Entra — Earnings Release 2014

May 6, 2014

Entra Eiendom Q1 2014: Solid growth in rental income and improved result from property management

Entra Eiendom Q1 2014: Solid growth in rental income and improved result from property management

In the first quarter of 2014 rental income rose to NOK 410.5 million (NOK 373.4

million), an increase of 10 per cent compared to the same period in 2013. NOK

13.4 million of the increase in rental income relates to the purchase of 50 % of

Hinna Park Eiendom AS with effect from 1 February 2014. The profit from property

management amounted to NOK 320.9 million compared to NOK 289.9 million in the

first quarter of 2013.

The valuation of the property portfolio resulted in an unrealised negative

change of NOK -6.8 million, compared with NOK -74.8 million in the first quarter

last year.

The net unrealised value change on financial instruments was NOK -113.7 million

(NOK -13.9 million) in the quarter. The negative development is mainly due to an

increase in liabilities relating to the Group's fixed rate loans as a result of

a reduction in market valued credit margins in the quarter. Net financial

expenses amounted to NOK -161.8 million (NOK -173.6 million) and net financial

income, mainly related to IFRIC 12 properties, amounted to NOK 29.0 million (NOK

22.4 million).

The profit before tax was NOK 85.1 million (NOK 42.9 million). The profit for

the period after tax was NOK 65.9 million (NOK 29.3 million).

"We are pleased to be able to show solid growth in rental income over the last

12 months. In particular the completion of the projects Brattørkaia 15 in

Trondheim and Fredrik Selmers vei 4 in Oslo, together with the purchase of

Vahlsgate 1-3 and 50 per cent of Hinna Park Eiendom in Stavanger, have

contributed to the positive development in rental income. The opening of

Powerhouse Kjørbo in Sandvika represents an important milestone in the quarter.

Powerhouse Kjørbo is the first refurbishment project in Norway to achieve the

BREEAM-NOR certification Outstanding," comments Klaus-Anders Nysteen, CEO.

During the first quarter Entra signed new and renegotiated leases for with a

total annual lease of NOK 73.9 million (35 982 square metres), of which the

largest was a new lease to Wintershall for around 13 800 square metres in the

planned Gullfaks building at Hinna Park in Stavanger. In the same period Entra

received notices of termination on leases with a total value of NOK 4.3 million

(2 978 square metres), so that net letting in the quarter was NOK 69.6 million

(approximately 33 000 square metres).

Six larger development projects are ongoing as at 31.03.14, of which the largest

is the construction of an "Education Centre" for Bærum Municipality and Oslo and

Akershus University College at Otto Sverdrupsplass 4 (formerly Øvre Torg 1) in

Sandvika. Powerhouse Kjørbo in Bærum was completed in the first quarter and the

tenant Asplan Viak moved in on 31 March 2014.

For further information, please contact

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

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

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1782859]