KMC Properties ASA

Investor Presentation • Jun 14, 2024

KMC Properties

Presentation to shareholder EGM Considerations around a potential combination with Logistea

14 June 2024

Disclaimer

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This presentation (the "Presentation") has been produced by KMC Properties ASA (the "Company" and together with its direct and indirect subsidiaries, the "Group"), with assistance from Carnegie AS and DNB Markets, a part of DNB Bank ASA (the "Advisers"). The Presentation is designed to provide a high-level overview of certain aspects of the Group in connection with a potential transaction with Logistea AB (publ.) ("Logistea") and has been prepared solely for information purposes for use in presentations to shareholders of the Company.

This Presentation reflects the conditions and views as of the date set out on the front page of this Presentation. The information contained herein is subject to change, completion, or amendment based upon a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Company and Logistea and other specific issues, without notice. This Presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation.

This Presentation and the information contained herein have not been independently verified and no representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its shareholders and/or the Advisers, or any of their respective directors, officers, employees, agents, affiliates, advisers or any person acting on its behalf, as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability (whether direct or indirect, in contract, tort or otherwise) is assumed by any such persons for any such information or opinions or for any errors or omissions. All information presented or contained in this Presentation is subject to change without notice. In giving this Presentation, none of the Company, any of its shareholders and/or the Advisers or any of their respective directors, officers, employees, agents, affiliates, advisers or any person acting on their behalf, undertakes any obligation to amend, correct or update this Presentation or to provide the recipient with access to any additional information that may arise in connection with it. None of the Company, any of its shareholders and/or the Advisers or any of their respective directors, officers, employees, agents, affiliates, advisers or any person acting on their behalf, shall have any liability whatsoever, whether direct or indirect, in contract, tort or otherwise) for any loss whatsoever arising from any use of this Presentation, or otherwise arising in connection with this Presentation.

This Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company, Logistea or any of their respective securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

This Presentation includes forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Group or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the Company or Logistea or the likelihood that the assumptions, estimates or outcomes will be achieved. The Company and the Advisers expressly disclaim any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this Presentation or to update or to keep current any other information contained in this Presentation. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this Presentation.

The financial information included in this Presentation has not been audited and is subject to adjustments and modifications. Such adjustments and modifications could result in material differences to the unaudited financial information included in this Presentation.

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AGENDA

I n t r o d u c t i o n

• C o m b i n e d c o m p a n y e q u i t y s t o r y
• S y n e r g y p o t e n t i a l
• F i n a n c i a l s c o m b i n e d c o m p a n y
• A p p e n d i x I : I n t r o d u c t i o n t o L o g i s t e a
  • A p p e n d i x I I : To p 1 0 t e n a n t s i n L o g i s t e a
  • A p p e n d i x I I I : L o g i s t e a p r o p e r t y l i s t
  • A p p e n d i x I V : S h a r e h o l d e r s

Introduction

Executive summary

• On 14 June 2024, KMC Properties ASA ("KMCP" or the "Company) entered into a share purchase agreement with Logistea pursuant to which Logistea will acquire all shares in the property-owning subsidiaries of the Company, against consideration in the form of newly issued shares in Logistea that will subsequently be distributed to the Company's shareholders (the "Transaction")
• Valuation of both companies are based on balance sheets as of 31 March 2024 and corresponds to Net Asset Value (NAV) defined as book value of equity adjusted for deferred taxes, subsequent events and pro forma adjustments (the "Transaction NAV"). This represents a value per share in KMC Properties of NOK 7.88.
• Based on the Transaction NAV, KMCP will receive a combination of newly issued A shares and B shares in Logistea corresponding to c. 49% of the total capital and c. 49% of the total capital votes in the combined entity
• Logistea has two share classes, A and B, which are both listed on Nasdaq Stockholm. KMCP will receive both class A shares and class B shares in Logistea, pro rata to the current split.
• The Logistea shares received by KMCP at completion of the acquisition are expected to be distributed to the KMCP shareholders as soon as possible thereafter. The distribution is expected to be in two separate tranches. The first tranche will be distributed as soon as possible following completion of the Transaction and consists of approx. 80% of the Logistea shares received. The second tranche will be distributed following the preparation of an audited interim balance sheet for KMCP and an extraordinary general meeting of the Company resolving such second distribution.
• Completion of the Transaction is subject to approval by extraordinary general meetings in Logistea and KMC Properties respectively (with a 2/3 majority vote in both companies), approval by bondholders in respect of changes to KMCP's outstanding bond, and approval from lending banks in respect to loan agreements of the KMCP group.
• The Company has received voting undertakings from Bewi Invest AS, Flugfiskaren AB, Corvus Estate AS and M2 Asset Management AB (together representing 68.2% of the total issued shares) to vote in favor of the Transaction at the extraordinary general meeting to be held in KMCP. Flugfiskaren AB's voting undertaking is subject to certain conditions. Flugfiskaren AB and M2 Asset Management hold shares in both KMCP and Logistea.

Transaction details Combined company structure

Transaction structure explained

• Logistea acquires all assets of KMCP through the acquisition of KMC Properties Holdco AS ("KMCPH"). The acquiring Logistea entity is a wholly owned subsidiary of Logistea AB (publ.)
  • The rights and obligations under the bond loan are transferred from KMCP to KMPCH's subsidiary KMC Properties AS.
  • Logistea guarantees for KMCPH's obligations under the bond loan. Logistea will also guarantee for loan facilities of the KMCPH group
  • The employment of all employees of KMCP are directly or via subsidiaries transferred to Logistea
• Approval by the general meetings of KMCP and Logistea with the support from at least 2/3 of the votes cast and shares represented
• The consideration from Logistea is in the form of A shares and B shares in Logistea. The only non-cash assets of KMCP immediately following closing will be consideration shares in Logistea
• The Logistea shares shall be distributed to KMCP's shareholders
• The KMCP general meeting referred to above shall also resolve the distribution of the majority portion of the consideration shares (approx. 80%). The distribution of the remaining shares will be resolved by a subsequent general meeting based on a post-closing interim balance sheet
• KMCP will as a result of the transaction initially become an empty shell which is intended expected to remain listed on the OSE (see Post Transaction on the right for further information)

Transaction structure overview Transaction structure considerations

Topic	Considerations
Governance	• 2/3 majority vote among shareholders required to be able to carry out the transaction
Tax	• Property transfer tax estimated to MEUR 5.6 and will be paid by the combined company. • Potential Norwegian dividend taxation to the extent value of shares distributed exceed paid in capital (although unlikely)
Closing	• Estimated completion of the Transaction is 11 July 2024
Other	• Post Transaction: Following completion of the Transaction, KMCP intends to pursue real estate and other investment opportunities, and is as part of this strategy, the Company has initiated a process with a party for the acquisition of a number of properties out of an existing property portfolio. KMCP expects to remain an Oslo Stock Exchange listed company following the Transaction • Fairness opinion: Fairness opinion as to the fairness of the Transaction to KMCP and its shareholders from a financial point of view has been provided to the board by Sparebank1 Markets AS in connection with the signing of the SPA

Distribution of shares to KMCP shareholders

Dividend distribution considerations Highly indicative timing

• KMCP can, in principle, only distribute dividends within the company's dividend basis based on the balance sheet as of December 31, 2023. It follows from that balance sheet that the dividend basis amounts to just over NOK 2.65 billion
• The value of the distribution of the Logistea shares is determined based on the market value of the shares at the time of distribution. Assuming that the value of the Logistea shares will be approximately NOK 3.3 billion, KMCP can distribute appr. 80% of the Logistea shares as a dividend in kind
• To distribute the remaining appr. 20% of the Logistea shares, a revised interim balance sheet will be prepared to reflect the effects of the Transaction and thereby increase the dividend capacity. The interim balance sheet must be approved by the general meeting and can then be used as a basis for the distribution of the remaining Logistea shares
• The interim balance sheet cannot be prepared until after the Transaction has been completed and the Logistea shares have been received. Assuming the Transaction is completed around July 11, 2024, it implies that the auditor can begin their review after this date. 1
• The interim balance sheet must be prepared by the board and audited at the time of notice of EGM. The notice of EGM shall be sent no later than 3 weeks prior to the EGM 2
• The same EGM may approve the interim balance sheet and the dividend distribution, but the dividend cannot be distributed until the interim balance sheet has been registered and announced by the Norwegian Accounting Register. The processing time at the Accounting Register is 2-3 working days 3

Based on initial assessment, an interim balance sheet will be sufficient to distribute the remaining appr. 20% of the Logistea shares in one portion. If not, the distribution will have to be made in two tranches

Outcome: A Nordic leader in logistics and industrial real estate

Notes: NIBD = Interest-bearing debt minus cash and cash equivalents; (a) As of 31 Mar 2024. Including ongoing acquisitions and projects; (b) As of 31 Mar 2024; (c) Adj. for share issue to Slattö due to Åmål acquisition; (d) Property values of 31 Mar 2024 (including ongoing acquisitions and projects for Logistea and KMCP); (e) Excluding projects | Source: Company information

Contribution analysis to the combined company

		LOGI	KMCP	Combined	Contribution
(a) Market cap.	NOK/SEKm	3,449	2,917	6,366	54%	46%
EPRA NRV	NOK/SEKm	3,364	3,193	6,558	51%	49%
GAV	NOK/SEKm	6,186	6,947	13,133	47%	53%
Properties	#	73	72	145	50%	50%
GLA	sqm ('000)	672	715	1,387	48%	52%
NOI	NOK/SEKm	382	516	899	43%	57%
EBITDA	NOK/SEKm	344	470	815	42%	58%
NIFPM	NOK/SEKm	184	212	410	47%	53%
WAULT	yrs.	8.3	11.5	10.1	n.m.
(b) Net initial yield	%	6.3%	7.5%	6.9%	n.m.
Net LTV	%	44.1%	49.0%	46.6%	n.m. LOGI KMCP

Notes (a) Market cap as of 7 June 2024; (b) Excluding projects Note: As of 31 Mar 2024. Including ongoing acquisitions and projects

Combined company equity story

Combined company equity story

1	Cemented position as a leading real estate partner for logistics and industrial companies with aligned strategy for accretive growth	▪ Long-term industrial real estate strategy remains at the core of the combined entity, focusing on collaboration and building long-term, strong tenant partnerships ▪ Potential for accretive growth boosted through better access to greenfield developments, as well as improved acquisition capabilities
2	Diversified income concentration by geography, tenant, and tenant industry	▪ Exposure to large and solid companies with long track records in attractive industries, combined with additional diversification into further industries ▪ Improved geographical diversification across the Nordics and Northern Europe, and reduced single-tenant exposure
3	Continued focused on tenants with business-critical assets with sticky features	▪ Assets with strategic locations near critical logistics infrastructure, end-users, key customers, industrial clusters, and/or natural resources remain in focus ▪ Maintain emphasis on sticky tenant relationships due driven by tenant paid capex, in-place infrastructure and equipment and few relocation alternatives
4	Maintained preferred lease agreement types and long WAULTs to preserve de-risked return profile	▪ Majority of properties are on 10-year or longer lease agreements (Combined WAULT of 10.1 years) ▪ Triple net make up 91% of the lease contracts and 99% of the contracts have 100% CPI adjustments in the combined company
5	Improved position to access more diversified and attractive equity and debt capital	▪ Strengthened and diversified shareholder base with added relevant know-how within industrial and logistics management and operations ▪ Enhanced relative attractiveness of the publicly traded share with improved liquidity and overall investor attention ▪ Broadened bank syndicate and improved overall credit metrics with potential to improve financing terms on the back of increased size and diversification
6	Enhanced in-house expertise and capabilities from a new and combined management and organization	▪ New management leveraging the complimentary strengths across capital markets, real estate and industrial understanding ▪ The combination will unlock synergies and further upside from country-specific knowledge, and leveraging each others' tenant relationships
7	Retained full commitment to ESG	▪ Retained focus on ESG with clear, specific and measurable ESG objectives and targets ▪ The combined company has complementary focus areas, which will enable accelerated adoption and implementation of environmental goals

Cemented position as a leading real estate partner for logistics and industrial companies… 1

• Strategy to acquire properties and land in attractive locations in Sweden and over time also in other Nordic countries within the logistics and light industrial property segments
• Build a base of long-term, financially stable tenants on long leases and become a reliable partner
• Conduct operations resource efficiently where environmental impact and social sustainability are affirmed in business decisions

strategy and growth levers strategy and growth levers

• Long-term industrial approach to real estate ownership, with emphasis on tenant collaboration and environmentally and socially sustainable properties to maximise value creation and reduce downside risk
• Positioning itself as one of the preferred real estate partners for industrial and logistics companies in Northern Europe
• Become a go-to greenfield project developer leveraging its one-stop shop capabilities, and a deep industrial understanding

Aligned strategy and vision

A preferred real estate partner with deep industrial understanding and one-stop shop capabilities

… with aligned strategy for accretive growth 1

Logistea strategy for growth KMCP strategy for growth

	Capex development	Greenfield development	Acquisitions
a eri	▪ Ongoing development of the existing real estate portfolio	▪ Extensions and new construction on own or acquired land, with a	▪ Acquisition of	investment properties in attractive locations in
d crit n y a g e Strat	▪ Working closely with tenants, to adapt and develop these	target of completing 25k sqm of new lettable area annually	the Nordics, suitable for warehousing, logistics and light industry
	properties to promote the tenants' growth, and transition to a climate neutral society		▪ base with financially lease terms	A diversified customer stable tenants and long
s et g ar T	Accretive yield on cost with support from long-term tenants	+6.0%	Attractive
	25k sqm. new lettable area p.a.	yield(a)	WAULT and tenant(s)
g n oi g	Property Value: n.a. Capex: 160m Yield on cost: 11%	Property Value: SEK 214m Land area: 380k sqm. Building rights: 150k sqm.	Property Value: SEK 185m GRI: SEK 15.3m NOI yield: 8.0%
n o e / n eli p Pi		Dev. of Vaggeryd Logistic Park
	Construction of facility for NKT	Acquisition of property in Åmål

▪ Criteria; long-term value accretive potential, solid tenants with long track records in strategic location for industry, logistics and/or tenant ▪ Value creation through portfolio premiums and bundling of property management
7.0 – 8.0% YoC
# Properties: 7 GRI: NOK 54m WAULT: 17 yrs.

Diversified income concentration by geography, tenant… 2

…and tenant industry 2

Continued focused on tenants with business-critical assets with sticky features 3

Maintained preferred lease agreement types and long WAULTs to preserve de-risked return profile 4

Strengthened and more diversified shareholder base 5

Ownership in combined entity post-merger(a) Solid real estate and industrial competence

Shareholder	Pre-merger	Type(b)	A-shares	B-shares	Capital, %	Votes, %
BEWI Invest AS	KMCP	FO	5.9	77.8	17.7%	17.7%
Nordika	KMCP/LOGI	IN	5.0	63.7	14.5%	14.7%
Rutger Arnhult	KMCP/LOGI	HNWI	3.8	50.0	11.4%	11.3%
Slättö	LOGI	IN	4.3	43.6	10.1%	11.3%
Dragfast AB	LOGI	FO	5.0	3.1	1.7%	6.9%
HAAS AS	KMCP	HNWI	1.8	24.1	5.5%	5.5%
Fjärde AP-fonden	LOGI	IN	-	20.7	4.4%	2.7%
Stefan Hansson	LOGI	HNWI	0.9	8.7	2.0%	2.3%
Corvus Estate AS	KMCP	RE	0.7	9.3	2.1%	2.1%
Frøy Kapital AS	KMCP	PE	0.5	6.7	1.5%	1.5%
Länsförsäkringar Fonder	LOGI	IN	-	9.1	1.9%	1.2%
Morten Astrup	KMCP	HNWI	0.4	5.1	1.2%	1.2%
The Phoenix Holdings Ltd.	LOGI	IN	-	8.7	1.8%	1.1%
Patrik Tillman	LOGI	HNWI	0.1	6.0	1.3%	0.9%
Alcur Fonder	LOGI	IN	0.3	3.5	0.8%	0.8%
Carnegie Fonder	KMCP	IN	-	5.2	1.1%	0.7%
Constructio AS	KMCP	HNWI	0.2	2.8	0.6%	0.6%
Klädesholmen Seafood AB	KMCP	N/A	0.1	1.4	0.3%	0.3%
Other			4.3	90.4	20.0%	17.2%
Sum			33.4	440.0	100%	100%

Strengthened and diversified shareholder base with added relevant ✓ know-how within industrial and logistics management and operations

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✓ Supportive principal owners with long-term ownership horizons

Note: (a) Based on "transaction NAV"; (b) FO = Family office, RE = Real estate investor, HNWI = High net worth individual, IN = Institutional investor, PE = Private equity Source: Company information and Holdings

Enhanced relative attractiveness of the publicly traded share 5

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✓	Increased market cap from c. NOK 2.9bn to NOK 6.4bn
✓	Broadened equity research analyst coverage
✓	Improved liquidity and reduced concentration in ownership implying potential free float increase
✓	Enhanced overall investor attention and interest

Benefits to the combined entity's traded share Relevant sized real estate companies' inst. & specialist ownership

	Market cap (NOK mrd)	Days to turn company (90d avg)	Analyst coverage	Inst. & specialist ownership among top 20
	~28.6	~920d(a)	9x	+15
	~13.9	~1,370d	5x	+14
	~7.9	~740d(b)	5x	+15
	~6.4	n.a.	Likely to draw broader analyst attention	+15
	~5.3	~2,070d	3x	+13
	~4.1	~2,190d	2x	+12
	~4.0	~2,075d(c)	2x	+14
	~3.4	1,160d(d)	2x	+10
	~2.9	~6,470d	3x	+5

A more attractive share will improve access to funding and make the public equities market a more reliable source of financing

⁵ Broadened bank syndicate and improved overall credit metrics

Enhanced in-house expertise and capabilities from a new and combined management and organization 6

Management experienced in real estate and capital markets

• Management team with extensive experience and expertise in the Swedish real estate market and real estate transactions from leading roles past 20 years
• Both CEO Niklas and deputy CEO Anders are coming from leading roles in capital markets and transaction from both Savills and Cushman & Wakefield
• Sweden specific skillset
  • Strong Swedish network for off market M&A sourcing and greenfield development
  • Proven team with track record in acquisitions and developments with good returns

Management with M&A, accounting and industry experience

• Interim-CEO with strong industry knowledge from being chair of board from BEWI invest, as well as extensive accounting experience as reg. manager at BDO
• Acting CFO with strong M&A and real estate experience from the Investment Banking team at Pareto and the real estate investment team in Fredensborg

Norway specific skillset

• Strong pan nordic and northern european network for off-market M&A sourcing and greenfield developments
• Extensive track-record of developing assets in collaboration with large and solid industrial companies with attractive returns

Retained full commitment to ESG 7

Selected relevant ESG targets

100% of tenants communicate their climate accounting (minimum scope 1 and 2)

25% of portfolio produce renewable energy

0 spills from tenants' operations

70% minimum sorting rate on construction sites

KMC Energy Logistea

KMC Energy, a KMC Properties subsidiary, offers solutions that secure tenants' reliable access to renewable energy and contribute to a more stable capacity on the grid, which will benefit local communities

KMCP Logistea

New noteworthy sustainability targets

Energy saving measures - Annually move at least 10 percent of the properties in the comparable portfolio to a significantly better energy class through energy projects by the end of 2025

Solar energy - Increase the installed capacity from solar energy by 1 MWp annually

Batteries - Installed capacity from battery storage of at least 30 MW by the end of 2025

Net zero greenhouse gas - Logistea will reach net zero greenhouse gas emissions in scope 1 and 2 by the end of 2028

Offer customers energy efficient and environmentally friendly properties

• Energy efficiency improvements and fossil-free electricity
• Renewable electricity through solar panels
• Battery storage stabilize the electricity grid

Synergy potential

Preliminary synergy potential in the combined entity

High level synergy potential based on early discussions between management in the two companies

A better credit standing will likely result in lower funding cost and boost NIFPM further

Avg. interest rate vs. LTV Avg. interest rate vs. ICR

Avg. interest rate vs. Market cap Avg. interest rate vs. asset values

Financials combined company

Key financial metrics

Note: (a) Logistea figures adjusted for acquisition of one property in Åmål completed in Q2 2024 and extension for tenant NKT expected to be completed in Q4 2024. KMC Properties figures adjusted for acquisitions of one property in Denmark and three properties in Poland completed in Q2 2024. In addition, adjusted for one ongoing acquisition of one property in Belgium. Including expected cost synergies of SEK 14m; (b) Excluding projects

Key credit metrics

28

Notes: (a) Based on reported figures as of 31 Mar 2024; (b) Logistea figures adjusted for acquisition of one property in Åmål completed in Q2 2024 and extension for tenant NKT expected to be completed in Q4 2024. KMC Properties figures adjusted for acquisitions of one property in Denmark and three properties in Poland completed in Q2 2024. In addition, adjusted for one ongoing acquisition of one property in Belgium. Including expected cost synergies of SEK 14m

Summary combined company data

Combined company operational and financial data Pro-forma adjusted combined run-rate

29

	Logistea	KMCP	Combined
Property related(a)
No. of properties	73	72	145
Property value, SEKm	6,186	6,947	13,133
Rental value, SEKm	419	530	949
Lettable area, ksqm	672	715	1,387
Economic occupancy rate, %	95.9%	98.4%	97.3%
WAULT, years	8.3	11.5	10.1
Net initial yield(e), %	6.3%	7.5%	6.9%

Financial(d)
EPRA NRV, SEKm	3,364	3,193	6,558
Equity ratio, %	47.8%	43.2%	45.4%
Net interest-bearing debt, SEKm	2,646	3,147	5,793
Net LTV, %	44.1%	49.0%	46.6%
Average interest rate, %	5.0%	6.8%	6.0%

	Logistea KMC Properties			Combined
SEKm	31 Mar 2024	Logistea adjusted(a)	31 Mar 2024	KMCP adjusted(b)	Synergies	Combined(c)
Investment properties
Rental value	404	419	489	530		949
Operation supplements	68	68	-	-		68
Vacancy	-17	-17	-8	-8		-25
Property costs	-105	-105	-5	-5		-110
Project properties
Rental value	17	17	-	-		17
Property costs	-	-	-	-		-
Net operating income	367	382	476	516		899
Central administration	-38	-38	-46	-46	14	-70
Net finance costs	-148	-160	-254	-259		-419
Profit from property management	181	184	175	212		410

Notes: SEK/NOK 1.00; (a) Adjusted for acquisition of one property in Åmål completed in Q2 2024 and extension for tenant NKT expected to be completed in Q4 2024; (b) Adjusted for acquisitions of one property in Denmark and three properties in Poland completed in Q2 2024. In addition, adjusted for one ongoing acquisition of one property in Belgium; (c) Including expected cost synergies of SEK 14m; (d) Based on 31 March 2024; (e) Excluding projects

Appendix I: Introduction to Logistea

C h a p t e r Tr a c k e r

Logistea at a glance

• Logistea is a real estate company in warehousing, logistics and light industry, with the vision of being the natural partner for companies demanding modern sustainable premises
• Logistea's customers include well-known expansive e-commerce companies, which place demands on modern warehousing and logistics solutions in strong logistics locations
• The real estate company Logistea sprung from the fashion company Odd Molly, which was divested entirely in 2021 and has seen strong growth since the first property was acquired at the end of 2019
• Logistea's organization consists of a combined expertise in property management, transaction and financing

Introduction to Logistea Key figures (Q1-2024 PF)

SEK 6.2bn Portfolio value	SEK 0.4bn Projects and land value	SEK 419m Rental value	6.3% Run-rate NOI yield(a)
8.3 yrs. WAULT	95.9% Occupancy rate	672k sqm. Lettable area	73 properties

Geographic footprint and property type overview Illustration and geographic exposure

Tenants, property types and locations

Top 10 tenants represent ~41% of total rental income(a)

Rental income is well diversified across sectors(a)

73 properties in 43 locations, mainly in the "Nordic Trade Triangle"

What makes Logisteas properties well located?

• Most properties are located within the "Nordic Trade Triangle", defined by the intermodal transport system that connects the three Scandinavian capital cities of Copenhagen, Oslo and Stockholm (marked in red above)
• These cities are connected by a network of sea transport, rail and major motorways, with local logistic hubs formed at key junctures making it a focal point of the national logistics and warehousing market
• This significance of the locations is emphasized by the fact that over 80% of Sweden's population and businesses are situated within the "Nordic Trade Triangle"

1. Portfolio 2. Development 3. Valuation 4. Earnings capacity

Lease agreement types and structures

• Around 80% of the leases are also triple net type agreements, where the tenant bears the major share of operating and maintenance costs.
• 99% of Logisteas leases are indexed, where of 97% are linked to CPI and 2% have a fixed indexation of 1-4%

Property segmentation by locations and status

Region	Properties (#)	WAULT (yrs.)	Rental value (SEKm)	Sqm.	Rent / sqm.	Market value (SEKm)	Net yield	Value / sqm. (SEK)	Share logistics
1 West	39	7.4	202	316,655	637	3,140	5.9%	9,917	65.8%
Central 2	10	6.0	55	112,856	484	681	6.6%	6,033	12.8%
5 South 3	8	9.3	48	91,600	522	653	6.8%	7,123	24.2%
2 East 4 1 4	7	7.2	48	77,929	618	719	6.3%	9,230	100.0%	Terminalvägen 21, Timrå
North 5 3	6	13.6	34	64,523	531	451	7.1%	6,982	7.6%
Cash flow property portfolio	70	8.1	387	663,563	583	5,643	6.2%	8,505	49.4%
1 Capex project: NKT	1	n.a.	17	n.a.	n.a.	98	n.a.	n.a.	0.0%
1 Land bank: Vaggeryd	1	n.a.	n.a.	n.a.	n.a.	214	n.a.	n.a.	100.0%
1 Land bank: Fåglabäck	-	n.a.	n.a.	n.a.	n.a.	43	n.a.	n.a.	100.0%
1 Land bank: Lockryd	-	n.a.	n.a.	n.a.	n.a.	3	n.a.	n.a.	0.0%	Vaggeryd Logistikpark
Development portfolio	2	n.a.	17	n.a.	n.a.	358	n.a.	n.a.	n.a.
Åmål (pro-forma) 1	1	14.5	15	8,540	1,792	185	8.0%	21,663	0.0%
Acquisitions	1	14.5	15	8,540	1,792	185	8.0%	21,663	0.0%
Total sum	73	8.3	419	672,103	623	6,186	6.2%	9,203	48.8%	Porfyrvägen 2, Nybro

Development portfolio and land bank

Note: (a) Value per sqm. in line with SLP's acquisition of building right in Jönköping Apr 2024 at SEK ~1,500 per sqm. building right Source: SLP

expected to be operational in the second quarter of 2024

Vaggeryd Logistikpark development potential

Overview of Vaggeryd area Business case – fully developed (outside-in)

P&L (SEKm)		SEK per sqm.
Rental income	124	829
Opex	(10)	(66)
NOI	114	763
Admin	(2)	(17)
EBITDA	111	746
Interest expense	(53)	(356)
NIFPM	58	391

KPIs
NIBD / EBITDA	8.7x
ICR	2.1x
ROE pre-tax	9.9%

Support calculations
Capex	1,337	8,974
Construction loan	869	5,833
Land loan	94	633
Equity	588	3,943
SEK 5Y SWAP	2.8%
Margin	2.7%
All-in interest rate	5.5%

Assumptions		Commentary
Rent per sqm.	829	Current rent level at developed property today in Vaggeryd Logistikpark
Sqm.	149,000	Zoned area
Yield on cost	8.5%	Historical achieved yield on cost for Logistea
NOI margin	94.0%	Property expense equal to c.8% of rent
EBITDA margin	92.0%	Corporate cost equal to c.2% of rent
Loan-to-cost	65.0%	65% of construction cost financed with construction loan
Land value	214	Appraised value as of Q1-24
LTV, land	44.1%	In line with overall portfolio as of Q1 2024 PF

• Easy reach to entire southern Sweden region, with rail access ▪ Complete infrastructure in place
• despite ongoing development ▪ Full capacity electricity and district

heating (20 MW) from start, meeting all future developments

Gothenburg	175km	2h 0min
Malmö	261km	2h 50min
Stockholm	357km	3h 50min
Copenhagen	305km	3h 20min
Oslo	426km	5h 20min

GAV breakdowns and external appraiser methodology

Note: (a) Sum excluding land bank (development)

Total 71 8.3 402 672,103 598 5,828 6.3% 8,672

1. Portfolio 2. Development 3. Valuation 4. Earnings capacity

earning capacity for the investment properties on 31 December 2023 ▪ See Appendix 1 for more information on Logistea's valuation of and

accounting for investment properties

38

(a)

Capex projects and acquisitions (included in pro-forma Q1 2024)

• In August 2023, Logistea signed a 20-year lease agreement with NKT HV Cables AB for the construction of a new building adjacent to the existing property Bulten 1 in Alingsås
• The expansion includes a new test facility, an office building for more staff, and increased production capacity, totaling c.3,500 sqm. of new space
• The investment totals up to SEK 160m, with the building anticipated to be finalized in the Q4 2024
• Logistea is acquiring a single-tenant logistic property for SEK 185m with an annual rental income of SEK 15.3m, expected to close end of Q2-24
• The building, constructed in 2022, spans 8,450 sqm. and is leased to Dana TM4 Electric AB under a 15-year triple-net lease
• The deal is financed through a share issue to the seller Slättö (the largest owner of Logistea) at a subscription price of SEK 14 per share, as well as bank loans. The shares of Logistea were trading at SEK 13.38 at the time of the announcement