2 nd Half 2019 FINANCIAL RESULTS PRESENTATION 28 February 2020

DISCLAIMER

This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. It is not intended to form the basis of an investment decision and has not been verified. Storm Norge AS. ("Storm") makes no recommendation or representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed. Such information is presented as of the date and, if applicable, time indicated and Storm does not accept any responsibility for updating any such information.

Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. No representation or warranty is given as to any of the simulations or analyses, or as to the achievement or reasonableness of any future projections or estimates, contained in this document.

This document has been prepared by Storm. The views expressed may not be supported by independent analysis. The author of this document may be remunerated as a result of transactions generated by this information.

KEY TAKE AWAYS

1. Total Comprehensive Income of USD 0.6 million in H2 2019

2. NAV per share at NOK 4.7 (after reversed share split)

3. Gasfield occupancy at 100%

4. The company has entered into a conditional agreement with Swedbank with the aim to create a financial capacity to continue operating.

OPERATIONS / FINANCE

1. Gross rental income excl. VAT per month from the Gasfield building, according to signed contracts as at 31 December 2019, was RUB 15.6m

2. As at 31 December 2019 the company is not able to fulfill its debt obligations

3. The value of the building has increased to USD 24.8m as at 31 December 2019 partly due to currency translation (USD 21.3m as at 31 December 2018). The value of the land lease agreement is stable at USD 0.134 million

P&L – MAJOR ITEMS

mill. USD	H2 2019	H2 2018	12M 2018
Total Comprehensive Income	+0.6	-1.6	-7.3

Summary of major items:
NOI from investment properties	+0.6	+0.2	+0.2
Value change investment properties	+1.2	+0.1	-5.3
Other operating expenses	-0.4	-0.5	-1.3
Borrowing costs	-0.6	-0.9	-1.8
Currency gains/ losses	+0.0	-0.1	-0.1
Contract- and interest derivatives	0.0	-0.0	+0.5
Taxes	-0.3	-0.6	+0.1

BALANCE SHEET – MAJOR ITEMS

(US\$ '000)	31/12/19 (1) 31/03/07	31/12/18		31/12/19 (1) 31/03/07	31/12/18 Pro Forma

Investment property	\$24,891	\$21,419	Bank loans	\$19,917	\$18,678
			Deferred tax	\$422	\$112
Total non-current assets	\$24,894	\$21,424	Other liabilities	\$1,439	\$849

Cash	\$861	\$500	Total liabilities	\$21,097	\$19,639
Total current assets	\$1,603	\$852	Equity	\$4,719	\$2,637

Total assets	\$26,497	\$22,277	Total equity and liabilities	\$26,497	\$22,277
			Equity ratio	17.8%	11.8%

STORM REAL ESTATE SHARE PRICE PERFORMANCE

The Storm Real Estate share was listed on Oslo main exchange on 6 July 2010.
Before listing, the Storm share was traded OTC.
Share prices are adjusted for dividends and changes in number of issued shares.

Source: Oslo Stock Exchange, Bloomberg

(1) SRE and OSEBX adjusted for dividends. As at 20 February 2020.

DEVELOPMENT OF GASFIELD VALUATION 2012-2019

Gasfield building valued at USD 80.7 million at peak (2013).
Current valuation USD 24.8 million.
Decline in valuation of USD 55.9 million (-69% from peak).

OIL PRICE vs PROPERTY VALUES vs RUBLE

RUSSIA – INDUSTRIAL PRODUCTION

Economic activity (as measured by industrial production)

RUSSIA – INVESTMENT VOLUME BY SOURCE OF CAPITAL

Foreign Domestic

Total investment volume at USD 2.58bn in 2019
Net outflow of foreign investments in 2019

Russia 55%

MOSCOW OFFICE MARKET – VACANCY RATE

MOSCOW OFFICE MARKET - AVERAGE RENTAL RATES IN RUB (1)

Source: Cushman & Wakefield

(1) Average rental rates is a weighted average rental rate of asking rents of deals closed within the period, RUB / m²/ annum/ triple net (net of op.ex and VAT)