KMC Properties ASA

Investor Presentation • Aug 30, 2021

KMC Properties

– A high yielding growth case in Northern European industrial and logistics real estate

Company presentation

August 2021

40 years heritage in industrial properties has laid the foundation

KMC Properties at a glance today

Company description

• Norwegian listed (OSE, ML: "KMCP") real estate company formed in 2020 as a result of the combination of real estate owned by Bekken and ABRA, a merger with Pesca Properties and a listing through the acquisition of Storm Real Estate ASA
• Portfolio of 43 properties focused on industrial and logistics with long-term leases, solid tenants and strategically locations critical for tenant operations
• Robust tenants such as BEWI, INSULA and Grøntvedt Pelagic stands for 78% of total NOI
• Geographical footprint in Northern Europe, in addition to one office building in Moscow, Russia
• HQ in Trondheim and mainly owned by and EBE Eiendom (41%) and Kverva Industrier (34%)

Portfolio footprint

4 Source: Company information 1) Piecharts are based on NOI

Going forward - Executing on strategy since Q4 2020

• ✓ Contract renewal and expansions for existing clients
• ✓ Greenfield development of new facilities for new and existing clients
• ✓ Acquisitions in collaboration with current and new tenants, as well as other thirdparties

Growth target of NOK 1bn in GAV per year, to hit NOK 8bn in GAV in 2025

Company strategy and growth targets Selected growth initiatives since Q4 2020

Date	Type	Tenant	Value (NOKm)1	Yield	WAULT	Country
Apr-21	Acquisition	BEWi Cellpack A/S	28	7.2%	12.0
May-21	Acquisition	PTG Frionordica AS	44	7.1%	16.5
Jul-21	Greenfield	Oppdal Spekemat	90	7.5%	15.0
Jul-21	Greenfield	BEWI	125	7.5%	15.0
Jul-21	Acquisition	PSW Technology AS	285	7.7%	12.0
Aug-21	Greenfield	Slakteriet Holding AS	620	~7.0%	n/a
Total			1,157	7.3%	13.4

KMC Properties investment highlight

Strategic locations with proximity to key clients and resources in established industry clusters 1

Overview of locations Mission critical facilities for tenants in strategic locations

Solid client base of successful companies with long track records … 2

9 Source: Company Information

1) Remaining 13% of operating income from properties leased to other tenants including Ventistål AS, companies owned by Kastor Invest AS and PTG Frionordica; 2) Showing brands for Insula and customers for BEWI, Grøntvedt and PSW Group

… and significant exposure to the aquaculture industry favoured by current global mega trends 2

Expected growing population and middle class leading to increased protein demand Consumer preferences

Seafood is the most sustainable farmed animal protein alternative
Protein retention	28%	37%	21%	13%
Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
Carbon footprint (kg CO2 / kg edible meat)	7.9 kg	6.2 kg	12.2 kg	39.0 kg
Feed conversion ratio ("FCR")	1.3	1.9	3.9	8.0

3 out of 4 consumers want to increase their fish consumption¹

2 times / week recommended fish consumption by international Health Authorities

36% of consumers want to reduce their meat consumption

Healthy source of protein

i	Rich in healthy omega-3 acids
ii	Rich in nutrients such as vitamin D and selenium
iii	High protein content
iv	Low in saturated fat content

10 Source: FAOSTAT, Mowi's Salmon Farming Industry Handbook 2021, Kantar TNS/ Kantar Worldpanel, Seafood Norway 1) Study of 25 000 respondents in up to 25 markets (the largest seafood consumer study in the world)

Long-term triple net contracts with low contract extension risk 3

Overview of the portfolio and tenants Tenant location

Strong pipeline of attractive growth opportunities selected based on structured evaluation processes and strict criteria 4

Pillars of value creation

	Description	Pipeline & Growth Criteria
Investments in current portfolio and contract extensions	▪ Several ongoing projects, and high activity expected for the foreseeable future to accommodate activity growth and continuous operational improvements among KMC's key clients ▪ Value creation for KMC in the form of additional rent and contract extensions (typical for larger upgrades) ▪ KMC maintains a close relationship with its clients to identify and actively engage in such business development activities	NOK 50-150m Run-rate capex p.a.	~7.5% Yield on cost
Greenfield development projects	▪ Investments in new facilities for both new and existing clients ▪ Further reap from unexploited potential utilizing available land areas for development in collaboration with tenants – focusing on business critical facilities ▪ Acquire and develop land on the basis of long-term contract commitments	~NOK 800m Greenfield development in pipeline	~7.0% Yield on cost
Acquisitions	▪ Acquisitions of business critical properties with substantial relocation costs ▪ Pre-defined and satisfactory yield levels, facilitating value creation through portfolio premiums and bundling of property management ▪ Secure diversification across industries and property types ▪ Flexibility in transaction structure translating to both sale-lease back and transactions with other third parties	~NOK 235m Current contemplated M&A	~7.7% Yield on cost

12 Source: Company Information 1) Upgrade or expansion capex added to rental payments from tenant as a whole, either through investments lease (annuity) or a new lease agreement

Ability to execute attractive contracts with new and existing tenants 4

New packaging hub for BEWI at Hitra New production facility for Oppdal Spekemat New production facility for Slakteriet in Florø

July 2021: Long-term lease agreement with BEWI on a new packaging facility on Jøsnøya, Hitra	July 2021: Agreement with Oppdal Spekemat AS for the construction of a new production facility in Oppdal. This tenant has a strong market position in Norway with brands such as Grilstad and Spis	August 2021: LOI with Slakteriet Holding AS for a new July 2021: Long-term lease agreement with BEWI on a production facility for slaughtering of salmon, in Florø new packaging facility on Hitra
~NOK 125m	~NOK 90m	~NOK 620m
capex in pipeline	capex in pipeline	capex in pipeline
15.0 years	15.0 years	20.0 years
WAULT	WAULT	WAULT
Q3 2022	Q1 2023	2023/2024
estimated completion	estimated completion	estimated completion
~7.5%	~7.5%	6.75-7.1%
yield-on-cost	yield-on-cost	yield-on-cost

Supportive and committed owners, with strong operational and financial track record 5

Main owners	Introduction	Selected investments	Property experience
EBE Eiendom (~41% ownership in KMC)	Norwegian investment company owned by the Bekken and Thoresen families, focusing on industrials, real estate, aquaculture, industrial technology and other development companies		Ownership of the
(~34% ownership in KMC)	The Witzøe family's investment company, established in 1991 with a focus on maritime industries		tenants' properties since inception

The largest owners EBE Eiendom and Kverva have a long industrial heritage and are majority owners of the largest tenants, BEWi and Insula

Intimate knowledge of the properties in the portfolio through a long-standing ownership prior to the creation of KMC Properties ASA

KMC Properties investment highlight

BEWi ASA is the largest tenant and represents ~48% of operating income 48%

• A• Founded in 1980 by the Bekken family, who since inception has developed the company into becoming a significant packaging and insulation providers in Europe
• BEWi is strategically integrated throughout the value chain, with revenue diversified across 3 operating segments, whereof ~1/3 is from upstream and 2/3 from downstream
• 44 production facilities¹ located across Norway, Denmark, Sweden, Finland, the Netherlands, Belgium and Portugal, in addition to 8 recycling sites
• In August 2021, the company initiated a process to refinance its two existing bonds and credit facility, and issued a new senior unsecured sustainability-linked bond of EUR 160 million
• Listed on Euronext Growth in August 2020 in a transaction where the Bekken and Kverva retained ~70% ownership; later uplisted to the main list on Oslo Børs

Strong organic growth coupled with strategic acquisitions

1.5x Net debt/ Adj. EBITDA²

NOK ~4.5bn Market value of shares³

Introduction to BEWi ASA Extensive production and logistics platform

Committed owners with industrial heritage

17 1) Including factory under construction in Senja; 2) Net debt/EBITDA as of Q2 '20 excluding IFRS16 and including acquired companies. Including IFRS 16, Net debt/Adj. EBITDA 2.2x; 3) As of August 25th 2021

A provider of packaging and insulation solutions

Diversified customer base Long-standing relationships Game-changing ESG focus

• BEWI is the first producer of 100% recycled EPS and has invested more than SEK 100m in recycling initiatives

• BEWi Circular is leading the change in the industry by recycling EPS waste from own production facilities, customers and nearby communities

Target to collect and recycle for 60kt EPS per year – implying climate neutral operations

~60kt targeted recycling

Compactors installed near customers' facilities to compress used EPS fish boxes directly

Production waste is recycled and re-used locally Processing example

The second largest tenant INSULA, focused on processing and sale of seafood products

20%

Solid financials Nordic seafood company ² Vertically integrated

Introduction to Insula

• Nordic seafood group focused on product development, value-added processing and sales of fish- and seafood products to the retail and HoReCa1 markets
• Comprises 20 subsidiaries with a total of ~1,100 employees in Norway, Sweden, Denmark, Finland and Iceland and is owned by Kverva (95.8% ownership)
• Strategy to consolidate steadfast and traditional companies into one proficient supplier to the Nordic market

Key brands & companies

Insula's value chain
	Fish stations
	Processing
	Transportation
	Market
	Consumer
Focus on sustainability throughout the value chain from sourcing from sustainable fisheries, use of renewable input factors, re-use of non-renewable resources and production of goods with the lowest possible environmental impact

19 1) Hotels, Restaurants and Catering; 2) Actuals for 2017 and YTD Q3 2020, adjusted figures for 2018 and 2019. 2019 EBITDA impacted by restructuring of production structure and implementation of new ERP system – including closing of 4 production facilitates, expansion of the Leknes facility and new production lines in Stockholm, Fredrikshamn and Hvide Sande; 3) Based on YTD Q3 2020 revenue of NOK 4,475m and EBITDA of NOK 57m.

Other tenants with strong market positions providing further diversification

• Together the companies serve as a platform within industrial processing of pelagic fish, and the world's largest producer of (marinated) herring
• KMC has a 15 year bare-house agreement with Grøntvedt with options to extend for 10 further years at unchanged terms
• 2019 revenues of NOK 542m, with an average growth of 17.4% annually since 2014 excl. Grøntvedt Nutri ¹
• Grøntvedt has been headquartered at Ørlandet since 1999, approximately 50 minutes outside of Trondheim by boat. The location is strategic given the rich resources of pelagic fish in the North Sea

Net asset value build-up

Net asset value build-up Comments

• GAV is based on the market value of all properties in the portfolio valued by a third party appraiser, Cushman & Wakefield, as per end of Q2 2021
• NAV based on market value adjusted for items not expected to crystallize in a long-term hold business model, such as deferred tax in accordance with the EPRA reporting standard
• The objective with NAV shown is to demonstrate the fair value of net assets given a long-term investment horizon
• NAV estimate hence consists of book equity value and deferred tax as per IFRS Q2 2021 reported numbers
• NAV estimate of NOK 1,403 million and a NAV/share of NOK 5.8⁴

1) The total market value portfolio of all properties owned by the parent company and subsidiaries, as of 30.06.2021; 2) Acquisition of NOK 285 million industrial property at Mongstad, in July 2021; 3) Net asset adjustments consist of net working capital and net long-term assets; 4) 241,746,544 shares outstanding 22

External property valuation by Cushman & Wakefield

Total appraisal value and split per country Comments ¹

• The market value of the property portfolio, as of 30.06.2021 was valued at NOK 3,167 million (excluding the Moscow property)
• The Moscow property was valued at NOK ~140 million as of 30.06.2021
• The property portfolio value as of Q2 is 3,307
• During July 2021, an industrial property at Mongstad was acquired for NOK 285 million
• The total property portfolio adjusted for acquisitions post 30.06.2021 is NOK 3,592 million

Run-rate figures: Key metrics

▪ New contracts post 30 June 2021, including PSW Technology AS as a result of the acquisition of Storemyra at Mongstad ~NOK 285 million

▪ Additional rental income less property related expenses from the new contracts

Run-rate figures: Key metrics (continued)

• Run-rate opex does not include transaction costs
• Reported EBITDA Q2 2021 include the fair value adjustment of investment properties in the period, which are excluded from the run-rate calculations

EBITDA (NOKm) – Q2 2021 reported to run-rate IFPM (NOKm) – Q2 2021 reported to run-rate

▪ Run-rate net realised financials higher than reported Q2 2021 figures due to additional interest bearing debt and additional swap agreements after 30 June 2021

Overview of bond and other financial liabilities

Issuer:	Storm real Estate ASA
Status:	Senior secured
Issue size:	NOK 1,850,000,000
Settlement date	11 December 2020
Maturity date	11 December 2023
Use of proceeds:	The net proceeds from the bond shall, together with net proceeds from the equity issue, be used to i) finance certain acquisitions of properties and shares in property owning companies, ii) refinance existing debt and iii) general corporate purposes, including acquisition of the Additional Dutch Properties and the Additional Norwegian Property
Coupon type/level:	3 month NIBOR + 425bps p.a, quarterly interest payments
Amortisation:	None (100% repayment at final)
Call options:	MW 2.5 years, thereafter callable (in whole or parts) @ 101% of par (at par on the maturity date)
Financial Covenant (Issuer):	Net loan to value, interest coverage raito and min. liquidity
Distributions:	The higher of (i) 50% of previous years adjusted net profit and (ii) up to a maximum amount per share of NOK 0.20 per annum (subject to a pro rate adjustment for share dividends, share splits or similar transactions), subject to the incurrence test pro forma for any Distribution
CoC:	Put option at 101% of par if someone other than Bekken Invest or Kverva Industrier AS gains decisive influence over the Issuer, or if the Issuer is delisted
Listing:	Oslo Børs
Manager:	DNB Markets, ABG Sundal Collier ASA, Swedbank Norge

Bond terms Bank loan terms

	NOK million	Current interest	Interest terms	Weighted average amortisation plan (years)		Covenant compliant?
		Interest bearing debt at end of period
Bank loan	326.0	2.9%	3 months NIBOR + 2.5%	20.5	7.7	Yes
RCF	172.5	2.61%	3 months NIBOR + 2.25%	0.3	0.3	Yes

ESG at KMC Properties

To operate in a sustainable manner is important to KMC Properties and is seen as a prerequisite for the company's long-term results and value creation. KMC will introduce a systematic approach towards understanding and managing the company's impact on society and the environment, as well as stakeholder requirements and expectations. As per today, KMC works to integrate ESG into its business operations through the following measures:

• Code of Conduct promotes good business ethics, zero tolerance for corruption and money laundering and guidelines for equality and diversity
• All transactions with related parties (primarily the owners of the largest tenants) are carried out at arm's length terms and at fair market values
• Actively working to ensure a healthy environment for the tenants' employees

Environmental Social and Governance

• Actively working with tenants to reduce energy consumption, waste and pollution
• Prepare annual sustainability reports in co-operation with tenants
• Sustainability is a criteria for contract renewals and property acquisitions
• Refurbishment and construction follow provided guidelines to ensure climate protection and energy efficiency
• EDD (Environmental Due Diligence) reports are prepared in connection with acquisitions

Case study I: BEWi at Frøya

48%

The BEWi plant is the only Swedish supplier of EPP car parts Comments

The BEWi property at Frøya is strategically located in close proximity to Salmar, MOWI and Lerøy's fish slaughtering and processing facilities, which are key clients

BEWi produces EPS fish boxes, a key input factor to the production lines of salmon, as it ensures the freshness and quality of the fish

There are no other nearby production facilities for EPS fish boxes, and given the light weight and cost per box, it is not economically feasible to transport the boxes for longer distances, representing a barrier to entry for competitors

Case study II: BEWi at Skara

The BEWi plant is the only Swedish supplier of EPP car parts Comments

exchange for an extension of the contract by ~8 years

48%

30

Overview of the properties (I/II)

											Options		Cost coverage
#	Country	County	Address	Tenant (parent)	Type	Construction year	Lettable area (sqm)	Contract end	CPI adj.	Parent guarantee	Extension	Put/ call3	Maintenance	Property tax	Insurance
1		Wichjen	Nieuweweg 235			1970-2007	31,949	Dec-35	100 %		✓	✓	Tenant	Tenant	Tenant
2		Someren	Kanalstraat 107			1970-2017	25,950	Dec-35	100 %		✓	✓	Tenant	Tenant	Tenant
3		Glejberg	Tvilhovej 8			1970-2007	16,931	Sep-35	100 %	✓	✓		Tenant	Tenant	Tenant
4		Varberg	Traktorvägen	Insula AS		1955-2016	15,850	Apr-29	100 %	✓		✓	Tenant	Tenant	Tenant
5		Stjørdal	Havnegata 24			1971	14,200	Jun-28	0 %			✓	Tenant	Tenant	Landlord
6		Laholm	Halmstadsvägen 32			1929	13,800	Apr-28	100 %		✓		Tenant	Tenant	Tenant
7		Oldenzaal	Textielstraat 30			1970-2007	13,199	Dec-35	100 %		✓		Tenant	Tenant	Tenant
8		Hitra	Industriparken Jøsnøya			n.a.	13,000	Dec-21	100 %		✓		Tenant	Landlord	Landlord
9		Leknes	Havet 45			2010, 2020	12,356	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
10		Frederikshavn	Constantiavej 311			1946-2020	11,708	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
11		Moscow	Gasfield office building	75 contracts		2006	11,500	n/a	100 %				Landlord	Landlord	Landlord
12		Uthaug	Havneveien 1	Grøntvedt2		1990-2020	11,000	Nov-35	100 %	✓	✓	✓	Tenant	Tenant	Tenant
13		Kronoberg	Kanalvägen 6			n.a.	9,043	Dec-29	100 %		✓		Tenant	Tenant	Tenant
14		Zwartsluis	De Kalkovens 10			1980-2001	8,662	Dec-35	100 %		✓		Tenant	Tenant	Tenant
15		Maribo	Kidnakken 13			1970-2007	8,396	Sep-35	100 %	✓	✓		Tenant	Tenant	Tenant
16		Frøya	Hammarvikringen 64			2012	8,012	Dec-30	100 %		✓	✓	Tenant	Landlord	Landlord
17		Balsfjord	Industrivegen 15			2009	8,012	Dec-30	100 %				Tenant	Landlord	Landlord
18		Stjørdal	Havnegata 16			n.a.	7,248	Jul-32	100 %		✓		Tenant	Tenant	Tenant
19		Kungshamn	Guleskär 56			1995, 2004	7,166	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
20		Vårgårda	Åleden 13			1976	6,805	Apr-28	100 %		✓		Tenant	Tenant	Tenant

Combined Logistics Production Office

31 1) Also includes Århusgade 24; 2) Tenants are Grøntvedt Pelagic AS and Grøntvedt Nutri AS; 3) Call options on Insula properties are subject to the extension option having been exercised Note: Does not include greenfield development projects for BEWi at Hitra, Oppdal Spekemat in Oppdal and Slakteriet in Florø; does not include labels production facility, Engvej 13 ApS, in Denmark for which KMC Properties received acceptance of a conditional offer to acquire from Limo Labels A/S, for DKK 75 million (approximately NOK 106 million)

Overview of the properties (II/II)

											Options		Cost coverage
#	Country	County	Address	Tenant (parent)	Type	Construction year	Lettable area (sqm)	Contract end	CPI adj.	Parent guarantee	Extension	Put/ call3	Maintenance	Property tax	Insurance
21		Norrkøping	Ramshallsvegen 21			1973-76	6,700	Jun-32	100 %		✓		Tenant	Tenant	Tenant
22		Havøysund	Strandgata 105			1940-2006	6,680	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
23		Skara	Bjørkelundsgatan 14			n.a.	6,500	Sep-35	100 %				Tenant	Tenant	Tenant
24		Tørring	Torvegade 41			n.a.	5,739	Apr-28	100 %		✓		Tenant	Tenant	Tenant
25		Trondheim	Østre Rosten 102B	Abra Norge		2006	5,700	Dec-29	100 %		✓		Tenant	Tenant	Landlord
26		Hobro	Havrevænget 1			n.a.	5,070	Apr-28	100 %		✓		Tenant	Tenant	Tenant
27		Kuopio	Mastotie 7			1991-2010	5,051	Apr-29	100 %	✓		✓	Tenant	Tenant	Tenant
28		Levanger	Halsanveien 3-11			1965/1989	4,570	Dec-21	100 %		✓		Tenant	Landlord	Landlord
29		Gjerdsvika	Gjerdsvikvegen 208			1981-1996	4,450	Apr-29	100 %	✓		✓	Tenant	Tenant	Tenant
30		Båtsfjord	Strandvegen 4			1985-2020	4,333	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
31		Holbæk	Østerled 30			n.a.	4,150	Apr-28	100 %		✓		Tenant	Tenant	Tenant
32		Kongsvinger	Stømnervegen 1	Under negotiation		1990-2017	3,741	Sept-20
33		Melhus	Hofstadvegen 15	BEWi Energy		2008	3,125	Dec-29	100 %		✓		Tenant	Tenant	Tenant
34		Trondheim	Torgardsveien 11			2012	3,075	Dec-27	100 %				Tenant	Landlord	Landlord
35		Hvide Sande	Tungevej 2‐4			1984-2020	2,807	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
36		Bjugn	Valsnesveien 259			2016/2017	2,800	Dec-29	100 %	✓	✓		Tenant	Tenant	Landlord
37		Trondheim	Østre Rosten 102	Abra Norge		2004	2,475	Dec-29	100 %		✓		Tenant	Tenant	Landlord
38		Lundamo	Lyngenvegen 5			1975	2,200	Dec-29	100 %	✓	✓		Tenant	Tenant	Landlord
39		Tromsø	Skattørvegen 78			1999	1,877	Jul-30	80 %		✓		Tenant	Tenant	Tenant
40		Senja	Klubben Næringsomr.			2021	3,650	Dec-36	100 %	✓			Tenant	Tenant	Tenant
41		Thorsø	Skelvej 1			1962-2020	5,858	Mar-33	100 %	✓	✓		Tenant	Tenant	Tenant
42		Molde	Holamyra 24	PTG Frionordica		2011/2020	2,919	Dec-37	100 %	✓	✓		Tenant	Tenant	Tenant
43		Mongstad	Storemyra 200	PSW Technology		2019	10,734	Jul-33	100 %	✓	✓		Tenant	Tenant	Tenant

Combined Logistics Production Office

32 1) Also includes Remmaren 1; 2) Contract with Insula expired Sept. 2020; 3) Call options on Insula properties are subject to the extension option having been exercised Note: Does not include greenfield development projects for BEWi at Hitra, Oppdal Spekemat in Oppdal and Slakteriet in Florø; does not include labels production facility, Engvej 13 ApS, in Denmark for which KMC Properties received acceptance of a conditional offer to acquire from Limo Labels A/S, for DKK 75 million (approximately NOK 106 million)

Important information

This presentation has been prepared by KMC Properties ASA ("KMC Properties ASA" or the "Company"). The presentation and the information contained herein may not be disclosed, taken away, reproduced, redistributed, copied or passed on, directly or indirectly, to any other person or published or used in whole or in part, for any purpose. 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. By attending a meeting where this presentation is presented, or by reading the presentation slides or by otherwise receiving this presentation or the information contained herein, you agree to be bound by the following terms, conditions and limitations.The presentation is for information purposes only, and does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company in any jurisdiction The materials are for information purposes only, and do not constitute or form part of 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. The materials comprise a general summary of certain matters in connection with the Company, and do not purport to contain all of the information that any recipient may require to make an investment decision. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice.

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