Park Street

Investor Presentation • Feb 7, 2022

STRATEGY PRESENTATION

February 2022

Our reflections

The last 2 years of disruption has reinforced the secular shift towards service and technology driven segments of Real Estate. It also challenged the concept of need for "Space" to work or shop while enhancing the needs for the "Space" to live.

ManagedYouth Housing & Collaborative Workspaces will thrive and outperform in the Real Estate market in the next 2-3 years.

At Park Street, we will

• Invest in Core Strategy and exit from non-aligned asset portfolios
• Strive for Efficient Operations across all portfolios and improve profitability
• Create Technology based solutions to rapidly scale
• Continue to stay Financially Strong
• Invest in the Bright Passionate Team

Estimates 2021

PROFIT AND LOSS	Actuals		Estimates - not audited
Amounts in DKK 1000s	2019	2020	2021
Rental Income	203,166	172,669	160,626
Operating Expenses	-53,072	-47,690	-40,796
Gross Profit	150,094	124,979	119,830
Other Non-Operating expenses, depreciation	-37,765	-29,408	-34,291
Total Operating Profit (EBIT)	112,329	95,571	85,539
Financial Expenses	-29,105	-25,757	-23,683
Earning before value adjustments and tax (EBVAT)	83,223	69,813	61,856

BALANCE SHEET	Actuals		Estimates - not audited
Amounts in DKK 1000s	2019	2020	2021
Property Portfolio	2,679,858	2,665,703	2,829,097
Cash and Short-term Deposits (Liquidity)	61,606	23,151	166,545
Other Assets	31,380	34,212	43,438
Total Assets	2,772,843	2,723,066	3,039,080
Equity	931,133	1,071,946	1,158,155
Bank Debt	271,491	255,260	520,917
Mortgage Debt	1,161,035	1,052,042	988,019
Other Liabilities	409,184	343,818	371,989
Total Equity and Liabilities	2,772,843	2,723,066	3,039,080

• Strong balance sheet with 38% of Equity Ratio, well above our long-term target of 35%

• Estimated EBVAT of DKK 61.9m is lower than the target of DKK 85m , and significantly impacted by one off financing related costs and limited closing of new leases
• All Short-Term loan has been repaid with only Long-Term financing the portfolio
• Initiated Pulse N development with institutional development financing in place.
• Successful launch of Pulse O with full occupancy well ahead of target

Projecting for 2022

PROFIT AND LOSS	Actuals	Estimates - notaudited	Projections
Amounts in DKK 1000s	2020	2021	2022
Rental Income	172,669	160,626	166,000
Operating Ex penses	-47,690	-40,796	-38,000
Gross Profit	124,979	119,830	128,000
Other Non-Operating ex penses, depreciation	-29,408	-34,291	-28,000
Total Operating Profit (EBIT)	95,571	85,539	100,000
Financial Ex penses	-25,757	-23,683	-40,000
Earning before value adjustments and tax (EBVAT)	69,813	61,856	60,000
Adjustment to fair v alue, net	79,463	109,011	50,000
Gains realised on the sale of inv estment properties	38,483	1,472	10,000
Profit before tax	187,759	172,339	120,000
Tax on profit for the period	42,438	37,914	26,400
Profit for the period	145,321	134,424	93,600

BALANCE SHEET	Actuals	Estimates - notaudited	Projections
Amounts in DKK 1000s	2020	2021	2022
Property Portfolio	2,665,703	2,829,097	2,559,097
Cash and Short-term Deposits (Liquidity)	23,151	166,545	230,000
Other Assets	34,212	43,438	45,000
Total Assets	2,723,066	3,039,080	2,834,097
Equity	1,071,946	1,158,155	1,175,161
Bank Debt	255,260	520,917	400,917
Mortgage Debt	1,052,042	988,019	908,019
Other Liabilities	343,818	371,989	350,000
Total Equity and Liabilities	2,723,066	3,039,080	2,834,097

• Reduce portfolio size with targeted exits of assets – projecting over DKK 400m of Property Sales*
• Reduce Debt with the sale proceeds projecting over 200m of Debt Reduction
• Enhance Leasing activity across portfolio to compensate for reduced assets and improve efficiencies
• Initiate Pulse T development
• Implement Shares buy back program towards return of capital in view of asset disposal plans
• Targeted reinvestment of Capital from sales towards Pulse Living expansion

* We have concluded sales of over DKK 100m in January 2022

Our Strategy

To strengthen the two pillars

• Pulse Living Youth Housing Concept (Scaling up stage)
• Spark Offices Collaborative Office Hubs (prototype stage
• Invest and Develop large assets in key cities (12 Assets/ hubs currently)

Exit assets not part of Core Strategy

• Asset with limited scale, regional locations, and in Retail only segment will be exited
• 34 assets planned for exit currently
• Over next 3 years

The Pulse Vision Simplified Joyful Diverse Social Secure

Youth Housing – Simplified vibrant communties

In the next 5 years we aim to reach 10 cities, each with 2-4 centres.

That is 1,000 residents in 2 years and onwards to 5000 residents.

Scaling with Design & Technology

End-to-end Real Estate technology platform for leasing, governance, financial reporting, property management, and administration

Pulse Living Experience @ Pulse O

At present, 77% enquiries are through the website and email, 13% from Facebook, 3% through listing sites

• Website, Facebook, Instagram
• WhatsApp Community
• Events
• Neighbourhood

At pulseliving.dk

Avg. session duration 5m 18s

A close-knit thriving international community

26 years old Range: 22-45 years

From 34 countries 5% from Denmark

70% Young Professionals 30% Students

95% have a lease > 12 months

Customer Testimonials

"I love it here in Tåsingegade 29! Accommodation is very good for the price and the management are super helpful."

"Nice space! I rented a Studio plus and the bathroom is quite spacious than most studio apartments I have seen in CPH. "

The Spark Vision

Common services | Common spaces | Community

Prototyping a platform for the future in the next 12 months

Localised hubs of managed office spaces

• 1. Best in class administration focused on tenant satisfaction
• 1. Curated high quality service options available
• 1. Each location as a hub promoting community empowered with local ecosystem
• 1. International collaboration throughout all locations, sharing common spaces and more

At sparkoffices.dk

At Park Street we are excited to scale up PulseLiving.dk & shape SparkOffices.dk over the next years, while facilitating an exit for assets which will fit better with alterative owners.

We look forward to a year of significant value creating activity

• Redeploy own capital along with long term Capital Partners into Pulse Strategy
• Exit assets to release capital to facilitate a focussed strategy and return of capital to shareholders via share buybacks

Do reach out to us..

• To Partner with us
• To work together (there is a lot to do across.. Leasing, technology, operations..)
• To buy assets which may better fit you
• And any ideas and suggestions, for which we are always grateful!

wish you a beautiful 2022