Entra

Earnings Release • Jul 23, 2014

Entra Eiendom: Press release - Second quarter 2014: High level of activity and solid results

Entra Eiendom: Press release - Second quarter 2014: High level of activity and solid results

(Oslo, 23 July 2014) In the second quarter of 2014 rental income increased to

NOK 420 million against NOK 402 million in the same quarter of 2013. The net

income from property management was NOK 341 million in the second quarter of

2014 against NOK 284 million in the second quarter of 2013. For the first half-

year 2014 Entra increased rental income to NOK 830 million against NOK 775

million in the same period last year. The net income from property management

was NOK 662 million against NOK 567 million in the first half-year 2013.

"Growth in rental income is primarily due to good, long-term work on lettings,

sound project execution and net property purchases within Entra's strategic core

areas. Entra's strategy is to deliver profitable growth in the four largest

cities in Norway by offering flexible, environmentally leading office premises

close to public transportation hubs. In the second quarter of 2014 Entra

acquired Lilletorget 1 in the centre of Oslo. We have also sold properties in

non-strategic areas, such as UP Entra AS in Hamar where Entra had a holding of

50 per cent", comments Klaus-Anders Nysteen, CEO of Entra.

The profit before tax was NOK 331 million in the second quarter of 2014 and the

profit after tax ended at NOK 250 million. For the first half of 2014 the

aggregate profit before tax was NOK 416 million and profit after tax NOK 316

million.

Entra has signed several new and renegotiated leases during the quarter for an

aggregate annual rent equivalent to approximately NOK 32 million (approximately

13 500 square metres). The corresponding figures for the first half-year are NOK

106 million (approximately 49 500 square metres).

" We are very pleased to have signed an important lease for the new office

building Papirbredden 3 (Grønland 51) in Drammen where construction is now

commencing. In addition to the lease contracts referred to above we are

particularly proud of MediaCity Bergen, where we have signed leases with major

media companies such as TV 2, NRK, Bergens Tidende, Bergensavisen, the Media

faculty of Bergen University and the graphics company Vizrt, which have all

decided to move their activities to Lars Hilles Gate 30", says Nysteen. The

property is expected to be completed in 2017. MediaCity Bergen is owned by Entra

OPF, which is owned by Entra and Oslo Pensjonsforsikring with 50 per cent each.

The valuation of the property portfolio resulted in a value increase on

investment property of NOK 272 million in the second quarter of 2014. In

aggregate Entra's property portfolio had a value of approximately NOK 27 billion

at the end of the second quarter.

Environmentally leading project portfolio

In recent years Entra has strengthened its position as an Industry leader in

developing and managing energy efficient buildings. Aggregate energy consumption

for the entire property portfolio amounts to 175 kWh/ m(2 )against an industry

average of 220 kWh/m(2). Through our Green Benefit Agreements we assist our

customers in investing in energy saving measures, resulting in lower common

costs for our customers and increased quality of our building. The company's

four most recently completed projects have an average energy consumption of 66

kWh/m(2). As an example Powerhouse Kjørbo in Sandvika was the first renovation

project outside the UK awarded the BREEAM-NOR certification "Outstanding".

Entra is currently working on seven major development projects, of which the

largest is the construction of a new head office for Statoil Fuel & Retail at

Schweigaardsgate 16 in Oslo, with estimated completion in the second quarter of

2015. Another large and important project is the construction of a "Knowhow

Centre" for Bærum Municipality and Oslo and Akershus University College at Otto

Sverdrupsplass 4 in Sandvika, which will be completed during the third quarter

of 2014. In addition during the quarter Entra has decided to commence

construction of new office buildings at Papirbredden 3 (Grønland 51) in Drammen

and the Sundtkvartalet in Oslo.

For further information, please contact:

Klaus-Anders Nysteen, CEO. Mobile: + 47 992 65 691, Mail: kan@entra.no

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

For pictures of Mr. Nysteen: http://entra.no/no/Om-Entra/Bildearkiv/?q=nysteen

For picture of Mr. Regland: http://entra.no/no/Om-Entra/Bildearkiv/?q=regland

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1834831]