Entra

Earnings Release • Feb 24, 2015

Entra ASA : Solid rental and value growth

Entra ASA : Solid rental and value growth

Rental income increased to NOK 449 million in Q4 2014 (NOK 416 million in Q4

2013) while net income from property management increased to NOK 328 million

(NOK 274 million). Profit before tax was NOK 435 million (NOK 230 million),

while total comprehensive income was NOK 311 million (NOK 291 million) in Q4

Highlights:

* Rental income of 449 NOKm in Q4 2014 (+ 8 % on Q4 2013) and 1,772 NOKm in

2014 (+ 9 % on 2013)

* Net income from property management of 328 NOKm in Q4 14 (+ 19 % on Q4

2013) and NOK 1,399 NOKm in 2014 (+ 18 % on 2013)

* Positive value changes in the property portfolio of 560 NOKm in Q4 14 and

1,195 NOKm in 2014

* Proposing a dividend of NOK 2.50 per share for 2014

* Net letting of ~ 15,000 sqm (27.4 NOKm in annual rent) in Q4 14

* Start of project Media City Bergen

* Sale of non-core assets

"We are pleased to have achieved 9 % growth in rental income and 18  % growth in

net income from property management in 2014", says Arve Regland, Acting CEO in

Entra. Rental growth has been driven by completion of several development

projects, net property acquisitions and an underlying 3.3 % like-for-like growth

on the lease contracts. "In the fourth quarter of 2014 and beginning of 2015 we

have taken advantage of the competitive transaction market and sold out a major

part of our non-core assets. Going into 2015 focus is on growth within our

strategic focus areas as well as further streamlining of our core operations and

cost base" adds Arve Regland

Letting

Entra signed new and renegotiated leases with an annual rent totalling NOK 35

million (21,192 square metres) and received notices of termination on leases

with an annual rent of NOK 8 million (6,234 square metres). The increase in rent

on the renegotiated contracts was on average 7%.

Project development

During Q4 the signature project Media City Bergen in Lars Hilles gate 30 in

Bergen was commenced. The project comprises total renovation of existing 35,000

square metres and an extension of 10,000 square metres and will house the

largest media companies in Bergen. TV2, NRK, Bergensavisen, Bergens Tidene, the

Media Faculty of Bergen University, and the graphics company Vizrt have signed

lease contracts, and the letting process for the remaining areas has started.

About 60 % of the building is currently pre-let. The project is owned by the

jointly controlled entity Entra OPF Utvikling AS, where Entra owns 50 %.

The numbers are restated as a result of changed accounting principle for three

properties from IFRIC12 to IAS 40

For further information, please contact:

Arve Regland, Acting CEO. Mobile: +47 479 07 700, Mail: ar@entra.no

About Entra

Entra is a leading owner, manager and developer of office properties in Norway.

Entra owns and manages 105 buildings totalling approximately 1.3 million square

meters, primarily located in Oslo and the surrounding region, Bergen, Stavanger

and Trondheim. As of 31 December 2014, the market value of the property

portfolio was approximately NOK 28 billion.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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