KMC Properties ASA

AGM Information • Sep 30, 2016

TRANSLATION OF MINUTES FROM

EXTRAORDINARY GENERAL MEETING

IN STORM REAL ESTATE ASA

On 30 September 2016 at 09:00 am, an extraordinary general meeting was held in Storm Real Estate ASA at Dronning Mauds gate 3, Oslo

The annual general meeting was declared opened by the chairman of the board Stein Aukner, in accordance with the articles of association Section 10.

Present:

18 shareholders. Total number of shares represented was 6,713,054 shares, of which 6,051,716 shares were represented by proxy. In total 36.6% of the total outstanding shares and votes were represented, of which 33.0 % by proxy.

The annual general meeting then went through the agenda.

The General Meeting was chaired by the Chairman of the Board according to the company's Articles of Associations §10. The chairman asked if there were any comments to this. There were no objections.

1 APPROVAL OF THE CALLING NOTICE AND MEETING AGENDA

The chairman asked if there were any comments to the calling notice or agenda. As there were no objections, the calling notice and agenda were unanimously approved. The chairman declared the annual general meeting as legally opened.

2 ELECTION OF PERSON TO COUNTERSIGN THE MINUTES FROM THE MEETING TOGETHER WITH THE CHAIRMAN

Erik Mathiesen was chosen to countersign the minutes from the meeting together with the chairman. The resolution was unanimous.

3 A CHANGES TO ARTICLE, NUMBER OF BOARD MEMBERS

The general meeting made the following resolution. The resolution was unanimous. 709 759 shares abstained from voting.

The Articles §5 is amended to the following wording:

"The board of directors of the company shall consist of minimum 3 members. The chairperson of the board of directors solely, or two members of the board of directors jointly, shall have authority to sign for the company. The board of directors may designate procurators."

4 ELECTION OF BOARD MEMBERS

It was proposed that Kim Mikkelsen is elected as alternate member instead of Christopher Ihlen who steps down, and that the board would as such consist of 3 members and 1 alternate.

The general meeting made the following resolution. The resolution was unanimous. 709 759 shares abstained from voting.

Kim Mikkelsen is elected as alternate director. Christopher Ihlen steps down as alternate member. The remaining board was not up for election and will remains in their roles.

***

There were no further on the agenda. The annual general meeting was declared closed.

Oslo, 30 September 2016

_______________ ________________

Stein Aukner Erik Mathiesen

Please note that this English translation of the minutes is for information purposes only and that the Norwegian minutes shall prevail in case of any inconsistencies.