Baltic Sea Properties

Investor Presentation • Apr 18, 2024

BALTIC 유럽증

COMPANY PRESENTATION

April 2024

Disclaimer

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The information in this Presentation has been prepared by Baltic Sea Properties AS ("BS") or the "Company", and together with its subsidianes the "Group").

This Presentation and the internation of be disclosed, taken away, eproduced, redistributed, copied of noticedly, or any healphier, to any other person (whether within or outsize on firm) or published or used in whole or in part, for any purpose except as explicity agreed in writing with the Company.

This Presentation is for information purposes only and of any offer or recommendation to purchase, sell or subscribe in any jurisdiction and neither the information no anything contained herein shall form the basis of or be release with, pr act as an inducement to enter into, any investment activity. The Presentation on certain matters in connection with the Group, and do not purport to contain all of the incremation that any Recpient may require to make an investment should seek is own independent advice in relation to any financial, legal, fax, accounting or the specialist advice.

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The Presentation is subject to Norwegian law, and any in resect of this presentation is subject to the exclusive jurisdiction of Norwegan courts with Sslo as legal venue.

Exploring avenues for funding of growth

Baltic Sea Properties is a Norwegian publicly listed, open-ended and fully integrated investment company ...

... with a supportive shareholder base and a compelling track record of valueenhancing growth ...

... and has now initiated a process to review options for the company to accelerate further growth

Baltic Sea Properties is a compelling investment case

The Baltics is a robust region with fast-paced growth

Higher portfolio yields provides interest rate protection and upside potenntial

Long WAULT coupled with favourable tenant contracts ensures cash flow stability

Building for the future -BREEAM certification on all new projects

Attractive investment potential - low pricing relative to peers based on cash flow

• ✓ Robust economy with strong macrooutlook
• ✓ Multiple fundamental drivers for growth
• √ Well regulated environment, with progressive governance and highly skilled labour
• V Excellent developed infrastructure
• V Regional stability and security
• ensured by Euro, 6 EU and NATO memberships

• Superior cash flow returns to Nordic peers

• Solid bank V financing with favourable terms
• V Significant yield gap to Nordic logistic peers
• V High yields provide headroom to financing costs
• ✓ All-in financing cost with downside potential

• V WAULT of ~9.1 years provide cash flow predictability
• ✔ Triple net bare house lease agreements ensure minimal property related expenses
• ✓ Tenant mix of global industry leaders with diversified sector exposure
• / Investment & development company, forward-leaning with growth plan to operational efficiency and long-term success

• V Recognised as the Strongest Logistics Developer brand in the Baltics from 2020-2022
• ✔ Solid pipeline of development projects - with 17,255 sqm hallmark project for Rhenus and 4,340 sqm for ESO already secured
• Requirement of BREEAM in-use certification minimum "Very Good" on all new projects

• V Significant share discount (25-30 %) to NAV
• ✔ Strong growth opportunities to increase economy of scale to >100 EURm NAV
• V Solid dividend track record 2-3% p.a. and share buyback program for added liquidity
• ✔ Very attractive risk adjusted return projections of 10-15 % IRR

Contents

01. Introduction to Baltic Sea Properties

1. Portfolio overview

2. Trading update

3. Appendix

BALTIC SEA PROPERTIES

Baltic Sea Properties is an open-ended and fully integrated commercial real estate investment company focusing on logistics and industrial in the Baltics listed on Euronext Growth

Internationally-recognised, high-quality developer of logistics and industrial real estate in the Baltics

Full-service, local management team with deep knowledge of the Baltic real estate market

Diversified portfolio of high-quality assets backed by solid tenants on long favourable lease agreements

A solid track record of delivering complex, large-scale build-to-suit projects coupled with significant land bank

Attractive yield-gap to the Nordics coupled with a robust Baltic economy with strong growth outlook

=== NAV/share (EUR) === NOI yield

High-level investment strategy

A leading real estate company in the Baltics

Focused on long-term relationships and total shareholder return

Company overview

• · Baltic Sea Properties is a Norwegian public listed, open-ended and fully integrated investment company and is listed on Euronext Growth
• · The company owns, develops and manages commercial real estate in the Baltics - primarily focused on logistics, industrial and retail
• · Full-service, local management team with deep knowledge of the Baltic real estate market
• · Well-positioned for growth through development and M&A opportunities

Attractive return - target of annual IRR 10-15 % and dividend of 1.5-3.0 % of Net Asset Value

Growth outlook - In addition to contracted projects - advanced project pipeline of ~41,000 sqm coupled with 217,00 sqm new development land bank

BREEAM In Use – building to be certified with BREEAM in-use certification minimum "Very Good"

Proven track record delivering high-quality projects

Developing state-of-the-art facilities for global industry leaders with sound environmental footprint

BSP Park - Vilnius A4 | Logistics

BSP Park - Vilnius West | Logistics

BSP Park - Vilnius A1 | Logistics

BREEAM In-Use: Very Good
2020(3)	9,265
Completed	Sqm GLA
11.9	Oribalt
WAULT	Tenant

BSP Park Šiauliai FEZ & BSP Park Telšiai | Logistics

A quality developer and an ambitious long-term investor

Diversified, high-quality portfolio coupled with material upside in large development land bank

Investment projects

• · Possesses a diverse and modern real estate portfolio across logistics, industrial, and commercial sectors, generating consistent cash flow
• · Focus on developing long-term relationships with strong clients and to hold high-quality assets in attractive locations
• · 11 investment projects in total spread across Lithuania
• · Equity allocation to investment portfolio: >65 %

■ Logistics ■ Industrial ■ Commercial■ Logistics ■ Industrial ■ Commercial

Development projects

• In addition to a large project pipeline - owns a 217,000 sqm land bank and is an active developer of logistics, industrial and commercial projects
• Baltics' strongest brand for development in the logistics segment at the European Real Estate Brand Awards for three consecutive years (2020-2022)
• "Logistics/Industrial developer of the year" in the Euromoney Real Estate Survey 2020
• Equity allocation to development: < 35 %

Quality real estate

Long-term

Sustainability is an integral part of the development strategy

All development projects to be certified in line with BREEAM-framework

Dedicated approach ensures sustainable development

Emphasis on longevity and flexibility for future adaptation with efficiency-focused designs

Solar panels, heat pumps and both internal and external LED-lighting in all buildings

Waste, recycling and smart water systems

Positioned to comply with coming EU Taxonomy requirements

Secured projects testament to new-build approach

• √ 17,255 sqm expansion of the existing logistic terminal
• √ 15-year lease agreement
• V BREEAM-certified

• √ New office and warehouse development for the largest energy company in the Baltics
• 10-year triple net lease agreement
• BREEAM-certified

Strong development pipeline across different segments

The Baltics at a glance

Robust outlook based on leading indicator forecasts(1)

Fundamental drivers support strong market outlook

• √ Strong GDP growth in past economic cycle and well positioned for future growth
• ✓ Low public and private debt levels
• V Well regulated environment, with progressive governance and highly skilled labour
• ✔ Nearshoring and global supply chain regionalisation Baltics well positioned
• √ Global & regional competitive advantages from cost, proximity and efficiency
• √ Excellent infrastructure: Lithuania ranks 2nd in CEE for high-quality cargo routes linking Western Europe and Asia
• ✓ Economic stability & regional security ensured by Euro, EU and NAO membership

Gaining recognition from global industry leaders

Wide-open transaction market for Baltic logistics

Seller: Rimi Buyer: East Capital(2) Price: ~SEK 1bn Area (sqm): 94,000

Dec 2023

Seller: Technopolis Lietuva Buyer: Lords LB Fund Price: na Area (sqm): 106,000

Seller: Nor Property AS Buyer: Prosperous Price: ~EUR 25m Area (sqm): 39,000

13

The Lithuanian economy is experiencing dynamic growth and thriving opportunities

Lithuania - strategically situated in the heart of Europe

Competent organisation well-positioned for further growth

Management supported by local, full-service team with deep first-hand knowledge of the Baltic real estate market

Nordic governance coupled with strong local knowledge

Local team

Lars Christian Berger Group CEO (Oslo) M.A. Business and Finance, Heriot-Watt

Extensive experience from asset management of multiple real estate funds across CEE.

Significant experience as financial controller for multiple real estate funds.

Board members

James Andrew Clarke Chairman & CIO Executive MBA, BMI Executive Institute B.Sc. Construction Management & Engineering, SETU

25 years' experience in construction, development & investment in the Baltics, UK & Ireland.

Sigitas Jautakis Managing Director, Vilnius M.Sc. Economics, Vilnius University

Previously Head of Newsec Asset and Property Management in the Baltics.

Rolandas Jonuska Managing Director, Klaipėda Executive MBA, B.Sc. Mechanical Engineering, Klaipėda University

20 years' experience in real estate development & property management.

John Mosvold Board Member (non-executive)

Extensive corporate and real estate experience in the Nordics and the Baltics.

Bjørn Bjøro Board Member (non-executive)

Experience from real estate investments in Norway and the Baltics.

Julija Nikitraviciene Head of Legal

LL.M., Vilnius University, Law

Previously Associate Partner in Ellex Valiunas with focus on corporate law in real estate.

Additionally, BSP employs topquality local staff responsible for a wide range of tasks including client help desks, accounting, project management, property management and facility management

John Afseth Board Member (non-executive)

Vast experience from multiple public & private companies across Europe.

A strong platform for continued growth

• EUR ~100m diversified portfolio of highquality assets
• 16 % y-o-y increase in rental income, coupled with low-single digit property expenses through triple-net contracts
• Long WAULT of 9.1 years provides predictability in future cash flows
• Net LTV of 56.4 % with attractive yield spread enables high cash returns
• · Market leaders with global presence and longstanding operating track record
• · Close to 100 % occupancy combined with long lease agreements ensures stable cash-flows
• · Demonstrated track record of developing state-of-the art, BREEAMcertified properties - with announced Rhenus-expansion and ESO new development - testaments to our leading newbuild approach

• Growth to come from continued investments in sustainable, state-of-theart development projects for both existing and new clients
• · Current pipeline and potential projects of EUR ~60m at 7.85-8.5 % yield on cost
• Target 15 % annual return based on 13 % NAV growth coupled with 2-3% annual dividend

Significant access to quality development projects of >EUR 200m by 2028

17 Source: These are based on the management surrent were and involve both incom and inform is is and uncertaintes and assumptions that are within and outside the naragener's control. Although the company in pliet in any such estimates are reasonable, no assurance can be given that such expectations will prove to be correst

Investment Highlights

Uniquely positioned to capitalise on value-add investment cases through local know-how

Contents

1. Introduction to Baltic Sea Properties

2. Portfolio overview

3. Trading update

4. Appendix

Portfolio overview

EUR 8.3m

Contracted rent

2024e

21

Long WAULT, solid tenants and attractive locations

#	Company	Segment	Tenant anchor	Run rate 2024 rent (EURm)	GLA	WAULI
1	BSP Park - Vilnius East	Logistics	Girteka		17,149
2	BSP Park - Vilnius A3	Logistics	Vingės		21,929
3	BSP Park - Vilnius A4	Logistics	Rhenus		18,226
4	BSP Park - Vilnius West	Logistics	Delamode		13,205
5	BSP Park - Vilnius A1	Logistics	Oribalt		9,629
6	BSP Park - Telšiai	Logistics	DPD - Telsiai		1,771
1	BSP Park - Šiauliai FEZ	Logistics	DPD - Siauliai		2,370
8	Klaipėda Business Park - FEZ	Industrial	Multiple		23,990
9	BSP Retail	Retail	Multiple		1.337
10	BSP Retail II	Retail	Maxima		3,021
11	Grandus SC - Klaipėda	Retail	Multiple		11,437
	Sum			8.32	124,064	9.1
EUR 99.8m GAV			100 % Jecupancy		Low property expenses triple net AARTIAATA

Оссирапсу

8.1 %

NOI-yield

Asset overview

BALTIC SEA
PROPERTIES

있

contracts

8.7 %

Gross yield

Solid tenants with exposure towards attractive industries

Client mix of market leaders with long operating track record on global scale in diversified segments

Key tenant overview

>25 % of income comes from anchor tenants Rhenus Logistics and Delamode Baltics

Rhenus Logistics

Rhenus Logistics is a subsidiary of the Rhenus Group which has, since it was founded in 1912, become one of the leading global logistics service provider. They operate in more than 40 countries.

Tenant key metrics

23

Delamode Baltics

One of the largest growing international freight companies in the Baltics, owned by the PE Fund BaltCap. Considered a specialist in transporting freight safely and cost effectively within 24/48hrs, via its domestic network.

Tenant key metrics

Key tenant overview

BSP attracts high-profile clients

Vingės Terminalas is a part of Vingės Logistics Group - a Lithuanian market leader in providing logistics services.

2 Tenant ranked by contracted rent

21,929 sqm Total GLA

14.8 years WAULT

14.1 % Share of total income

15.5 % % share of total GLA(1)

Girteka Logistics, one of Europe's leading transportation companies based in Vilnius.

3 Tenant ranked by contracted rent

17,149 sqm Total GLA

2.0 years WAULT

12.4% Share of total income

12.1 % % share of total GLA(1)

Oribalt

Oribalt Group provides a wide range of logistics services, mainly to the pharmaceutical industry.

5 Tenant ranked by contracted rent

9,625 sqm Total GLA

11.9 years WAULT

7.7% Share of total income

6.8 % % share of total GLA(1)

The parcel-delivery group DPD is one of the world's largest distribution operators.

6 Tenant ranked by contracted rent

4,141 sqm Total GLA

16.3 years WAULT(2)

3.9 % Share of total income

2.9 % % share of total GLA(1)

Klaipėda Business Park (KVP) is the leading business park in Western Lithuania.

Industrial Segment

24,500 sqm Total GLA

4.1 years WAULT

18.5 % Share of total income

19.3 % % share of total GLA(1)

24

Development projects with tenants secured

Contracted projects

Liepų Parkas – Klaipėda

GLA: 15,540 sqm

18

Status: Stage 1 is currently under construction, aim to becoming a preferred business and retail park for both renowned Lithuanian and international companies.

Stage 1 ESO 4,340 sqm signed

Stage 2 LOI 2,400 sqm signed

Stage 3 & 4 Additional 8,800 sqm

Pipeline (own land development)

ocation	Area (san
Klaipėda Business Park -Klaipėda FEZ (stage 4)
Klaipėda Business Park - Klaipėda FEZ (stage 5)
Liepu Parkas - Klaipėda (stage 3)
Liepu Parkas - Klaipėda (stage 4)
BSP Park - Vilnius West (stage 3 - Delamode)
BSP Park - Vilnius West (stage 4 - Delamode)
BSP Park - Vilnius A1 (stages 2,3 & 4)
BSP Park - Vilnius A4 (stage 4 - Rhenus)
BSP Park - Šiauliai FEZ (stage 2 - DPD
BSP Park – Šiauliai FEZ (stage 3 – DPD
BSP Park - Šiauliai FEZ (stage 4)
Total	19.8

BSP Park - Vilnius A4

2 17,300 sqm extension signed

GLA: 18,226 sqm + 17,300 sqm + 2,000 sqm (possible additional extension)

Status: In detail plan process, strategically located by the A4 Highway to Vilnius, adjacent to Rhenus terminal. Construction est. to start in 1H 2025.

Pipeline (BTS(1)-negotiations)

Location	Area (sqm)
TBA - Vilnius
TBA - Vilnius
TBA - Riga
TBA - Vilnius
TBA - Kaunas
Total	50,500

Contents

1. Introduction to Baltic Sea Properties

2. Portfolio overview 03. Trading update

3. Appendix

Group key figures

		2022	2025
P&L
Gross rental income	EURm	6.88	7.99
Property expenses	ଚ୍ଚ	3.1	3.9
Net rental income	EURm	6.67	7.67
Operating costs	EURm	2.09	1.80
EBITDA	EURm	4.69	5.86
IFPM	EURm	2.95	2.92

Portfolio
Fair value of portfolio(1)	EURm	96.7	99.7
NOI yield(2)	೪೪	7.9	8.1
IBD(3)	EURm	57.5	53.8
Net LTV(4)	ହର ହେ	57.0	56.4
ICR	X	2.4	2.1
WAULT	yrs	9.1	9.1
Occupancy (%)	১ৎ	99	100

Per share
NOSH	#m	6.7	6.7
NAV	EUR/share	5.91	6.13
Return on NAV(5)	ర్లం	12.2	6.4
DPS	EUR/share	0.15	0.15

28

Key financial highlights as of Q4 2023

• · Gross rental income of ~EUR 8m per Q4 2023 (16 % LTM growth)
• · Fair value of portfolio of EUR 99.7m with 8.1 % NOI yield
• · Long WAULT of 9.1 years coupled with 100 % occupancy rate
• · · Net loan-to-value ratio of 56.4 %
• Net asset value (NAV) per share was EUR 6.13
• · Return on equity 2023 13.1 % (NOK) & 6.4 % (EUR) inc. dividend

Equity value based on NAV (EURm)

Note: (1) holuding development land value, (2) Only on investment projects, (3) holuting mezzanine and seller credit, (4) holuding dividend Source: Company Q3-report 2023

Financing overview

Key terms and debt mix

As of Q4 2023
IBD, incl mezzanine and seller credit	EURm	58.3
Net LTV	%	56.4
ICR	×	2.1
12-month interest margin	లిం	2.8
Interest hedge ratio	లిం	4.3
Interest hedge maturity (weighted)	yrs	1.3
Debt maturity	yrs	3.4

Maturity profile

Real Estate yield spread comparison

Yield spread to the Nordics enables high cash yield returns and growth potential

Significant headroom to financing costs compared to Nordic peers provides competitive advantage

Note: (1) Average bank magins are bossed in which averge margins for new real estable in and and one the for have been applied aross the catas series for Norwegian comparis 30 (2) All-in BSP financing cost is current average bank margin in BSP group + 5y EURIBOR SWAP Source: Union, Akershus Elendom, Newsec, Norges Bank, Company information, SEB Swap Rates as of 157 April 2024

Robust project pipeline showcases scale effect

GAV/EV set to reach EUR 121m with contracted projects – further access to projects for upside potential

		Run-rate 2024 (GAV)	Run-rate 2024 (EV)(1)	Contracted projects (Rhenus & ESO)	contracted (GAV)	Run-rate 2024 incl. Run-rate 2024 incl. contracted (EV)(1)
GRI	EURm	8.3	8.3	1.7	10.0	10.0
Property expenses	EURm	0.3	0.3	0.0	0.3	0.3
NOI	EURm	8.0	8.0	1.7	9.7	9.7
% margin	96	97.0	97.0	100	97.3	97.3
Central adm	EURm	1.3	1.3	0.0	1.3	1.3
Company cost	EURm	0.6	0.6	0.0	0.6	0.6
EBITDA	EURm	6.1	6.1	1.6	7.8	7.8
% margin	96	73.5	73.5	94.9	79.8	79.8
Finance	EURm	3.4	3.4	0.8	4.2	4.2
IFPM	EURm	2.8	2.8	0.8	3.6	3.6
GAV/EV	EURm	99.8	83.6 ~30 % discount	21.3	121.1	104.9
NAV/MCAP	EURm	41.0	28.7	6.9	47.9	35.6
GRI-yield	96	8.3	9.9	7.9	8.3	9.5
NOI-yield	96	8.1	9.6	7.9	8.0	9.3
EBITDA-yield(3)	୨୦	6.1	7.3	7.7	6.4	7.4
IFPM-yield(3)	ಗಾ	6.8	9.6	11.7	7.5	10.0

31 both incovn and unities and uncertaintes and assuments control. Altroughted on and of the company believes that the expections implied in any such estimates are easonable, no assurance can be given hat such est be corrent company with higher sier head costs, with a forward-learing major growt prair a is ley to maximizing operational efficiency and long-term success .

Strong earnings and high growth strategy in place

Positioned to capitalise on the growing market demand - contracted projects effect

Gross asset value and NOI-yield GAV (EURm) NOI-yield (%) +21% -121 8.4 % 100 97 8.1 % 8.1 % 8.0 % 75 7.9 % 65 64 7.6 % 2019 contracted projects

NOI and EBITDA-margins are high and increasing

32

Market overview

Real estate in the Baltics remain an attractive investment target

Market trends in the Baltics

• · The Baltic capitals are witnessing a growing demand for modern office spaces and in Vilnius, the office sector surpassed 1,000,000 sqm in 2022
• · Strong logistics and industrial real estate demand in the Baltics, also related with global supply chain regionalisation trends.
• · Increased demand for new office buildings as employers strive to stand out in the labour market and attract top-qualified employees

Macroeconomic factors favouring the Baltics

• · Significant yield gap advantage between the Baltics and the Nordics
• · Positive gap to the EURIBOR increases financing headroom, with the 5-year swap now at 2.8 %(1)
  • In comparison, the NOK 5-year swap is 4.16 %
• · Higher yields coupled with decreasing interest rates creates a strong investment case for BSP compared to both Norwegian and Swedish peers

Real estate investments split by region and asset class

Comparison of BSP against selected Nordic public logistics peers(2)

	NOI vield	IFPM yield (on mCAP)	LTV	Discount (NAV)
BALTIC SEA PROPERTIES	8.1 %	10.0 %	56.4 %	30.0 %
KMC II PROPERTIES	7.3%	6.3 %	55.6 %	-1.9 %
CATENA	5.3 %	4.4%	36.5 %	-38.6 %
eastnine O	6.0 %	6.62 %	58.0 %	15.9 %

Strong business position	Attractive growth enabled by our longstanding customer relationships, unique landbank, access to quality projects and a strong financial position
Solid financials and capital structure	Strong cashflows and balance sheet provides flexibility and opportunities
Creating value over time	Attractive investment potential - 30 % discount on NAV Building long-term value and shareholder return - 20 % IRR
A sustainable property owner	BSP is taking long-term responsibility and builds for the future
Resilient Baltic region	The Baltics boasts a robust economy with growth, progressive governance, skilled labor, excellent infrastructure, and stability ensured by Euro, EU, and NATO memberships

Contents

01. Introduction to Baltic Sea Properties

1. Portfolio overview

2. Trading update

3. Appendix

Tenant overview

Company structure and shareholder overview

Shareholder	Shares held	In %
UAB Baltic Equity	1,832,721	27.4%
Centralkirken	1,098,260	16.4 %
Carpe Diem Afseth AS	376.434	5.6 %
Pippi Invest AS	225,000	3.4%
Trivon AS	225,000	3.4 %
Gambit AS	173,000	2.6 %
Eiendomskapital Norge V AS	143,060	2.1 %
Pascal Holding AS	103,703	1.6 %
Lilleby, Dag Haakon	100.000	1.5 %
Olav Hjorteset As	91.481	1.4 %
Rieve Kapital As	86,838	1.3 %
Andersen-Gott, Tore	59,139	0.9 %
Hjorteset, Olav	58,519	0.9 %
Dupuy, Pascal Frederic	57,658	0.9 %
Dupuy, Berit Myhre	57,657	0.9 %
Bonavista AS	52,628	0.8 %
Brødrene Hjorteset AS	52,578	0.8 %
JED Invest AS	46,000	0.7 %
Eger, Nicolai Andreas	45,600	0.7 %
Oppøyen, Alf	40,000	0.6 %
Sum - Top 20	4,925,276	73.6 %
Issued - Total	6,688,232	100.0 %

Historical P&L

Consolidated P&L in m EUR	2020	2021	2022	2023
Rental revenue	5.8	6.3	6.9	8
Property expenses (ex. mgmt fees)	-0.2	-0.1	-0.2	-0.3
nol	5.5	6.1	6.7	7.7
in %	96 %	98 %	97 %	96 %
Other operating income	0.1	0.2	0.1	0.1
Administration and other costs	-1.4	-2	-2.1	-1.9
EBITDA	4.3	4.4	4.7	5.9
Net financial costs (income)	-1.9	-1.8	-1.8	-2.9
Income from property management (IFPM)	2.4	2.6	2.9	2.9
Profit before tax	1.9	9.2	5.5	2.6
Net Income	1.4	8.1	4.7	2.5
Gross yield(1)	8.40 %	8.80 %	8.60 %	8.60 %
NOI yield(2)	8.00 %	7.60 %	7.90 %	8.10 %
EBITDA margin	73 %	68 %	72%	75 %
Dividend yield	2.7 %	2.8 %	2.5 %	2.5 %
Weighted avg. diluted shares out. (millions)	6.7	6.7	6.7	6.7
NOK/EUR rate - annual average	10.7	10.2	10.1	11.4

38

Balance sheet

Consolidated Balance Sheet in m EUR	2020	2021	2022	2023
Assets
Investment property	64.7	75.4	96.7	99.8
Other assets	1.1	2.1	3.1	2.9
Total non-current assets	65.8	77.5	99.8	102.7
Trade receivables and other current assets	0.2	0.4	0.7	0.6
Cash and cash equivalents	3.7	5.3	4.2	3.6
Total current assets	3.9	5.7	4.9	4.2
Total assets	69.7	83.2	104.7	106.9
Liabilities
LT debt	14.5	37	51.5	54.9
Deferred tax	1	3.4	4.1	4.3
Other non-current liabilities		2.5	2.3	2.6
Total non-current liabilities	15.5	42.9	57.9	61.8
Current portion of LT debt	22.6	3.6	5.7	1.2
Trade payables and other liabilities	1	1.9	2.5	ব
Total current liabilities	23.6	5.5	8.2	5.1
Total liabilities	39.1	48.4	66.1	66.9
Equity
Equity as recognised in balance sheet	30.6	34.8	38.6	40
Deferred tax according to balance sheet		3.4	4.1	4.3
Equity excluding deferred tax		38.2	42.7	44.3
Deferred tax according to BSP original NAV definition		-2.1	-3.2	-3.4
Net asset value - BSP method(1)		રેક	39.5	40.9
LTV (inc. cash)(2)	50 %	50 %	57 %	56 %
NOK/EUR rate	10.5	10	10.5	11.2

33 Source: Company financial reports

Terms/abbreviations used in this presentation

• BREEAM = BRE Environmental Assessment Method) is an environmental assessment standard developed by the Building Research Establishment (BRE) for rating the sustainability of buildings
• · EBITDA = Earnings before interest, tax, depreciation and amortisation
• · FPM yield = Income From Property Management / Net Asset Value (NAV)
• GLA = Leasable area
• · IBD = Interest-Bearing Debt all outstanding debt to credit institutions and/or other credit facilities
• · IFPM (Income From Property Management) = Profit/loss before tax excluding depreciations, profit/Ioss/value movements on properties, realised investments, currency and other financial instruments
• LTV = Loan to Value ratio
• · NAV = Net Asset Value of the total value of the company's assets minus the total value of its liabilities)
• · Net rent = Income from rental activity from property portfolio minus ( -) all unrecovered property expenses ( not including internal property management fees)
• · NOI = Net operating income from property portfolio (incl. internal property management expenses)
• · NOI yield = NOI / Market value of the investment portfolio excluding development land value (land bank)
• · PFPM (Profit From Property Management) = Profit/loss after tax excluding depreciations, profit/loss/value movements on properties, realised investments, currency and other financial instruments
• · PFPM yield = Profit from Property Management / Net Asset Value (NAV)
• · WAULT = Weighted average unexpired lease term

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