KMC Properties ASA

Investor Presentation • Nov 17, 2020

| 1

KMC Properties AS / Storm Real Estate ASA

Company Presentation

November 2020

DISCLAIMER

This document and any information provided in this presentation is being made available on a strictly confidential basis, and all material contained herein and information presented, including any proposed terms and conditions, are for discussion purposes only.

This presentation has been prepared by Storm Real Estate ASA/KMC Properties AS ("Storm Real Estate/KMC Properties AS" or the "Company") solely for the purpose of providing information in connection with a contemplated private placement of bonds by the Company, and the information contained herein may not be disclosed, taken away, reproduced, redistributed, copied or passed on, directly or indirectly, to any other person or published or used in whole or in part, for any purpose. This presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. By attending a meeting where this presentation is presented, or by reading the presentation slides or by otherwise receiving this presentation or the information contained herein, you agree to be bound by the following terms, conditions and limitations.

The presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any of its subsidiaries nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be or should be placed by any person for any purposes whatsoever on the information contained in this presentation or any other material discussed at the presentation, or on its completeness, accuracy or fairness.

No representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or representatives or its advisers as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives or its advisers shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. All information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this presentation, none of the Company, its affiliates or representatives or its advisers undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. Neither the delivery of this document nor any further discussions with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

An investment in the Company involves a high level of risk and several factors could adversely affect the business, legal or financial position of the Company or the value of the Company's shares. The recipients should carefully review the section "Risk Factors" in this presentation, as well as the information contained elsewhere in the presentation, for a description of certain of the key risk factors that will apply to an investment in the Company. If any of these risks were to materialise, this could have a material adverse effect on the Company, its financial condition, results of operations, liquidity and/or prospects, the market value of the Company's shares could decline, and investors may lose all or part of their investment. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

The contents of this presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own financial, legal, business, investment and tax advisers to receive financial, legal, business, investment and tax advice. By reviewing this presentation you acknowledge that you will be solely responsible for your own assessment of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view and assessment of the Company, the market, the Company's market position, the Company's funding position, and the potential future performance of the Company's business and the Company's shares. In making an investment decision, investors must rely on their own examination of the Company, including the merits and risks involved.

This presentation contains forward-looking information and statements relating to the business, financial performance and results of the Company and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from this results expressed or implied in this presentation by such forward-looking statements. No representation is made that any of these forwardlooking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement.

This presentation, and the information contained herein, does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. The Company's shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration under the U.S. Securities Act or under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.

Neither this presentation nor the information contained herein is being issued, and nor may this presentation nor the information contained herein be distributed, directly or indirectly, to or into any jurisdiction in which such issuance and/or distribution would be unlawful. Any failure to comply with such restrictions may constitute a violation of applicable laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. This Presentation contains unaudited pro forma financial information for the interim period ending 30 September 2020. The purpose of the pro forma financial information is to illustrate the effect of the transaction, had it occurred at the beginning of the period. Pro forma financial information is by nature uncertain and investors are cautioned not to place undue reliance on the pro forma financial information included in this Presentation.

The Company has not authorised any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area. No prospectus has or will be prepared in connection with this presentation and the information contained herein. Each of the Company's advisers is acting only for the Company and will not be responsible to anyone other than the Company for providing the protections afforded to clients of such adviser or for providing advice in relation to any potential offering of securities of the Company.

Swedbank AB (publ) is today the largest lender to Storm Real Estate ASA. The loan facility is subject to a standstill agreement, pursuant to which the Company has the option of redeeming the loan at a discount. Please refer to the Company's public disclosures in this respect. The Company's largest shareholders will, subject to the transaction taking place, purchase the loan from Swedbank AB (publ) at the pre-agreed price, whereupon the loan will be converted into equity in Storm Real Estate ASA.

This presentation shall be governed by Norwegian law and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts with Oslo District Court as legal venue.

INTRODUCTION TO KMC PROPERTIES

KMC Properties in brief

Notes: 1) Valuation from Cushman & Wakefield, not including the Gasfield property valued at USD 21m, and not including estimated opening cash balance; 2) Gross LTV for the Group including Gasfield, but not net of cash

STORM REAL ESTATE TO ACQUIRE KMC PROPERTIES AND FORM A PUBLICLY LISTED INDUSTRIAL REAL ESTATE SPECIALIST

Summary of the acquisition and contemplated private placement Transaction rationale

• KMC Properties has consolidated three Trondheim-based industrial real estate companies with a long operating history into KMC Properties and built an organisation to prepare the company for further growth
• Storm Real Estate is currently a single asset company and has for some time evaluated potential partnerships in order to use the listed platform and strong industrial knowledge in the company to grow the company and create value for the shareholders
• The combined entity will have a strong platform to execute on a pipeline of attractive growth opportunities, including a listed and liquid share as a valuable currency for future growth

| 5

Notes: 1) 2019 book equity for Kvarv AS, the parent company of Kverva; 2) Book equity following reorganisation in 2020; 3) Certain minority shareholders holding residual ownership; 4) Nominal amount of USD 20.48m, fx rate for conversion to be fixed at USD/NOK of 9.17

40 YEARS HERITAGE IN INDUSTRIAL PROPERTIES

STRATEGY TO FURTHER GROW THE MARKET POSITION AS THE PREFERRED PARTNER FOR INDUSTRIAL CLIENTS

Pillars of value creation

	Description	Pipeline & KPI's
Investments in current portfolio and contract extensions	▪ Several ongoing projects, and high activity expected for the foreseeable future to accommodate activity growth and continuous operational improvements among KMC's key clients ▪ Value creation for KMC in the form of additional rent and contract extensions (typical for larger upgrades) ▪ KMC maintains a close relationship with its clients to identify and actively engage in such business development activities	~NOK 50-60m Capex in pipeline	~7-8% Expected ROI1
Greenfield development projects	▪ Investments in new facilities for both new and existing clients ▪ Further reap from unexploited potential utilizing available land areas for development in collaboration with tenants – focusing on business critical facilities ▪ Acquire and develop land on the basis of long-term contract commitments	~NOK 120m Capex in pipeline	~50% Land utilization
Acquisitions	▪ Acquisitions of business critical properties with substantial relocation costs ▪ Pre-defined and satisfactory yield levels, facilitating value creation through portfolio premiums and bundling of property management ▪ Secure diversification across industries and property types ▪ Flexibility in transaction structure translating to both sale-lease back and transactions with other third parties	~7–15 year Rental agreements	Business critical industry properties

SUSTAINABILITY IS AN IMPORTANT VALUE FOR THE COMPANY

Storm Real Estate and KMC Properties works to integrate sustainability and environmental concerns in an effort to reduce its buildings' environmental impact, specifically by focusing on reducing energy consumption. The company is working with how it manages its own operations to minimize negative impact in all three pillars of ESG; Environmental, Social and Governance

Environmental

• Actively working with tenants to reduce energy consumption, waste and pollution
• Prepare annual sustainability reports in cooperation with tenants
• Sustainability is one criteria for contract renewals and property acquisitions
• Refurbishment and construction shall follow provided guidelines to ensure climate protection and energy efficiency
• EDD (Environmental Due Diligence) reports are prepared in connection with acquisitions

Social and Governance

• Code of Conduct promote good business ethics, zero tolerance for corruption and money laundering and guidelines for equality and diversity
• All transactions with related parties (primarily the owners of the largest tenants) are carried out on arm's length terms and at fair market values
• Actively working to offer a healthy environment for the employees of the tenants

ATTRACTIVE PROPERTY PORTFOLIO WITH LONG TERM LEASES STRATEGICALLY LOCATED TO FIT THE TENANTS

BEWI ASA IS THE LARGEST TENANT AND REPRESENTS ~53% OF OPERATING INCOME

▪ Founded in 1980 by the Bekken family, who since inception has developed the company into becoming one of the leading packaging and insulation providers in Europe ▪ BEWi is strategically integrated throughout the value chain, with revenue diversified across 3 operating segments, whereof ~1/3 is from upstream and 2/3 from downstream ▪ 39 production facilities¹ located across Norway, Denmark, Sweden, Finland, the Netherlands and Portugal, in addition to 8 recycling sites ▪ The company has two 4-year bonds listed at Nasdaq Stockholm – a EUR 75m bond and a EUR 65m bond, issued in 2018 and 2019 respectively ▪ Listed on Euronext Growth in August 2020, in a transaction where the Bekken and Kverva retained ~70% ownership, applied for listing at Oslo Børs in November 2020 SEK ~4.5bn 2019 Revenue¹ SEK 549m 2019 Adj. EBITDA 2.4x NIBD/ Adj. EBITDA² ~1,400 FTEs across 8 countries NOK ~3.1bn Market value of shares Strong organic growth coupled with strategic acquisitions¹ Revenues (SEKm) Committed owners with industrial heritage 59% 16% 10% 16% Bekken family Verdane Capital Kverva Industrier Other 369 341 349 368 382 408 593 ⁹³⁰ 1,593 1,607 1,885 3,921 4,452 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 x22 KMC owned x17 Other facilities

| 11

53%

Notes: 1) Including factory under construction in Senja; 2) In 2020 BEWi acquired BEWi Drift Holding AS ("BDH") which had a revenue of SEK 911m and EBITDA of SEK 87m, which is not included in these figures; 3) NIBD/LTM EBITDA Q320 excluding IFRS16 and including acquired companies

A LEADING PROVIDER OF PACKAGING AND INSULATION SOLUTIONS IN EUROPE

CASE STUDY I: BEWI AT FRØYA

CASE STUDY II: BEWI AT SKARA

The BEWi plant is the only Swedish supplier of EPP car parts Comments

THE SECOND LARGEST TENANT INSULA IS A NORDIC MARKET LEADER IN PROCESSING AND SALE OF SEAFOOD PRODUCTS

Notes: 1) Hotels, Restaurants and Catering; 2) Actuals for 2017 and YTD Q3 2020, adjusted figures for 2018 and 2019. 2019 EBITDA impacted by restructuring of production structure and implementation of new ERP system – including closing of 4 production facilitates, expansion of the Leknes facility and new production lines in Stockholm, Fredrikshamn and Hvide Sande; 3) Based on YTD Q3 2020 revenue of NOK 4,475m and EBITDA of NOK 57m.

| 15

25%

INSULA'S PROPERTIES ARE LOCATED IN CLOSE PROXIMITY TO KEY FISHING AREAS, PRODUCERS AND LOGISTIC HUBS

Commentary

• Strategically located fish stations and processing facilities along the Norwegian coast as well as in key locations in Sweden, Denmark and Finland
• The properties represent critical infrastructure for the fishing industry and Insula's value chain
• High importance of proximity to fishing grounds to secure stable access to raw material and enable processing quickly after the fish is taken ashore

25%

Strategically located properties – critical for tenants

Strategically located in the area in Norway with the most stable, year-round supply of fresh fish from the coastal fleet in the Barents sea. Well positioned to capitalize on migration of commercial fish stocks due to rising sea temperatures.

Optimal location for access to large quantities of cod during the winter season with fishing season lasting from January to May. Attractive fishing harbors with well established service offering and a long tradition of industrial whitefish production.

Located in the area in the Nordic region with the highest concentration of industrial food processing relating to seafood and within the important «logistics triangle» in Sweden. Other players active in the area include Abba Seafood (Orkla), Lerøy and Feldt Fisk.

OTHER TENANTS WITH STRONG MARKET POSITIONS PROVIDING FURTHER DIVERSIFICATION

Notes: 1) Financials only including Grøntvedt Pelagic AS. Grøntvedt Nutri AS had ordinary result for 2019 (Mar – Dec) of NOK -0.8m; 2) Combined for the two companies Response Nordic AS and Beacn Mountain AS

PROPERTY PORTFOLIO WITH LEASE CONTRACT EXTENSION RISK VIRTUALLY ELIMINATED

Portfolio WAULT of ~12 years and regular extension of contracts	▪ Significant downside protection from a portfolio WAULT of ~12 years ▪ Actively working to extend contracts before expiry by offering tenants upgrades/expansion in exchange for contract extension ▪ During 2021 and 2022 KMC Properties' pipeline of opportunities includes to upgrade/ expand a minimum of 6 of the existing properties in Norway, Sweden and Denmark (expected ROI of 7-8% in addition to longer contract term)
Right of First Refusal (ROFR) with BEWi	KMC Properties has an exclusive Right of First Refusal (ROFR) with the largest ▪ tenant BEWi, to offer extension of the contracts at or before expiry, at market terms ▪ This provides high visibility for KMC Properties and eliminates the risk this tenant will relocate to a nearby property upon contract expiry
Substantial relocation costs for tenants	▪ The largest tenants have made significant investments in machinery, wall/roof piping and advanced production lines, which is regularly replaced and maintained ▪ BEWi estimates the cost of relocation of a property to NOK 25-50m, which represents 30-40% of the average property portfolio value – As an example, for the Senja facility, BEWI expects to invest NOK 80m in machinery, equipment and infrastructure, and the investment in piping for steam, vacuum and air alone is estimated to NOK 14m For Insula, moving facilities is assumed too costly, as higher rental costs would have ▪ a materially adverse impact on margins, in addition to the costs of operational downtime and supply chain disruption ▪ The tenant's production lines are sensitive, and stream-lined production is a key success factor, thus relocation will involve significant risk

MAJORITY OF CONTRACTS ARE BARE HOUSE AND 100% CPI ADJUSTED

Key contract characteristics

Bare house contracts	▪ Majority of contracts are bare house contracts whereby maintenance, insurance and property tax is covered by the tenant ▪ Tenants are responsible for maintenance on all properties Certain contracts where KMC covers either insurance or property tax or both ▪
100% CPI adjustment	▪ All contracts except two are 100% CPI adjusted – remaining two have 80% (NOK 2m annual rent) and no adjustment (NOK 10m) ▪ Certain contracts with BEWi have a CPI adjustment floor at 1.5%
Options	▪ 10-year extension options on all properties leased to Insula and Grøntvedt Pelagic ▪ Certain contracts have put and/or call options at the end of the lease tenor, including call options on all Insula properties subject to extension option having been exercised
Parent guarantees	▪ Parent guarantee on all leases with subsidiaries of Insula Leases with Fiizk guaranteed by Fiizk Holding AS ▪ ▪ 12-month lease guarantee from Grøntvedt Invest AS on the Grøntvedt property ▪ 12-month lease guarantee on two of the BEWi properties in Denmark

THE GASFIELD PROPERTY REPRESENTS AN ATTRACTIVE UPSIDE

Introduction to the Gasfield property

EXTERNAL PROPERTY VALUATION BY CUSHMAN & WAKEFIELD

Proforma balance sheet¹ Comments

	Proforma Q3 2020, IFRS	Proforma post refinancing and PP, IFRS
NOKm	(unaudited)	(unaudited)
Investment property2	3,171	3,171
Tax loss carry forward	7	7
Other fixed assets	0	0
Total non-current assets	3,179	3,179
Trade and other receivables	38	38
Cash	87	117
Total current assets	125	155
TOTAL ASSETS	3,303	3,333
Share capital	160	572
Share premium	431	431
Retained earnings	288	288
TOTAL EQUITY	878	1,291
Deferred tax	113	113
Bank debt	1,426	0
Shareholder loans	426	0
Bond issue	0	1,850
Other non-current liabilities	59	0
Total non-current liabilities	2,024	1,963
Trade and other liabilities	401	80
Total current liabilities	401	80
TOTAL LIABILITIES	2,425	2,042
TOTAL EQUITY AND LIABILITIES	3,303	3,333

Proforma post refinancing and PP, IFRS balance sheet reflecting post private placement, loan conversion and debt refinancing transactions

Run-rate assumptions:

• Investment property
  • Based on external valuation from Cushman & Wakefield
• Cash
  • Fluctuation reflecting both deduction due to NOK 20m dividend payment offset by the increased cash balance from private placement and bond issue
• Equity
  • Reflecting share capital increase post NOK 300m private placement and loan conversion
• Conversion of Swedbank loan
  • Loan in Storm with face value of NOK 188m² to be converted to equity
• Shareholder loans
  • Part of debt refinancing
• Other bank debt
  • Part of debt refinancing
• Bond issue
  • Contemplated NOK 1,850m bond issue assumed for debt refinancing

Proforma Profit & loss statement¹

NOKm	2020 YTD Q3 (unaudited)	Est. 12 months ended Q3 20202 (unaudited)
Gross rental income (GRI)	163.8	218.4
OPEX	-13.9	-18.6
Net Operating Income (NOI)	149.9	199.8
SG&A	-17.7	-23.6
EBITDA	132.1	176.2
Operating margin	91.5%	91.5%
EBITDA margin	80.6%	80.6%

Comments

• 2020 YTD Q3 figures consolidated proforma for KMC and Storm Real Estate
• 36 of the 40 properties have long term rental agreements, where the majority are bare house and 100% CPI adjusted
• Completion of the Senja Property is expected mid-2021, and will have a 15 years contract with BEWi, which will have a positive contribution to the Groups earnings
• The contract on the Kongsvinger property expired in September 2020, and the company is in dialogue with potential new tenants
• The land plot at Hitra is currently not developed

Key metrics

Year	YTD Q3-2020
Share price (NOK)	7.00
NOSH (million shares)	232.2
Market cap (NOKm)	1,625
NIBD (NOKm)	1,733
Enterprise value (NOKm)	3,358

▪ Number of shares (NOSH) post-transactions, including equity issue and loan conversion impact

▪ NIBD post-transactions based on bond-issue of NOK 1,850m and NOK 117m cash position

STRATEGY TO FURTHER GROW THE MARKET POSITION AS THE PREFERRED PARTNER FOR INDUSTRIAL CLIENTS

Investments in expansion projects for existing clients

Investments in new facilities for new and existing clients

Property acquisitions both in collaboration with current and new tenants, as well as other third-parties

ATTRACTIVE INVESTMENT OPPORTUNITIES THROUGH EXISTING TENANTS WITH LOW RISK AND HEALTHY RETURNS

CONTRACT RENEWAL AND INVESTMENTS IN CURRENT PROPERTY PORTFOLIO

LEVERAGE INDUSTRIAL PROPERTY EXPERTISE TO EXECUTE ON IDENTIFIED GREENFIELD DEVELOPMENT OPPORTUNITIES

GREENFIELD DEVELOPMENT PROJECTS

VALUE ACCRETIVE M&A STRATEGY

SUMMARY

I	A leading owner of logistic and production properties	▪ +40 years heritage as owner of production and logistic properties ▪ Diversified portfolio of 39¹ properties with market value of NOK 2,987m across the Nordics and Netherlands
II	Portfolio let to solid tenants on long term bare house contracts	▪ Portfolio WAULT of ~12 years and close to 100% occupancy rate ▪ Very solid tenants – BEWi and Insula has a combined revenue and EBITDA of NOK +10bn and NOK 650m respectively and low financial leverage
III	Low residual risk as properties are business critical and KMC has a 'right of first refusal' upon contract expiry	▪ The properties are business critical and the location represents key competitive advantages for the tenants ▪ 'Right of first refusal' with BEWi (representing ~53% of operating income) to renew contracts at market terms upon expiry ▪ Relocation of production facilities, equipment and infrastructure costs NOK 25-50m
IV	Supportive and committed owners	▪ To raise NOK 300m in new equity and be listed on Oslo Børs ▪ Strong support from existing owners with industrial heritage – The Bekken family, Thoresen family and Kverva will be majority owners in the listed entity
V	Robust financial profile	▪ Moderate gross loan to value of ~62% in the Property Group and ~58% for the Group ▪ Strong interest coverage with est. 12 months ended Q3 2020 operating income of NOK ~200m and EBITDA of ~176m ▪ Pipeline of accretive organic and inorganic growth opportunities

MANAGEMENT AND BORD OF DIRECTORS WITH SIGNIFICANT EXPERIENCE WITH IN REAL ESTATE AND INDUSTRIAL DEVELOPMENT

Key management team for the combined entity Comments

Liv Malvik – Chief Executive Officer

• Previous experience as CEO of Heimdal Eiendomsmegling AS (2018-2020), Grilstad Marina AS (2011-2018) and Inter Revisjon Norge AS (2008-2011) in addition to 7+ years experience from management positions in Sparebank1 SMN (2001-2008) and from Fokus Bank AS (1990-2000)
• MSc in Business Administration from the Norwegian School of Economics

Frode Kristiansen – Chief Financial Officer

• Experience as partner in BDO and head of sustainability advisory in BDO Norge (2017-2020), CFO of Prora Eiendom AS (2015-2017), accountant and manager for EY (2002-2008, 2009-2015) and from Pareto Securities (2008-2009)
• MSc in Business Administration from the Norwegian School of Economics

• Audun Aasen – Chief Operating Officer
• +15 years experience from construction and real estate sector
• Previous property manager and real estate developer(2014- 2019). University Degree as real estate appraiser and technical construction controller. work experience (2011- 2014). Carpentry Masters Degree and construction work experience (2005-2011)

Administration

• In addition to the key management team, Kristoffer Holmen (currently CEO in Storm Real Estate) will be part of the administration of the combined entity
• The company will also retain 2 employees from Pesca to assist with day-to-day operation
• The local Storm team in Moscow will be retained to handle commercial and operational management of the property
• The company will also sign an agreement with a third party to assist with management of the properties

Board of Directors (BoD)

• Following completion of the transaction, the company will call for an EGM to make changes to the Board of Directors of Storm Real Estate ASA
• The largest shareholders EBE Eiendom AS, Kverva Industrier AS and Surfside Holding AS will nominate one member each
• In addition the shareholders intend to nominate 1-2 additional independent members

Property overview

											Options		Cost coverage
#	Country	County	Address	Tenant (parent)	Type	Construction year	Lettable area (sqm)	Contract end	CPI adj.	Parent guarantee	Extension	Put/ call3	Maintenance	Property tax	Insurance
1		Wichjen	Nieuweweg 235			1970-2007	31,949	Dec-35	100 %		✓	✓	Tenant	Tenant	Tenant
2		Someren	Kanalstraat 107			1970-2017	25,950	Dec-35	100 %		✓	✓	Tenant	Tenant	Tenant
3		Glejberg	Tvilhovej 8			1970-2007	16,931	Sep-35	100 %	✓	✓		Tenant	Tenant	Tenant
4		Varberg	Traktorvägen	Insula AS		1955-2016	15,850	Apr-29	100 %	✓		✓	Tenant	Tenant	Tenant
5		Stjørdal	Havnegata 24			1971	14,200	Jun-28	0 %			✓	Tenant	Tenant	Landlord
6		Laholm	Halmstadsvägen 32			1929	13,800	Apr-28	100 %		✓		Tenant	Tenant	Tenant
7		Oldenzaal	Textielstraat 30			1970-2007	13,199	Dec-35	100 %		✓		Tenant	Tenant	Tenant
8		Hitra	Industriparken Jøsnøya			n.a.	13,000	Dec-21	100 %		✓		Tenant	Landlord	Landlord
9		Leknes	Havet 45			2010, 2020	12,356	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
10		Frederikshavn	311 Constantiavej			1946-2020	11,708	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
11		Moscow	Gasfield office building	75 contracts		2006	11,011	Gasfield			office building not part of the Property Group
12		Uthaug	Havneveien 1	Grøntvedt2		1990-2020	11,000	Nov-35	100 %	✓	✓	✓	Tenant	Tenant	Tenant
13		Kronoberg	Kanalvägen 6			n.a.	9,043	Dec-29	100 %		✓		Tenant	Tenant	Tenant
14		Zwartsluis	De Kalkovens 10			1980-2001	8,662	Dec-35	100 %		✓		Tenant	Tenant	Tenant
15		Maribo	Kidnakken 13			1970-2007	8,396	Sep-35	100 %	✓	✓		Tenant	Tenant	Tenant
16		Frøya	Hammarvikringen 64			2012	8,012	Dec-30	100 %		✓	✓	Tenant	Landlord	Landlord
17		Balsfjord	Industrivegen 15			2009	8,012	Dec-30	100 %				Tenant	Landlord	Landlord
18		Stjørdal	Havnegata 20B			n.a.	7,248	Jul-32	100 %		✓		Tenant	Tenant	Tenant
19		Kungshamn	Guleskär 56			1995, 2004	7,166	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
20		Vårgårda	Åleden 13			1976	6,805	Apr-28	100 %		✓		Tenant	Tenant	Tenant

Combined Logistics Production Office

Notes: 1) Also includes Århusgade 24; 2) Tenants are Grøntvedt Pelagic AS and Grøntvedt Nutri AS; 3) Call options on Insula properties are subject to the extension option having been exercised

Property overview

												Options		Cost coverage
#	Country	County	Address	Tenant (parent)	Type	Construction year	Lettable area (sqm)	Contract end	CPI adj.	Parent guarantee	Extension	Put/ call3	Maintenance	Property tax	Insurance
21		Norrkøping	1 Ramshallsvegen 2			1973-76	6,700	Jun-32	100 %		✓		Tenant	Tenant	Tenant
22		Havøysund	Strandgata 105			1940-2006	6,680	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
23		Skara	Bjørkelundsgatan 14			n.a.	6,500	Sep-35	100 %				Tenant	Tenant	Tenant
24		Tørring	Torvegade 41			n.a.	5,739	Apr-28	100 %		✓		Tenant	Tenant	Tenant
25		Trondheim	Østre Rosten 102B	Abra Norge		2006	5,700	Dec-29	100 %		✓		Tenant	Tenant	Landlord
26		Hobro	Havrevænget 1			n.a.	5,070	Apr-28	100 %		✓		Tenant	Tenant	Tenant
27		Kuopio	Mastotie 7			1991-2010	5,051	Apr-29	100 %	✓		✓	Tenant	Tenant	Tenant
28		Levanger	Halsanveien 3-11			1965/1989	4,570	Dec-21	100 %		✓		Tenant	Landlord	Landlord
29		Gjerdsvika	Gjerdsvikvegen 208			1981-1996	4,450	Apr-29	100 %	✓		✓	Tenant	Tenant	Tenant
30		Båtsfjord	Strandvegen 4			1985-2020	4,333	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
31		Holbæk	Østerled 30			n.a.	4,150	Apr-28	100 %		✓		Tenant	Tenant	Tenant
32		Kongsvinger	Stømnervegen 1	To be announced2		1990-2017	3,741	Sept-20
33		Melhus	Hofstadvegen 15	BEWi Energy		2008	3,125	Dec-29	100 %		✓		Tenant	Tenant	Tenant
34		Trondheim	Torgardsveien 11			2012	3,075	Dec-27	100 %				Tenant	Landlord	Landlord
35		Hvide Sande	Tungevej 2‐4			1984-2020	2,807	Apr-34	100 %	✓		✓	Tenant	Tenant	Tenant
36		Bjugn	Valsnesveien 259			2016/2017	2,800	Dec-29	100 %	✓	✓		Tenant	Tenant	Landlord
37		Trondheim	Østre Rosten 102	Abra Norge		2004	2,475	Dec-29	100 %		✓		Tenant	Tenant	Landlord
38		Lundamo	Lyngenvegen 5			1975	2,200	Dec-29	100 %	✓	✓		Tenant	Tenant	Landlord
39		Tromsø	Skattørvegen 78			1999	1,877	Jul-30	80 %		✓		Tenant	Tenant	Tenant
40		Senja	Klubben Næringsomr.			2021		Greenfield development project –			please see page 35 for details

Combined Logistics Production

Notes: 1) Also includes Remmaren 1; 2) Contract with Insula expired in September 2020; 3) Call options on Insula properties are subject to the extension option having been exercised