n

Sv s e artdal i stu r l s 4 % n e v n d u r i avringen e

n o k m e

e le d e s r n H n ø v Sørenga Lin 10 % n v

r s a f s e l v

t e l eie

a o e l g n n S s e v ie d dslett n i ta a a li n e A s tr T Mal 2 %v m rs Vå g e Fornebu Grønlia r o a v l R Høvikg e a i F en

a Hovedøya E18 L

kirke Oksenøya y n

m l n

g n

a ve v

o a ien h e

r 0 %

t bruk i 0 % d H j

Blommenholm e

F s e S

k j SIMENSBRÅTENveie v o e n MANGLERUD

r g

o e

d i 2020 u 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y e

v g v

e R

Galteskjr n

EEBERG k i

o n ongshavn

Dyna s o n

Høvik n o e g v o Ryen i s V verk v ha n

n g Cash-on-cashe return (before tax) Max. interest rate Average duration leases: 1,9 years

m e L k o s i T

Sarbu e v v t

v n e r e

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

lvika Ekebergbanen H ø g Nordre d a v Abildsø 42 e 43

Lambertseter e n Veritas banen Hamna Sands n tuveie Raudsekkene Real Estate Projects March 2020

CO Lundsgate, Drammen

BUSINESS/DEVELOPMENTPLAN • Ample space and opportunities for rental growth VALUATION PR. 31.12.2018 PROGNOSIS* (END OF YEAR) based on temporary constructions 2019 2020 2021 2022 • Increasing operating income and tenancy Net yield 5,25 % 5,50 % 5,75 % 5,50 % 5,50 % 5,50 %

• Development of value add opportunities in the Normalized Net operating income 8 600 000 8 600 000 8 600 000 8 800 000 9 000 000 9 200 000 longer run including re-zoning of the property FACTS Estimated property value 162 600 000 155 200 000 148 400 000 158 800 000 162 400 000 166 100 000 Kari Aarvold Myrland (Big box/Logistics) Contact person: Reduction tax values -10 400 000 -9 900 000 -9 400 000 -10 200 000 -10 500 000 -10 800 000 31.12.2019 Date of analysis: Net debt -63 100 000 -62 400 000 -62 300 000 -56 700 000 -50 800 000 -44 800 000 WALT: 8,6 LIERBEN Value adjusted equity 85 800 000 79 800 000 73 700 000 88 700 000 97 900 000 107 200 000 Year built: 1974 / 1991-1996 Property company Drammen HandelsparkESTADMARA AS Estimated property value per sqm 20 724 19 781 18 914 20 240 20 698 21 170 Lettable space (sqm): 7 846 Date of incorporation 28.02.2018 Share value per 1 % 858 000 798 000 737 000 887 000 979 000 1 072 000 Property type: Industrial / Retail Net purchase yield N/A Calculated annual return (IRR) 19,3 % 14,7 % 9,9 % 13,4 % 12,6 % 12,0 % Tenant(s): Teknisk Produksjon / Misc. Paid up equity 62 000 000 Loan-to-value (LTV) 38 % 40 % 42 % 39 % 38 % 37 % Vacancy: 11,5 % Equity paid back to partners 0 *Estimated CPI 2% 20 300 (freehold) Land (sqm): Sales trigger 25 % IRR SENSITIVITIES Net yield 5,00 % 5,25 % 5,50 % 5,75 % 6,00 % -10 % 14 % 8 % 3 % -2 % -6 % # -5 % 19 % 14 % 9 % 4 % 0 % PROPERTY AND LOCATION RENT 0 % 24 % 19 % 15 % 10 % 5 % • The local area consists of traditional industry and +5 % 28 % 24 % 19 % 15 % 11 % +10 % 33 % 28 % 24 % 20 % 16 % logistic, gradually transforming to a more commercial and lively area. 0 % 24 % 19 % 15 % 10 % 5 % 5 % 18 % 13 % 8 % 3 % -2 % • The main tenant is Teknisk Produksjon, a subsea VACANCY 10 % 11 % 6 % 1 % -4 % -9 % LIERSTRANDA sub-contractor company. Across the street there are 15 % 3 % -2 % -7 % -12 % -16 % # commercial stores such as Elkjøp, Power, Kid, Flise- 20 % -4 % -10 % -15 % -19 % -24 % DRAMMEN kompaniet etc. # • The property is located close to the Drammen harbor EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS 18 % 80 % and main road E18 and E134, connecting Oslo to the 73 % 16 % 70 % 14,6 % 14,9 % Southern part of Norway. Approx. 30.000 – 40.000 14,1 % 14,3 % 14 % 13,8 % cars passing each day and there is short access to the 60 % 12 % 10,4 % 50 % property from the main road. 9,8 % 10,1 % 10 % 9,2 % 9,5 % 40 % • There is 10 minutes walking distance to the Drammen 8 % 30 % City train station 6 % 20 % 20 % 4 % • Drammen is expected rise in population of 30 % 2 % 10 % 7 % within the next 15 to 20 years. 100.000 people are AUSTADMARA 0 % 0 % living within 15 minutes by car and 300.000 within 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y 30 minutes. Cash-on-cash return (before tax) Max. interest rate Average duration leases: 8,6 years

44 45

DUNEDALEN Real Estate Projects March 2020

Pontoppidans- gate 7, Oslo

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

2019 2020 2021 2022

Net yield 5,10 % 5,30 % 5,50 % 5,30 % 5,30 % 5,30 %

Normalized Net operating income 17 100 000 17 100 000 17 100 000 17 400 000 17 700 000 18 100 000

FACTS Estimated property value 335 300 000 322 600 000 310 900 000 328 300 000 334 000 000 341 500 000 Anders Brustad-Nilsen BUSINESS/DEVELOPMENTPLAN Contact person: Reduction tax values -22 500 000 -21 400 000 -20 400 000 -22 100 000 -22 800 000 -23 700 000 31.12.2019 • External asset management Date of analysis: Net debt -190 100 000 -190 100 000 -190 100 000 -182 200 000 -173 800 000 -165 100 000 6,3 WALT: • Ensure good corporate governance Value adjusted equity 118 800 000 107 400 000 96 800 000 119 100 000 132 400 000 147 600 000 Year built: 1899 / 2000 / 2014 Estimated property value per sqm 36 585 35 199 33 923 35 821 36 443 37 261 Lettable space (sqm): 9 165 Share value per 1 % 1 188 000 1 074 000 968 000 1 191 000 1 324 000 1 476 000 Property type: Office/fitness Property company Trikkestallen Sagene AS Calculated annual return (IRR) 21,1 % 16,2 % 11,4 % 14,6 % 13,8 % 13,4 %

Tenant(s): Voice Norge / SATS / Date of incorporation 03.11.2017

i l L le Misc. Loan-to-value (LTV) 57 % 59 % 61 % 57 % 54 % 52 % va nn sveie Net purchase yield 5,7 %

H a

Lathusåsen n 0,0 % *Estimated CPI 2%

H s

e e

Løvenskioldbanen : L f m t Vacancy a y e y h r Paid up equity 92 500 000 b v m M a ringsjå n k Car a å l je n Midt k lsen orsvoll ELSÅS l s n e v Skytter t ei r s Muren n o 7 732 (freehold) stuen n v kollen s o ie n e e t g gv v Land (sqm):Haugerud lev Myrersko i e IRR SENSITIVITIES en i Nygard Dlihuset O i e ve n l k Equity paid back to partners 18 900 000 a ke a v l Voksen Me b Holmenkollen Vettakollen A n a N Fossum v i o u a k e r

Malin r NORDBERG H v d u s s h t å a Net yield 4,90 % 5,10 % 5,30 % 5,50 % 5,70 % s s v l g e e i e a Besserud j

v i e T Ø e

Gulleråsen v å Sales trigger 25 % s i s e s e n l

n e n

v n

Ila fengsel og e

e g i t n m

l e 13 % 8 % 2 % -3 % -7 % o r

a v a s

n S -10 %

forvaringsanstalt Haugen t s

Grefsen y v e

B G a j

ø r l

a r B n Gråkammen r L v n kirke Nord nnve a e ie i i n i e e e e n n

n d v v G

n l

e s

l Nils Bay e

i i l T i

a h

Dli n a o r

d l e 20 % 14 % 10 % 5 % 0 % e v i e n g s f -5 %

v n v a v s l s o e l

d g v i

B all o

u a e lå

r s k h i bo RING 3 n

e e r e a t tv

Østern n n s ø s SOGN f o Nydalen e

Ekraveien R le ien r Grini Gressbanen S m r Irisve 26 % 21 % 16 % 11 % 7 % T G 0 %

T Slemdald

r RENT

Mellom å alsvei Tåsen k e

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

Steren Gård n v 32 % 27 % 22 % 18 % 13 %

e +5 %

Holmen Ullevål s s veien l e f d

l E g il

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

s o jon i s s h s Ris t G A ta v Eiksmarka S e t Holen e Madserud RØA v e

i i s l

l e

l e O kirke 38 % 33 % 28 % 24 % 19 % 150 o v a n +10 %

S s F nar t s C redhe H e h i D m t

Østerås n n PROPERTY AND LOCATION

a n u e a e i

E e

d h H s lme v LOFTHUS Årvoll

o n o p s s H l o a å v l Bisk s n

Nordli e e l

l Østre a

s i je i

l e v d b Molde e

n n g e a

Haga Holmen STORO TONSENien v t k t l

v e l

i e s

v a o B

u r n v • Ther property Trikkestallen is an old tram stall located

ø o R a r

ve b ra Å 26 % 21 % 16 % 11 % 7 % G Voldsløkka T e 0 % n A ULLEVÅL DISEN k Bråten Lønnås ie s Re k Makrellbekken f v e la sta v d e s Lijordet k v v e i k BLINDERN i e i e e n Rv 4 n n Gardlaus E i

e e Vinderen BØLSEN in the outer center of Oslo 20 % 14 % 10 % 5 % 0 % t n

b E e 5 % høgda F r B Grefsen ururab a lin SAGENE l f v d e e REFSTAD r n n Bjerke

Steinerud e v i e a e ie Ullevål t travbane v a 12 % 7 % 2 % -3 % -8 % l n g 10 % n a n e e Elg t Østerås p sykehus Ås VACANCY ef e kk ar ba A Aker

s by • The main tenants are Sats Elixia, Voice Norge, Gyro u b

j e r SMESTAD Vollebekk n o s åse T Hu a

Gran k B k 4 % -2 % -7 % -12 % -17 %

i 15 % s n p n U TORSHOV e v l n l

Haug v n ev RING 2 RISLØA e e SINSEN n o

i n

Stein e i k å e l e marketing and City Finansiering all on long leases. s e a i v i Frøn e i v e

s e D i n e e Hosle n s Montebello e -5 % -11 % -16 % -22 % -28 % l e t n s v n i a v

l l 20 % e v i a ø i e a t n o l a e r r e g a i g v e V a r g v e e v r d u e s k g t Vestre e r k s s e t o k s N a a l s ø l g k ØERN l a M g s

h o r r s l H r a o i Øverland a Radium e o gravlund o V V e d R r t n V p n b n V n VOLL RING 3 o e n d a

e a i f r l l i hospitalet i S e

C e e l u t ILA

e j l

Grav a n v

v v s

f e r e i f U i G H o Grorudbanen l • The building is old but is in good condition and

n i d e i i e s v Borgen e LØREN r e n r v Øv rg n e

G a bo e g Skotta m l Majorstuen t a

io g i a l F

L u e g

R s ts n

t t e

i r e t

Hosle e e l a

v l g n

d o l

Vigelands e

e flexiblei to several uses. C

e b e

S 163 a

t v EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS

Godthåp anlegget FAGERBORG o d

f o H MAORSTUEN u

ULLERN i H Åsjordet RING 2 e St Hans r

n n d e e s l i i s a

e g lev ve haugen HASLE r

a s a 14 %

g ar t 100 % u e H a Abbedi h Helgese r Frogner n n Øraker SØEN e s e engen i g e a d n t • The distance to Oslo Central Station is less than 4 km 100 % e ar parken v e 12,5 % n i e Nadderud e k U v ir e n 12,0 % s t 12,0 % k a m g te Aker b a 11,4 % u i s g G SØNDRE r r t 12 % Haslum Bestum s y d r V r T n

B a e

e Lilleaker are u n HOVIN 11,2 %

e s

s kirke n S ie

t and there are buses and trams within walking distance

s t a s

t t a

Hoff g

r O e g r E6 10,8 % e a b l n e

i e l f e o y l v S 80 % i i s g

a v E k v ULVEN t N Tjernsrud t r 10,5 % e a e 10,4 %

t es ll s a i D e i

l F l e i e e RING 3

s a n ra n i Sollerud m v n

d Bekkestua lu m v n n ø Tøyen

e g

n u e B l Valle Hovin

r n yg r Aker k n RING 2 r Ringstabekk s dø m 9,7 %

e ar v y o 10 % e Furulund a e t j e ll a

s B G b from the property. d n l ie i s r

Å kirke e e v y n k 9,0 % n t n s Det ongelige e g Botanisk hage Nes ie ly d e Sjø e a

r t v n r Slott a og museum F i e Egne hjem e e t i n v a e e s v t e 60 % v t g T a ur n Gjønnes d p i g ns ll oll r u E18 eien In a 8 % r v H Haslum Ringstabekk bsens gate le rn t e rik I l l n e s l e k o H ø E r o Ø M n S E18 B s E6 Skarpsno rug igata jø t rl v ø e Avløs S i n ra Vkerø e eie TEISEN t n Hengsenga VIA n sv r rs e m y a S ei Oslo domkirke rø S rtn olliv St 6 % ø a M Å e Munkedamsv ke 40 % rås G e berg AMEN n ie v D e v ie n ie ø e i Rådhuset n n H v k Frog ie g Myra s n

N ve n er es n v s

i ie tra e e nd

e Stor e a v i iv v Osarshall e s l n 4 %

Å e i Trel

e ast v g a Løkeberg u t ETTERSTAD or b 20 %

N e ongen n n v r AER Bryn

n o Opera e F tu le il nne am BRGGE len VÅLERENGA ge 2 % Fa rl G n i

Ballerud v a y e t n e t

e s a

s E18 Høyenhall v s F

A Filipstad g n Akershus r

Store o e m k i

n e

e u o e l a i s

M Bi

e Stabekk H s rkebe v e

v R slott iner s e gata l t elets vei O r a s ih vn d 0 % re se yenbe t s en M Fornebu yn R rg r 0 % T ra i ø e v S a er ve n s e n s gd v ie v e n BGDØ e y ono e ei e i B e n n s g t

v m e ie a g m s a v

a Dr k i Ro 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y r e O g e OSLO g D r v t

H n

l B o lhallve

Strand a ien s e V e

a j b n

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

n o k m e

e le d e s r n H n ø v Sørenga Linn v

r s a f s e l v t e l eie

a o e l g n n S s e v ie d dslett n i ta a a li n e A s tr T Mal v Cash-on-cash return (before tax) Max. interest rate Average duration leases: 6,3 years m rs Vå g e Fornebu Grønlia r o a v l R Høvikg e a i F en

a Hovedøya E18 L

kirke Oksenøya y n

m l n

g n

a ve v

o a ien

h e

ø r

t bruk i

d H j

Blommenholm e

F s e S

k j SIMENSBRÅTENveie v

o e n MANGLERUD r g

o e

d i u e

v g v

e R

Galteskjr n

EEBERG k i

o n ongshavn

Dyna s o n

Høvik n o e g v o Ryen i s V verk v ha n n g e

m e L k o s Sarbu i 46 v T 47

e v t

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

lvika Ekebergbanen H ø g Nordre d a v Abildsø e

Lambertseter e n Veritas banen Hamna Sands n tuveie Raudsekkene Real Estate Projects March 2020

Hauketoveien 8, Oslo

VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

BUSINESS/DEVELOPMENTPLAN 2019 2020 2021 2022

• Fully let cash flow property with base of long leases Net yield 5,20 % 5,40 % 5,60 % 5,40 % 5,40 % 5,40 %

• Good mix of tenants for local shopping/services Normalized Net operating income 9 000 000 9 000 000 9 000 000 9 200 000 9 400 000 9 600 000 FACTS Estimated property value 173 100 000 166 700 000 160 700 000 170 400 000 174 100 000 177 800 000 • Development of value add opportunities in Anders Aasand Contact person: Reduction tax values -12 500 000 -12 000 000 -11 500 000 -12 400 000 -12 800 000 -13 200 000 process including re-zoning of the property Date of analysis: 31.12.2019 in collaboration with the municipality to Net debt -103 700 000 -102 600 000 -101 500 000 -99 900 000 -95 300 000 -90 700 000 WALT: 8,0 increase utilization Value adjusted equity 54 300 000 49 600 000 45 300 000 55 500 000 63 400 000 71 200 000 Year built: 1993 - 2000 Estimated property value per sqm 39 723 38 254 36 877 39 103 39 952 40 801 Lettable space (sqm): 4 358 Share value per 1 % 543 000 496 000 453 000 555 000 634 000 712 000 Property type: Retail / Office Property company Realkapital Hauketo Senter AS Calculated annual return (IRR) 27,8 % 24,0 % 20,3 % 20,8 % 19,5 % 18,3 % Tenant(s): Rema 1000 / Fresh Fitness / Misc. Date of incorporation 17.10.2017 Loan-to-value (LTV) 58 % 60 % 62 % 57 % 55 % 52 % Vacancy: 0,0 % Net purchase yield 6,0 % *Estimated CPI 2% 5 375 (freehold) Land (sqm): Paid up equity 43 000 000 IRR SENSITIVITIES Equity paid back to partners 15 500 000 Net yield 5,00 % 5,20 % 5,40 % 5,60 % 5,80 % -10 % 21 % 17 % 13 % 9 % 5 % Sales trigger 25 % -5 % 27 % 23 % 19 % 15 % 12 % RENT 0 % 32 % 28 % 24 % 20 % 17 % +5 % 37 % 33 % 29 % 25 % 22 %

SKULLERUD +10 % 41 % 37 % 34 % 30 % 26 % # NORD- PROPERTY AND LOCATION STRAND Malmøya • The property “Hauketo Senter” is a local mall with 0 % 32 % 28 % 24 % 20 % 17 %

Ursvik # two groceries (Asian and Norwegian), pharmacy and 5 % 27 % 23 % 19 % 15 % 12 % Sjøstrand Ljan 21 % 17 % 13 % 9 % 5 % E18 fast-food. There are also fitness center, physiotherapy VACANCY 10 % Ildjernet Brenna Østmark- Hellvik kapellet 15 % 15 % 11 % 7 % 2 % -3 % Hauketo and bingo facilities available for the public. E6 20 % 9 % 4 % -1 % -6 % -11 % Sunnås Berger HOLMLIA sykehus KLEMETSRUD • Hauketo Senter is located at a public transport hub, with trains and busses within 100 meters from the Alværn Rosenholm EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS property. 18 % 80 % Mastemyr Brokkenhus To 70 % Ingier- 155 16 % 15,2 % 70 % strand • Travel time by train to Oslo Central Station is about 14,5 % 13,9 % 14 % 13,3 % 60 % 152 10 minutes. By road the distance is less than 10 km. 12,6 % Torget Bunnefjorden 12 % 50 % • Country road 155 passes the property with Nesodden Sørmarka 10 % Fjell kirke 40 % significant public traffic. There are parking lots 7,4 % 7,8 % 8 % 7,0 % Bomansvik Siggerud 6,6 % Soﬁemyr 6,3 % 30 % Fjellstrand Gjer- available for visitors. 6 % sjøen Svartskog # 20 % 16 % Myrvoll • The population in the district of Nordstrand is 4 % 14 % Bly- 2 % 10 % laget Greverud expected to rise with 34 % in the next 15 years. Oppegård kirke 0 % 0 % # 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Sterkerud Oppegård # Cash-on-cash return (before tax) Max. interest rate Average duration leases: 8,0 years

48 49 Real Estate Projects March 2020

Industrigata 1, Lier

BUSINESS/DEVELOPMENTPLAN VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) • Logistic cash flow property 2019 2020 2021 2022 • Re-zoning and change the utilization of the Net yield 5,75 % 6,00 % 6,25 % 6,00 % 6,00 % 6,00 % property in collaboration with the municipality Normalized Net operating income 10 800 000 10 800 000 10 800 000 11 100 000 11 400 000 11 700 000

FACTS • Increase operating income and tenancy. Ideal as Estimated property value 187 800 000 180 000 000 172 800 000 185 000 000 190 000 000 195 000 000 Morten Warberg a multiple tenant property or use for one large Contact person: Reduction tax values -12 100 000 -11 500 000 -10 900 000 -11 900 000 -12 500 000 -13 000 000 31.12.2019 tenant as today Date of analysis: Net debt -86 700 000 -85 300 000 -84 000 000 -80 500 000 -75 300 000 -69 900 000 2,7 WALT: • Maintain a good relationship with existing tenant Value adjusted equity 86 600 000 80 900 000 75 700 000 89 800 000 99 300 000 109 200 000 Year built: 1970 / 1990 Estimated property value per sqm 16 061 15 394 14 778 15 821 16 249 16 677 Lettable space (sqm): 11 693 Share value per 1 % 866 000 809 000 757 000 898 000 993 000 1 092 000 Property type: Industrial Property company Realkapital Industrigata 1 AS Calculated annual return (IRR) 24,8 % 21,5 % 18,2 % 18,3 % 16,6 % 15,3 % Tenant(s): Asko Date of incorporation 01.09.2017 Vacancy: 0,0 % Loan-to-value (LTV) 43 % 45 % 47 % 42 % 39 % 36 % Land (sqm): 20 404 (freehold) Net purchase yield 6,6 % *Estimated CPI 2% LIERBYEN Paid up equity 56 000 000 IRR SENSITIVITIES Equity paid back to partners KJEKSTADMARKA6 200 000 Net yield 5,50 % 5,75 % 6,00 % 6,25 % 6,50 % -10 % 20 % 16 % 13 % 9 % 5 % Sales trigger 25 % -5 % 24 % 21 % 17 % 14 % 10 % RENT 0 % 28 % 25 % 21 % 18 % 15 % +5 % 32 % 29 % 25 % 22 % 19 % PROPERTY AND LOCATION +10 % 36 % 32 % 29 % 26 % 23 % • Logistic property centrally situated at Lier. 0 % 28 % 25 % 22 % 19 % 16 % 5 % 25 % 21 % 18 % 15 % 11 % • The building contains logistic storage, tenant and 10 % 21 % 17 % 14 % 10 % 6 % # VACANCY operator is one of the largest norwegian suppliers 15 % 16 % 12 % 7 % 3 % -1 % of groceries. 20 % 10 % 5 % 1 % -4 % -9 % • E-18, the main highway between Oslo and southern part of Norway, passes near the property EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS (4 min drive). 30 % 100 % 100 % 25 % • Lier is located near to Drammen, with an expected 80 % LIERSTRANDA # 20,0 % rise in population of 30% within the next 15 to 20 % 18,2 % 16,6 % 60 % DRAMMEN 20 years. 15,2 % 16,1 % 13,9 % 14,9 % 15,5 % # 15 % 13,7 % 14,3 % 40 % 10 %

20 % 5 %

0 % 0 % 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 2,7 years

50 51 AUSTADMARKA

DUNKEDALEN Real Estate Projects March 2020

Jessheim Næringspark, Ullensaker

BUSINESS/DEVELOPMENTPLAN VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR)

• Attractive retail park with stable cash flow 2019 2020 2021 2022

• Maintain a good relationship with existing tenants Net yield 5,50 % 5,75 % 6,00 % 5,75 % 5,75 % 5,75 %

• Increase operating income and tenancy Normalized Net operating income 21 300 000 21 300 000 21 300 000 21 700 000 22 100 000 22 500 000 FACTS Estimated property value 383 800 000 367 100 000 351 800 000 374 000 000 380 900 000 387 800 000 Kari Myrland • Large plot with excellent location in an area with Contact person: Reduction tax values -25 700 000 -24 200 000 -22 900 000 -25 100 000 -25 900 000 -26 700 000 31.12.2019 strong growth Date of analysis: Net debt -250 900 000 -247 900 000 -245 200 000 -241 500 000 -231 000 000 -220 100 000 4,3 • Development potential in the long run WALT: Value adjusted equity 101 400 000 89 500 000 78 400 000 101 800 000 118 300 000 135 200 000 Year built: 2000-2008 Estimated property value per sqm 28 286 27 055 25 928 27 564 28 072 28 581 Lettable space (sqm): 13 569 Share value per 1 % 1 014 000 895 000 784 000 1 018 000 1 183 000 1 352 000 Property type: Industrial / Retail / Property company Realkapital Jessheim Næringspark AS Office Calculated annual return (IRR) 25,3 % 22,2 % 19,2 % 20,8 % 20,2 % 19,4 % Date of incorporation 01.03.2017 Tenant(s): Elixia Vest / Loan-to-value (LTV) 62 % 65 % 68 % 63 % 60 % 58 % Mobile Jessheim Net purchase yield 6,5 % *Estimated CPI 2% 1,7 % Paid up equity 111 500 000 Vacancy: IRR SENSITIVITIES 18 976 (freehold) Land (sqm): Equity paid back to partners 90 300 000 Net yield 5,25 % 5,50 % 5,75 % 6,00 % 6,25 % Sales trigger 25 % -10 % 21 % 18 % 14 % 11 % 7 % -5 % 25 % 22 % 19 % 15 % 12 % RENT 0 % 28 % 25 % 22 % 19 % 16 % +5 % 32 % 29 % 26 % 23 % 20 % PROPERTY AND LOCATION +10 % 35 % 32 % 29 % 26 % 23 % • Jessheim Næringspark consists of five properties 0 % 28 % 25 % 22 % 19 % 16 % located between Jessheim City Centre and Oslo 5 % 25 % 21 % 18 % 15 % 11 % Airport Gardermoen. VACANCY 10 % 21 % 17 % 14 % 10 % 6 % 15 % 16 % 12 % 7 % 3 % -1 % • The properties have approximately thirty tenants 20 % 10 % 5 % 1 % -4 % -9 % within retail, office, car dealerships, warehouse, OSLO LUFTHAVN GARDERMOEN training, health and service. EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS • The buildings are of a recent date, all were built 18 % 45 % 41 % between 2001 and 2008. In addition, there are 16 % 40 % 425 outdoor parking spaces at the property. 14 % 35 % 36 % 12 % 11,3 % 11,8 % 30 % 10,2 % 10,7 % • Jessheim is experiencing several growths due 10 % 9,6 % 25 % 8,5 % to its strategic location between Oslo and Oslo 7,8 % 8,2 % 19 % 8 % 7,2 % 7,5 % 20 % ESSHEIM Airport Gardermoen. 6 % 15 %

4 % 10 %

2 % 5 % 4 % 0 % 0 % 0 % 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 4,3 years

52 53

Trondheims- veien 113113, Oslo

BUSINESS/DEVELOPMENTPLAN • New development project for housing and retail at Carl Berner Place – a public transport hub, centrally placed in Oslo City

• The project has 111 apartments, convenience FACTS stores, cafes and restaurants Contact person: Anne-Lise Øien • The apartments and retail stores are planned Date of analysis: 31.12.2019 to be completed in Q3 2020 WALT: N/A Year built: Q2/Q3 2020 / Q2 2021 (Old Factory) Property company Trondheimsveien 113 AS Lettable space (sqm): 3640/ 2730 Date of incorporation 01.07.2016 (Old Factory) Net purchase yield Property type: Retail Tenant(s): Coop Norge Øst SA Paid up equity N/A / in progress Equity paid back to partners 0 % /100% Vacancy: Sales trigger (Old Factory) Land (sqm): 6 432 (freehold)

PROPERTY AND LOCATION • Carl Berner Torg is under construction, 93 apartments out of 111 are sold.

• We have signed long term leasing-contract with one of the main grocery shops (National) and a coffee-shop, a flower-shop, Pharmacy and eatery.

• On the same property an old factory is planned to be transform into a extraordinary eatery and meet Carl Berner up place for the locals. • Carl Berner Torg is located at a public transport hub, along Trondheimsveien with Tramps, busses and a few meters away from Carl Berner Metro stop. GRÜNERLØKKA • Carl Berner, as a living area, has an increasing popularity for younger people There are 23.000 Valhall ULVEN people living within 1 kilometer, with an average age of 35,3 year. 40% are between the age of Botanisk hage Valle ien 24-34 year. Hovin ve og museum Grenseveien ms trø S i e v ENSJØ s ik v e D e 54 l 55 O

E n s jø v e HELSFYR TEISEN ie n TØYEN

GRØNLAND KAMPEN

BRYN ETTERSTAD

VÅLERENGA

OSLO S Real Estate Projects March 2020

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

• The property is steady generating cash flow and dividends VALUATION PR. 31.12.2019 PROGNOSIS* (END OF YEAR) • The municipality plans on developing and growth 2019 2020 2021 2022 of Kungsbacka inner city LIERSTRANDANet yield 6,10 % 6,20 % 6,30 % 6,20 % 6,20 % 6,20 % • Focus on maintaining attractive premises for Normalized Net operating income 8 900 000 8 900 000 8 900 000 9 100 000 9 300 000 9 500 000 tenants as well as positioning the property FACTS Estimated property value 144 100 000 141 800 000 139 600 000 145 000 000 148 200 000 151 300 000 Arild Aubert for the upcoming development Contact person: Reduction tax values -8 800 000 -8 600 000 -8 400 000 -9 000 000 -9 400 000 -9 900 000 31.12.2019 Date of analysis: Net debt -70 100 000 -70 100 000 -70 100 000 -62 600 000 -54 800 000 -47 000 000 1,9 WALT: Value adjusted equity 65 200 000 63 100 000 61 100 000 73 400 000 84 000 000 94 400 000 Year built: 1996 Estimated property value per sqm 20 671 20 341 20 026 21 059 21 518 21 977 Lettable space (sqm): 6 971 Property company Kungsbacka Holding AS Share value per 1 % 652 000 631 000 611 000 734 000 840 000 944 000 Property type: Office / Retail / School Date of incorporation 22.12.2004 Calculated annual return (IRR) 20,5 % 20,4 % 20,2 % 20,2 % 20,1 % 19,9 % Tenant(s): Kungsbacka Kommun / Systembolaget / Misc Net purchase yield 8,9 % Loan-to-value (LTV) 49 % 50 % 51 % 48 % 45 % 43 %

Vacancy: 8,1 % Paid up equity 11 200 000 *Estimated CPI 2% 5 728 (freehold) Land (sqm): Equity paid back to partners 47 380 000 IRR SENSITIVITIES

Sales trigger 25 % Net yield 6,00 % 6,10 % 6,20 % 6,30 % 6,40 % -10 % 20 % 20 % 20 % 19 % 19 % -5 % 20 % 20 % 20 % 20 % 20 % RENT 0 % 21 % 20 % 20 % 20 % 20 % +5 % 21 % 21 % 21 % 21 % 20 % 21 % 21 % 21 % 21 % 21 % PROPERTY AND LOCATION +10 % • The property’s ground floor consists of retail stores 0 % 21 % 20 % 20 % 20 % 20 % and a fitness center. In the upper floors there are 5 % 20 % 20 % 20 % 20 % 20 % offices and classrooms. VACANCY 10 % 20 % 20 % 19 % 19 % 19 % 15 % 19 % 19 % 19 % 19 % 19 % • The main facade of the building faces the square 20 % 19 % 19 % 18 % 18 % 18 % BORÅS «Lindens Torg» - one of two main squares in GØTEBORG Kungsbacka city center. There are trade stalls NING EQUITY/LOAN - RETURN AND CAPABILITY EXPIRY PROFILE LEASING CONTRACTS offering vegetable and flowers products on the 80 % 76,5 % 60 % 72,7 % 74,6 % 70,8 % square every Saturday. 70 % 69,0 % 52 % 50 % UNGSBACA • Most of the downtown facilities including bus and 60 % 40 % train stations is within a short walking distance 50 % 33 % from the property. 40 % 30 %

30 % • The city’s main entry parking is located next to 20 % 15 % 20 % the property. 13,1 % 13,8 % 14,5 % 11,8 % 12,4 % 10 % 10 % • Kungsbacka is a fast-growing city located less than 0 % 0 % 30 km south of Gøteborg. 2020 2021 2022 2023 2024 0-1 y 1-3 y 3-6 y 6-10 y 10+ y Cash-on-cash return (before tax) Max. interest rate Average duration leases: 1,9 years

56 57 Real Estate Projects March 2020

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 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 joining the Realkapital she has over Prior to joining Realkapital he was Senior School of Economics (NHH). Prior to Realkapital Investor he has many years of working 12 years at Entra Eiendom AS as Realkapital Anders was the Managing 20 years’ experience in the retail and Director at CBRE Capital Markets. Anders joining Realkapital he was Principal at experience as Controller from major real accounting manager and 5 years at Visma Director for a supplier company to the service industry as concept developer, Mørland has also work experience from Lindsay Goldberg Nordic, the Nordic estate companies Entra and Norwegian as account manager. solar industry in Europe and Project management advisor and leadership Persen Skei Real Estate Advisors and affiliate of US based Private Equity firm Property, as well as Real Estate Valuer at Manager for a Norwegian real estate consultant. She has also been the Schjødt Lawfirm. Lindsay Goldberg. Anders has also Handelsbanken Norge. construction company. head of commercial development worked with McKinsey & Company. and Managing director of Trekanten Shopping-mall in Asker.

ARILD AUBERT KARI MYRLAND MORTEN WARBERG ALEXANDRA BERGGREN NIKOLAI STAUBO EMIL NEUMANN TINGULSTAD CFO PROJECTS/PARTNER SENIOR ASSET MANAGER/ INVESTMENT MANAGER ACCOUNTANT SENIOR ASSOCIATE CO-FOUNDER/CEO/ PARTNER PARTNER REALKAPITAL HOTELL Arild holds degrees as State Authorized Morten holds a Master of law degree Alexandra holds a Master of Economics Nikolai holds a Master of Finance Public Accountant (Norway) as well as Kari holds a Master of Business and from UIO (University of Oslo). He has and Business degree from NHH and Economics degree from Warwick Emil holds a BA in Hospitality management Certified Financial Analyst (AFA), both Economics degree from NHH over 20 years` experience from property (Norwegian School of Economics) and Business School and a Bachelor of and Finance from GIHE (Glion Institute from the Norwegian School of Economics (Norwegian School of Economics and management and development. Prior to a Bachelor of Economics and Business Business and Economics from BI of Higher Education) in Switzerland. Prior (NHH). He joined Realkapital in 2014 and Business administration). She also has joining Realkapital he was a leasing and from UMB (Norwegian University of Life Norwegian Business School. Prior to to founding Realkapital Hotell Emil was has previously held various management a Bachelor in Real Estate studies from asset manager at Norwegian Property Sciences). Before joining Realkapital joining Realkapital Investor he has six Partner in Nordic Hotel Consulting positions in DnB Bank and Pareto group. BI (Norwegian School of management). ASA. He has also work experience from Alexandra was working as an Accountant years of experience as Senior Analyst in (the leading hotel advisor in the Nordics). He has extensive experience in finance, She has 25 years experience from Asset DNB Næringseiendom (Vital Eiendom), and Investment analyst in the investment Cushman & Wakefield Realkapital. He also has work experience as Director of accounting, real estate projects and Management, project development Haakon/ICA Eiendom and NCC Property company AS Hamang Papirfabrik. Asset Management for Host Hotelleiendom business management. and finance. She has managed her Development. and real estate developments through his own real estate agency and previously private investment company. Emil is also held position as director in Aberdeen owner of Casa Prana Luxury Boutique Hotel Property Investors and senior financial in Lake Atitlan, Guatemala. adviser in Nordea.

58 59 Real Estate Projects March 2020

REALKAPITAL INVESTOR

VISITING ADDRESS: Kronprinsesse Märthas plass 1 0160 Oslo

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

www.realkapital.no Phone: 23 11 68 68

60 Real Estate Projects March 2020