KMC Properties ASA — Capital/Financing Update 2019

Apr 30, 2019

Storm Real Estate ASA – Operational update and new standstill agreement with the bank

Storm Real Estate ASA – Operational update and new standstill agreement with the bank

Oslo 30.04.2019. Reference is given to the public announcement published on 28 December 2018, where the company informed about the rental situation in the Gasfield building in Moscow. Since the last update the company has entered into several new smaller lease agreements, which have resulted in a total occupied space of 10 934 square meters. Hence, the building is close to fully let, with a total of 76 lease agreements.

Reference is given to the public announcement published on 29 March 2019, where the company informed that it had signed a short-term agreement with Swedbank AB, containing new loan covenants. This agreement expires on 30 April 2019. Today the company has signed a new short-term agreement with the bank, containing new loan covenants. The agreement expires once a long-term agreement has been signed, or at the latest on 13 May 2019. The company is likely to breach its loan covenants at the expiry of the agreement. See also note 4.3, 4.4 and 5.2 in the consolidated statements in the annual report for 2018.

For more information, please contact:

Kristoffer Holmen, interim general manager

kristoffer@stormcapital.co.uk

Phone: +4792814862