Endelig utkast - Norwegian Property - 3,70% - NO0010695026 ......Property: Gullhaugveien 9-13: Land no. 77, title no. 344 in Oslo kommune Property Company: Gullhaugveien 9-13 AS, company

Norwegian Property ASA, 07.01 2014

Securit ies Note I SI N NO 001 0695026

Prepared according to Commission Regulat ion (EC) No 809/ 2004 - Annex XI I I

Securit ies Note

3,70 % Norwegian Property ASA Secured Bond I ssue

2013/ 2018

NO 001 0695026

Joint Lead Managers:

07.01 2014



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I m portant not ice

The Securit ies Note has been prepared in connect ion with list ing of the securit ies at Oslo Børs. The

Prospectus has been reviewed and approved by the Norwegian FSA in accordance with sect ions 7-7

and 7-8, cf. sect ion 7-3 of the Norwegian Securit ies Trading Act . The Norwegian FSA has not

cont rolled or approved the accuracy or com pleteness of the inform at ion given in this Prospectus.

The approval given by the Norwegian FSA only relates to the I ssuer's descr ipt ions pursuant to a

pre-defined check list of requirem ents. The Norwegian FSA has not m ade any form of cont rol or

approval relat ing to corporate mat ters described in or otherwise covered by this Prospectus. New

inform at ion that is significant for the Borrower or its subsidiar ies m ay be disclosed after the

Securit ies Note has been made public, but pr ior to the expiry of the subscript ion period. Such

inform at ion will be published as a supplem ent to the Securit ies Note pursuant to Sect ion 7-15 of

the Norwegian Securit ies Trading Act . On no account must the publicat ion or the disclosure of the

Securit ies Note give the im pression that the inform at ion herein is com plete or correct on a given

date after the date on the Securit ies Note, or that the business act ivit ies of the Borrower or its

subsidiar ies m ay not have been changed.

Only the Borrower and the Joint Lead Managers are ent it led to procure inform at ion about

condit ions described in the Securit ies Note. I nform at ion procured by any other person is of no

relevance in relat ion to the Securit ies Note and cannot be relied on.

Unless otherwise stated, the Securit ies Note is subject to Norwegian law. I n the event of any

dispute regarding the Securit ies Note, Norwegian law will apply.

I n certain jurisdict ions, the dist r ibut ion of the Securit ies Note may be lim ited by law, for example in

the United States of Am erica or in the United Kingdom . Verificat ion and approval of the Securit ies

Note by Finanst ilsynet implies that the Securit ies Note m ay be used in any EEA count ry. No other

m easures have been taken to obtain authorisat ion to dist r ibute the Securit ies Note in any

jur isdict ion where such act ion is required. Persons that receive the Securit ies Note are ordered by

the Borrower and the Joint Lead Managers to obtain inform at ion on and com ply with such

rest r ict ions.

This Securit ies Note is not an offer to sell or a request to buy bonds.

The content of the Securit ies Note does not const itute legal, financial or tax advice and bond

owners should seek legal, f inancial and/ or tax advice.

Contact the Borrower to receive copies of the Securit ies Note.

This Securit ies Note should be read together with the Regist rat ion Document dated 30.10 2013.

The docum ents together const itute a prospectus.



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Table of contents

1. Risk factors .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2. Person responsible .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3. I nform at ion concerning the securit ies .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4. Addit ional inform at ion .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 5. Appendix: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 13



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1 . Risk factors

All investm ents in interest bearing securit ies have r isk associated with such investm ent . The r isk is

related to the general volat ilit y in the m arket for such securit ies, varying liquidity in a single bond

issue as well as com pany specific r isk factors. An investment in interest bearing securit ies is only

suitable for investors who understand the r isk factors associated with this type of investm ents and

who can afford a loss of all or part of the investm ent . Please refer to the Regist rat ion Docum ent

dated 30.10 2013 for a list ing of company specific r isk factors.

There are four m ain r isk factors that sum up the investors total r isk exposure when invest ing in

interest bearing securit ies: liquidity r isk, interest rate r isk, set t lem ent r isk and m arket r isk

(both in general and issuer specific) .

Liquidity r isk is the r isk that a party interested in t rading bonds in the Loan cannot do it because

nobody in the m arket wants to t rade the bonds. Missing dem and of the bonds m ay incur a loss on

the bondholder.

I nterest rate r isk, the Bonds has been established at a fixed rate, and consequent ly the coupon

does not vary with changes in interest rate levels. I nvestm ent in bond loans bearing interest at a

fixed rate involves the r isk that subsequent changes in m arket interest rates m ay adversely affect

the value of the Loan.

Set t lem ent r isk is the r isk that the set t lem ent of bonds in the Loan does not take place as

agreed. The set t lem ent r isk consists of the failure to pay or the failure to deliver the bonds.

Market r isk is the r isk that the value of the Loan will decrease due to the change in value of the

m arket r isk factors. The price of a single bond issue will fluctuate in accordance with the interest

rate and credit m arkets in general, the m arket view of the credit r isk of that part icular bond issue,

and the liquidity of this bond issue in the m arket . I n spite of an underly ing posit ive developm ent in

the I ssuers business act ivit ies, the price of a bond may fall independent of this fact . Bond issues

with a relat ively short tenor and a float ing rate coupon rate do however in general carry a lower

pr ice r isk com pared to loans with a longer tenor and/ or with a fixed coupon rate..

No market -maker agreem ent is entered into in relat ion to this bond issue, and the liquidity of

bonds will at all t imes depend on the market part icipants view of the credit quality of the I ssuer as

well as established and available credit lines.



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2 . Person responsible

Norwegian Property ASA confirm s that , having taken all reasonable care to ensure that such is the

case, the inform at ion contained in the prospectus is, to the best of their knowledge, in accordance

with the facts and contains no om ission likely to affect its im port .

Oslo, 07.01 2014

Norwegian Property ASA



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3 . I nform at ion concerning the securit ies

I SI N code: NO 001 0695026

The Loan/ The Bonds/ The I ssue/

The Bond I ssue:

3,70 % Norwegian Property ASA Secured Bond I ssue

2013/ 2018

Borrower/ I ssuer: Norwegian Property ASA

Security Type: Bond issue with fixed rate.

Outstanding Am ount :

NOK

205 000 000

Denom inat ion – Each Bond: NOK 1 000 000 - each and among themselves

pari passu ranking.

Securit ies Form : The Bonds are elect ronically registered in book-ent ry

form with the Securit ies Depository.

Disbursement / I ssue Date: 27 November 2013

I nterest Accrual Date: Disbursem ent / I ssue Date.

I nterest Bear ing To: Maturity Date.

Maturity Date: 5 January 2018

I nterest Rate: 3.70%

Coupon Date: 5 January each year. The first coupon date will be

January 2014.

Day Count Fract ion: 30/ 360 The convent ion for calculat ion of paym ent of Coupon.

30/ 360 is specified, the num ber of days in the relevant

coupon period shall be calculated from and including the

Coupon Accrual Date/ Coupon Date to the next Coupon

Date on basis of a year of 360 days with 12 m onths of

30 days divided by 360, unless (a) the last day in the

relevant coupon period is the 31st calendar day but the

first day of the relevant coupon period is a day other

than the 30th or the 31st day of a month, in which case

the m onth that includes that last day shall not be

shortened to a 30–day m onth, or (b) the last day of the

relevant coupon period is the last calendar day in

February, in which case February shall not be considered

to be lengthened to a 30-day m onth.

Business Day Convent ion: No adjustm ent .

The applicable Coupon Paym ent Date shall not be

adjusted even if that day is not a Business Day

(payments shall be made on the first following Business

Day) .

I ssue Price: 100 % (par value) .

Yield: Dependent on the m arket pr ice. 3.70% effect ive annual

rate to m aturity at a pr ice of 100.00.



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Business Day: Any day when the Norwegian Cent ral Bank’s Set t lem ent

System is open and when Norwegian banks can set t le

foreign currency t ransact ions.

Maturity: The Bonds shall m ature in full on the Maturity Date, and

shall be repaid at par (100% ) by the I ssuer.

Change of Cont rol: See Bond Agreem ent sect ion 3.5.3.

Redem pt ion: Matured interest and matured principal will be credited

each Bondholder direct ly from the Securit ies Regist ry.

Claims for interest and principal shall be lim ited in t ime

pursuant the Norwegian Act relat ing to the Lim itat ion

Period Claim s of May 18 1979 no 18, p.t . 3 years for

interest rates and 10 years for pr incipal.

Status: The I ssuers paym ent obligat ions under this Bond

Agreem ent shall rank ahead of all subordinated paym ent

obligat ions of the I ssuer and shall rank at least pari

passu with all the I ssuer’s other obligat ions, save for ( i)

secured obligat ions to the extent they are secured and

( ii) obligat ions which are m andatorily preferred by law.

Security: The Bonds including interest and expenses shall be

secured by the Security I nterest .

Security I nterest : Any Encum brances or other security (herunder any

guarantee) created (or to be created) by the Security

Docum ents securing the obligat ions of the I ssuer or the

Property Com pany under any Finance Docum ents,

including but not lim ited to the Mortgage and the

Assignm ent of I nsurance.

Assignm ent of I nsurance: A first pr iority not ificat ion as m ortgage of the insurance

related to the Property granted by the Property Com pany

in favour of the Bond Trustee (on behalf of the

Bondholders) ranking pari passu with the FRN Norwegian

Property ASA Secured Bonds 2013/ 2018, I SI N NO

0010695034.

Encum brance: Any encum brance, m ortgage, pledge, lien, charge

(whether fixed or float ing) , assignm ent by way of

security, finance lease, sale and repurchase or sale and

leaseback arrangem ent , sale of receivables on a recourse

basis or security interest or any other agreem ent or

arrangem ent having the effect of conferr ing security.

Security Docum ents: Any docum ent establishing, recording, confirm ing or

preserving any security interest over any Security

I nterest relat ing to any Finance Docum ent .

Finance Docum ents: All and any of (1) the Bond Agreement , (2) the

agreement regarding the Bond Trustee` s fees and

expenses as set forth in the Bond Agreem ent Clause

4.9.2, (3) Security Docum ents ( including any not ices,

acknowledgem ents and other ancillary docum entat ion

relat ing thereto) , and (4) any other docum ent (whether

creat ing a security interest or not ) which is executed at

any t im e by the I ssuer or any other party in relat ion to

any am ount payable under the Bond Agreem ent and

designated as a Finance Docum ent by the part ies

thereto.



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Mortgage: The m ortgage over the Property, in the am ount equal to

the I nit ial Am ount plus interest and expenses, in favour

of the Bond Trustee (on behalf of the Bondholders) ,

securing the I ssuer’s obligat ions under this Bond

Agreement , ranking:

after NOK 4,355,700 to Nydalsbyen Vel.,

after an exclusively legal r ight of Avantor ASA to

all fishing- , waterfall- and elect r icity- r ights in

Akerselva, and

pari passu with the FRN Norwegian Property ASA

secured bonds 2013/ 2018, I SI N NO0010695034.

Property : Gullhaugveien 9-13: Land no. 77, t it le no. 344 in Oslo

kom m une

Property Com pany : Gullhaugveien 9-13 AS, company no. 990 637 148

Covenants: The I ssuer undertakes to:

(a) ensure that the com pany const itut ing the

Property Com pany rem ain to be a wholly owned

subsidiary (direct ly or indirect ly) of the I ssuer;

and

(b) not to create or perm it to exist any Encum brance

over:

(1) any of the com pany capital/ shares of the

Property Com pany; and

(2) any intercompany receivables between the

I ssuer and the Property Com pany.

(c) rem ain, direct ly or indirect ly, the sole owner and

hold the t it le of the Property;

(d) procure that the Property Com pany does not

engage in any business act ivity which is not

related to the adm inist rat ion and development of

the Property;

(e) procure that the Property Com pany does not

enter into any am algam at ion, dem erger, m erger

or corporate reconst ruct ion, other than with the

I ssuer or other com panies owned 100 % , direct ly

or indirect ly, by the I ssuer, and with the I ssuer,

or that other com pany, as the surviving ent ity;

( f) not am end or agree to am end, without the prior

writ ten approval of the Bond Trustee, any

m anagem ent cont ract or lease cont ract on the

Property in a m anner which m aterial adverse

effect ( i) the I ssuer’s ability to perform its

paym ent obligat ions under the Bond Agreem ent

or ( ii) the value of the Property;

(g) not create or perm it to exist any Encum brance

over the Property, or revenues result ing from it ,

ranking senior to or equal to the Security

I nterest , other than:

a. the Security I nterest ;

b. any net t ing or set -off arrangem ent entered

into in the ordinary course of its banking

arrangem ents for the purpose of net t ing

debit and credit balances of m em bers of the

Group;

c. the NOK 4,355,700 obligat ion towards

Nydalen Vel pledged in the Security I nterest

d. the exclusive legal r ights to all fishing- ,

waterfall- and elect r icity- r ights in Akerselva

held by Avantor ASA



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(h) procure that the Property and all inventory is

kept in a state of good and safe condit ion and

state of repair consistent with good indust ry

standard, and, if necessary, replaced with item s

of sim ilar quality and value;

( i) arrange for the Bond Trustee, and/ or any person

appointed by the Bond Trustee, to inspect the

Property after the occurrence of an Event of

Default (which is cont inuing) and at reasonable

expense of the I ssuer, and shall give to the Bond

Trustee and/ or any person appointed by the

Bond Trustee, reasonable access to staff,

inventory and docum entat ion for on-going

operat ion;

( j ) ensure that the Property is insured for its full

value ( in Norwegian: “ fullverdiforsikret ” ) against

all such risks as are custom ary for com panies

engaged in real estate to take out , with

reputable insurance com panies; and

(k) ensure that no Group Com pany shall grant any

loan to any third party other than a mem ber of

the Group other than in the ordinary course of

business.

I nform at ion covenants:

See Bond Agreement sect ion 4.7.

Events of Default :

See Bond Agreement sect ion 3.8.

Purpose:

The purpose of the I ssue is general corporate purposes

and refinancing of exist ing debt from Nordea and SEB.

Approvals: The Bonds were issued in accordance with the

Borrower’s Board approval 13 Novem ber 2013.

List ing: An applicat ion for list ing will be sent Oslo Børs.

Bond Agreem ent : The Bond Agreem ent has been entered into between the

Borrower and the Trustee. The Bond Agreem ent

regulates the Bondholder’s r ights and obligat ions in

relat ions with the issue. The Trustee enters into this

agreement on behalf of the Bondholders and is granted

authority to act on behalf of the Bondholders to the

extent provided for in the Bond Agreem ent .

When bonds are subscribed / purchased, the Bondholder

has accepted the Bond Agreement and is bound by the

term s of the Bond Agreem ent .

I nform at ion regarding bondholders’ m eet ing and the

Bondholder’s r ight to vote are descr ibed in the Bond

Agreem ent clause 5.

I nformat ion regarding the role of the Trustee, see Bond

Agreem ent clause 6.

The Bond Agreement is at tached to this Securit ies Note.

Docum entat ion: Regist rat ion Docum ent , Securit ies Note, Bond

Agreem ent .

Availabilit y of the Docum entat ion: www.norwegianproperty.no



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Trustee: Norsk Tillit smann ASA, P.O. Box 1470 Vika, 0116 Oslo,

Norway.

Joint Lead Managers: Nordea Markets, Middelthuns gate 17, Postboks 1166

Sent rum, 0107 Oslo, Norway.

SEB, Filipstad Brygge 1, NO-0252 Oslo, Norway.

Paying Agent :

SEB, Filipstad Brygge 1, NO-0252 Oslo, Norway.

List ing Agent :

Norsk Tillit smann ASA, P.O. Box 1470 Vika, Norway.

Securit ies Depository: Verdipapirregisteret ( “VPS” ) , Postboks 4, 0051 OSLO

Market -Making: There is no m arket -m aking agreem ent entered into in

connect ion with the Loan.

Legislat ion under which the

Securit ies have been created:

Norwegian law.

Fees and Expenses: The Borrower shall pay any stam p duty and other public

fees in connect ion with the loan. Any public fees or taxes

on sales of Bonds in the secondary m arket shall be paid

by the Bondholders, unless otherwise decided by law or

regulat ion. The Borrower is responsible for withholding

any withholding tax im posed by Norwegian law.

Fees: Total expenses related to the adm ission to t rading is

approxim ately NOK 30 000,- .



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4 . Addit ional inform at ion

The involved persons in Norwegian Property ASA have no interest , nor conflict ing interests that is

m aterial to the I ssue.

Norwegian Property ASA has m andated Nordea Markets and SEB as Joint Lead Managers for the

issuance of the Loan. The Joint Lead Managers have acted as advisor to Norwegian Property ASA in

relat ion to the pricing of the Loan.

The Joint Lead Managers and/ or any of their affiliated com panies and/ or officers, directors and

em ployees m ay be a m arket m aker or hold a posit ion in any inst rum ent or related inst rum ent

discussed in this Securit ies Note, and m ay perform or seek to perform financial advisory or banking

services related to such inst rum ents. The Joint Lead Managers corporate finance departm ents m ay

act as m anager or co-m anager for this Borrower in pr ivate and/ or public placem ent and/ or resale

not publicly available or com m only known.

On behalf of the Norwegian Property ASA, Akershus Eiendom AS, conducted an independent

valuat ion of 273 Gullhaugveien 9-13, OSLO, see the at tached valuat ion.

Advisors: Erik Andre Brat t and Knut Berget , Akershus Eiendom AS

Registered address: Haakon VI I 's g 5, 0161 Oslo

PO Box 1739 Vika, 0123 Oslo

E-post : post@akershus-eiendom .no

Background (advisors qualificat ions) :

Erik Andre Brat t , Head of valuat ion

Responsibilit ies: Property valuat ion and consult ing/ advisory

Experience: Erik has former work experience from PricewaterhouseCoopers AS, as an Associate

and a Senior Associate from 2006 and 2007. Erik joined Akershus Eiendom in September 2007.

Educat ion: MSc Econom ics & Business Adm inist rat ion, Norwegian School of Econom ics and

Business Adm inist rat ion.

Knut Berget , Analyst

Responsibilit ies: Market research, consult ing/ advisory and property valuat ion

Educat ion: M.Phil Real Estate Finance, University of Cam bridge BSc. (Hons.) Managem ent

Sciences, Warwick Business School

I nterests of the I ssuer:

Akershus Eiendom AS cont r ibutes with quarter ly valuat ions of the Group's propert ies init iated by

the I ssuer. Akershus Eiendom is one of the leading com m ercial real estate agent in Norway.

Akershus Eiendom has been involved with leasing act ivit ies for several of Norwegian Property's

propert ies as well as advisor on previous property t ransact ions involving Norwegian Property.

The inform at ion provided by third part ies has been accurately reproduced and as far as the I ssuer

is aware and is able to ascertain from inform at ion published by that third party, no facts have been

om it ted which would render the reproduced inform at ion inaccurate or m isleading.

Akershus is Norway's leading com m ercial real estate agent , offer ing services related to

t ransact ions, leasing, research and valuat ion of com m ercial real estate. Akershus Eiendom was

established in 1992 offer ing services within the fields of t ransact ions and leasing of comm ercial real

estate. The com pany has since taken part in som e of the largest t ransact ions in the m arket . I n

1997, the company established a separate leasing department , and in 2001 the department for

research and valuat ion was added to the organizat ion.



12

We hereby confirm that Norwegian Property ASA can use Q3 valuat ion in connect ion with bond

financing of propert ies. As a result of the valuat ion is prepared in connect ion with the presentat ion

of accounts and these are not valid without the associated valuat ion note we will prepare its own

valuat ions for these two propert ies.

This m eans that valuat ions will be valid without valuat ion note.

Erik Andre Brat t

Head of Valuat ion

Statem ent from the List ing Agent : Norsk Tillit sm ann ASA, act ing as List ing Agent , has assisted the I ssuer in preparing this Securit ies

Note. The List ing Agent has not verified the inform at ion contained herein. Accordingly, no

representat ion, warranty or undertaking, express or im plied, is m ade and the List ing Agent

expressively disclaim s any legal or financial liability as to the accuracy or com pleteness of the

inform at ion contained in this Securit ies Note or any other informat ion supplied in connect ion with

bonds issued by the I ssuer or their dist r ibut ion. The statem ents m ade in this paragraph are without

prejudice to the responsibilit y of the I ssuer. Each person receiving this Securit ies Note

acknowledges that such person has not relied on the List ing Agent nor on any person affiliated with

it in connect ion with its invest igat ion of the accuracy of such inform at ion or its investm ent decision.



13

5 . Appendix:

1. Bond Agreem ent

2. Est im at ion of value of the Property

Norsk Tillitsm ann ASAzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

Bond AgreementzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

Entered into: 25 November 2013

between the Issuer: Norwegian Property ASA

Company No. 988622036

and theBond Trustee: Norsk Tillitsmann ASA

Company No. 963342624

on behalf of the Bondholders 3,70 % Norwegian Property ASA Secured Bond Issue 2013zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA1m : 2018

with ISIN: NO 0010695026

The Issuer undertakes to issue the Bonds in accordance with the terms set forth in this BondAgreement.

1. Terms of the Issue

The terms of the Issue are as follows, supplemented by the definitions and clarifications set forthin Section 2:

Maximum Amount: 205000000 Twohundredandfivemillion

Initial Amount: 205000000 Twohundredandfivemillion

Face Value: 1,000,000

Currency: NOK (Norwegian kroner)

Issue Date: 27 November 2013

Maturity Date: 5 January 2018

Redemption Price: 100 % of Face Value

Call: NA NA

Put: Upon a Change of ControlEvent

Coupon Accrual Date: Issue Date

Coupon: 3.70 % p.a.

Reference Rate: NA

Margin: NA

Coupon Date: 5 January each year. The first coupon date will be January2014.

Day Count Fraction: 30/360

Additional Return: NA

Business Day Convention: No adjustment

Listing: The Bonds will be applied for listing at the Exchange.

Exchange: Oslo Børs

1


2. Clarifications and definitionszyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

When used in this Bond Agreement, the following words and terms shall have the followingmeaning and defmition:

Additional Return: If YES is specified, certain conditions set forth in Attachmentapply regarding yield. IfNA is specified, no provisions regardingAdditional Return apply.

Assignment of Insurance: A first priority notification as mortgage of the insurance related tothe Property granted by the Property Company in favour of theBond Trustee (on behalf of the Bondholders) ranking pari passuwith the FRN Norwegian Property ASA Secured bond IssuezyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA2013/2018, ISIN NO 0010695034.

Attachment: Any attachments to this Bond Agreement.Bond Agreement: This agreement including any Attachments to which it refers, and

any subsequent amendments and additions agreed between theparties hereto.

Bond Trustee: Norsk Tillitsmann ASA or its successor(s).Bondholder: Holder of Bond(s) as registered in the Securities Register.Bondholders' Meeting: Meeting ofBondholders as set forth in Section S of this Bond

Agreement.Bonds: Securities issued pursuant to this Bond Agreement and whichis

registered in the Securities Register, each a "Bond".Business Day: Any day when the Norwegian Central Bank's Settlement System is

open and when Norwegian banks can settle foreign currencytransactions.

Business Day Convention for adjusting any relevant payment date ("PaymentConvention: Date") if it would otherwise fall on a day that is not a Business

Day;(i) If Modified Business Day is specified, the applicable

Payment Date shall be the first following Business Day.(ii) IfModified Following Business Day is specified, the

applicable Payment Date shall be the first followingBusiness Day unless that day falls in the next calendarmonth, in which case the date shall be the first precedingBusiness Day.

(iii) IfNo Adjustment is specified, the applicable CouponPayment Date shall not be adjusted even if that day is not aBusiness Day (payments shall be made on the firstfollowing Business Day).

Call: Issuer's early redemption right of Bonds at the date(s) stated (the"Call Date") and corresponding price(s) (the "Call Price"), ref.Clause 3.6. and 3.7. The Call Date shall be adjusted pursuantto theBusiness Day Convention. IfNA is specified, the provisionsregarding Call do not apply.

Change of Control Event: Means if any person or group (as such term is defined in theNorwegian Limited Liability Companies Act§ 1-3) becomes theowner, directly or indirectly, of more than 50% of the outstandingshares and/or voting rights of the Issuer.

Coupon: Rate of interest applicable to the Bonds;(i) If the Coupon is stated in percentage points, the Bonds shall

bear interest at this rate per annum (based on the Day Count

2


Fraction set forth in Section 1), from and including theCoupon Accrual Date to the Maturity Date.

(ii) If the Coupon is stated as Reference Rate + Margin theBonds shall bear interest at a rate per annum equal to theReference Rate + Margin (based on the Day Count Fractionset forth in Section 1), from and including the CouponAccrual Date to the first Coupon Date, and thereafter fromand including each Coupon Date to the next Coupon Dateuntil Maturity Date.

Coupon Accrual Date: The date on which interest on the Bond starts to accrue. IfNA isspecified, Coupon Accrual Date does not apply.

Coupon Date: Date(s) on which the payment of Coupon falls due. The CouponDate shall be adjusted pursuant to the Business Day Convention.

Currency: The currency in which the Bonds are denominated.Day Count Fraction: The convention for calculation of payment of Coupon.

(i) If 30/360 is specified, the number of days in the relevantcoupon period shall be calculated from and including theCoupon Accrual Date/Coupon Date to the next CouponDate on basis of a year of 360 days with 12 months of 30days divided by 360, unless (a) the last day in the relevantcoupon period is the 31st calendar day but the first da6' ofthe relevant coupon period is a day other than the 30t or the31stday of a month, in which case the month that includesthat last day shall not be shortened to a 30-day month, or(b) the last day of the relevant coupon period is the lastcalendar day in February, in which case February shall notbe considered to be lengthened to a 30-day month.

(ii) If Actual/360 is specified, the actual number of days intherelevant coupon period shall be from and including theCoupon Accrual Date/Coupon Date to the next CouponDate. The number of days shall be divided by 360.

Decisive Influence: A person having, as a result of an agreement or through theownership of shares or interests in another person:(a) a majority of the voting rights in that other person; or(b) a right to elect or remove a majority of the members of theboard of directors of that other person.When determining the relevant person's number ofvoting rights inthe other person or the right to elect and remove members of theboard of directors, rights held by the parent company of therelevant person and the parent company' s Subsidiaries shall beincluded.

Encumbrance: Any encumbrance, mortgage, pledge, lien, charge (whether fixed orfloating), assignment by way of security, finance lease, sale andrepurchase or sale and leaseback arrangement, sale of receivableson a recourse basis or security interest or any other agreement orarrangement having the effect of conferring security.

Event of Default: The occurrence of an event set forth in Clause 3.8.Exchange: Exchange or other recognized marketplace for securities, on which

the Issuer has, or has applied for, listing of the Bonds. IfNAisspecified, the terms of this Bond Agreement covering Exchange donot apply.

Face Value: The face value of each Bond.

3


Finance Documents: All and any of (1) this Bond Agreement, (2) the agreementregarding the Bond Trustee's fees and expenses as set forth inClause 4.9.2, (3) Security Documents (including any notices,acknowledgements and other ancillary documentation relatingthereto), and (4) any other document (whether creating a securityinterest or not) which is executed at any time by the Issuer oranyother party in relation to any amount payable under this BondAgreement and designated as a Finance Document by the partiesthereto.

Financial Indebtedness: Any indebtedness incurred in respect of:(a) moneys borrowed, including acceptance credit;(b) any bond, note, debenture, loan stock or other similar

instrument;(c) the amount of any liability. in respect of any lease, hire

purchase contract which would, in accordance with GAAP, betreated as a finance or capital lease;

(d) receivables sold or discounted (other than any receivables soldon a non-recourse basis);

(e) any sale and lease-back transaction, or similar transactionwhich is treated as indebtedness under GAAP;

(f) the acquisition cost of any asset to the extent payable after itsacquisition or possession by the party liable where the deferredpayment is arranged primarilyas a method of raising financeorfmancing the acquisition of that asset;

(g) any derivative transaction entered into in connection withprotection against or benefit from fluctuation in any rate orprice, including without limitation currency or interest rateswaps, caps or collar transactions (and, when calculating thevalue of the transaction, only the mark-to-market value shall betaken into account);

(h) any amounts raised under any other transactions having thecommercial effect of a borrowing or raising of money, whetherrecorded in the balance sheet or not (including any forwardsale of purchase agreement);

(i) any counter-indemnity obligation in respect of a guarantee,indemnity, bond, standby or documentary letter of credit oranyother instrument issued by a bank or financial institutions; and

G) (without double counting) any guarantee, indenmity or similarassurance against financialloss of any person in respect ofanyof the items referred to inCa) through (i) above.

Financial Institution Entity with authorization according to the Norwegian FinancialInstitution Act (1988/40)

GAAP: means the generally accepted accounting practice andprinciples inthe country in which the Issuer is incorporated including, ifapplicable, the International Financial Reporting Standards (IFRS)and guidelines and interpretations issued by the InternationalAccounting Standards Board (or any predecessor and successorthereof), in force from time to time.

Group: The Issuer and its Subsidiaries, each a "Group Company".Initial Amount: The amount equal to the aggregate Face Valueof the Bonds

(minimum) issued under the first Issue.ISIN: The identification number of the Bonds (International Securities

4


Identification Number).Issue: Any issue of Bonds pursuant to this Bond Agreement.Issue Date: The date of the first Issue.Issuer: The person or entity that has issued the Bonds and is the borrower

(debtor).Issuer's Bonds: Bonds owned by the Issuer, any party who has Decisive Influence

over the Issuer, or any party over whom the Issuer has DecisiveInfluence.

Listing: Indicates listing of the Bonds. IfYES is specified, the Issuer shallsubmit an application in order to have the Bonds listed on theExchange(s). IfNO is specified, no obligation for listing applies,but the Issuer may, at its own discretion, apply for listing.

Margin: Margin expressed in percentage points to be added to theReference Rate (if the Margin is negative, it shall be deducted fromthe Reference Rate). IfNA is specified, no Margin applies.

Maturity Date: The date on which the Bonds fall due. The Maturity Date shall beadjusted pursuant to the Business Day Convention.

Maximum Amount: Amount stating the maximum aggregate Face Value of Bondswhich may be issued pursuant to this Bond Agreement. IfNA isspecified, the aggregate Face Value of the Bonds issued may notexceed the amount specified as the Initial Amount.

Mortgage: The mortgage over the Property, in the amount equal to the InitialAmount plus interest and expenses,in favour of the Bond Trustee(on behalf of the Bondholders), securing the Issuer's obligationsunder this Bond Agreement, ranking:

- after NOK 4,355,700 to Nydalsbyen Vel.,- after an exclusively legal right of Avantor ASA to all

fishing-, waterfall- and electricity- rights in Akerselva, and- pari passu with the FRN Norwegian Property ASA Secured

bond IssuezyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA201312018, ISIN NO 0010695034.NIBOR: (Norwegian Interbank Offered Rate) Interest rate fixed fora

defined period on Reuters page NIBR at 12.00 noon Oslo time.In

the event that Reuters page NIBR is not available, has beenremoved or changed such that the quoted interest rate no longerrepresents, in the opinion of the Bond Trustee, a correct expressionofthe Reference Rate, an alternative Reuters page or otherelectronic source which in the opinion of the Bond Trustee and theIssuer gives the same interest rate as the initial ReferenceRateshall be used. If this is not possible, the Bond Trustee shallcalculate the Reference Rate based on comparable quotes frommajor banks in Oslo.

Outstanding Bonds: The aggregate value of the total number of Bonds not redeemed orotherwise discharged in the Securities Register.

Paying Agent: The entity acting as registrar for the Bonds inthe SecuritiesRegister and paying agent on behalf of the Issuer in the SecuritiesRegister.

Property: Gullhaugveien 9-13: Land no. 77, title no. 344 in Oslo kommuneProperty Company: Gullhaugveien 9-13 AS, company no. 990637 148Put: Bondholders' right to demand early redemption of Bonds at date(s)

stated (the "Put Date") and corresponding price(s) (the "PutPrice"), ref. Clause 3.5.3,3.6 and 3.7. The Put Date shall beadjusted pursuant to the Business Day Convention. IfNA is

5


specified, the provisions regarding Put do not apply.Redemption Price: The price, stated as a percent of the Face Value, at which the

Bonds shall be redeemed on the Maturity Date.Reference Rate: NIBOR rounded to the nearest hundredth of a percentage point on

each Reset Date, for the period stated. IfNA is specified,Reference Rate does not apply.

Reset Date: Dates on which the Coupon is fixed for the subsequent couponperiod for Bonds where Reference Rate applies. The first ResetDate is two Business Days before the Coupon Accrual Date.Thereafter the Reset Date is two Business Days prior to eachCoupon Date.

Securities Register: The securities register in which the Bonds are registered.Security Documents: Any document establishing, recording, confirming or preserving

any security interest over any Security Interest relating to anyFinance Document.

Security Interest: Any Encumbrances or other security (herunder any guarantee)created (or to be created) by the Security Documents securing theobligations of the Issuer or the Property Company under anyFinance Documents, including but not limited to the Mortgage andthe Assignment of Insurance.

Subsidiary: A company over which another company has Decisive Influence.Voting Bonds: Outstanding Bonds less Issuer' s Bonds.zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

3. Other terms of the Issue

3.1. The purpose of the Issue

3.1.1. The purpose of the Issue is general corporate purposes and refinancing of existing debtfrom N ordea and SER

3.2. Listing and prospectus

3.2.1. In the event that the Bonds are listed on the Exchange,matters concerning the listingrequiring the approval of the Bondholders shall be resolvedpursuant to the terms ofthisBond Agreement.

3.2.2. In the event that the Bonds are listed on the Exchange,the Issuer shall submit thedocuments and the information necessary to maintain the listing.

3.2.3. The Issuer shall ensure that this Bond Agreement shall be incorporated in any prospectusand other subscription or information materials related tothe Bonds.

3.3. Status

3.3.1. The Issuers payment obligations under this Bond Agreement shall rank ahead of allsubordinated payment obligations of the Issuer and shall rank at least pari passu with allthe Issuer's other obligations, save for (i) secured obligations to the extent they aresecured and (ii) obligations which are mandatorily preferred by law.

3.4. Security

6


3.4.1. The Bonds including interest and expenses shall be secured by the Security Interest.zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

3.5. Covenants

3.5.1. The Issuer undertakes not to (either in one action or as several actions):

(a) sell or otherwise dispose of all or substantial parts of its assets or business,

(b) change the nature of its business, or

(c) merge, demerge or in any other way restructure its business,

if such action will materiallyand adversely affect the Issuer's ability to fulfil itsobligations under this Bond Agreement.

3.5.2. The Issuer undertakes to:

(a) ensure that the company constituting the Property Company remain to be a whollyowned subsidiary (directly or indirectly) of the Issuer; and

(b) not to create or permit to exist any Encumbrance over:

(1) any of the company capital/shares of the Property Company; and

(2) any intercompany receivables between the Issuer and theProperty Company.

(c) remain, directly or indirectly, the sole owner and hold the title of the Property;

(d) procure that the Property Company does not engagein any business activity which isnot related to the administration and development of the Property;

(e) procure that the Property Company does not enter into anyamalgamation, demerger,merger or corporate reconstruction, other than with the Issuer or other companiesowned 100 %, directly or indirectly, by the Issuer, and with the Issuer, or that othercompany, as the surviving entity;

(f) not amend or agree to amend, without the prior written approval of the Bond Trustee,any management contract or lease contract on the Property ina manner whichmaterial adverse effect (i) the Issuer's ability to performits payment obligations underthe Bond Agreement or (ii) the value of the Property;

(g) not create or permit to exist any Encumbrance over the Property, or revenues resultingfrom it, ranking senior to or equal to the Security Interest,other than:

a. the Security Interest;

b. any netting or set-off arrangement entered into in the ordinary course of itsbanking arrangements for the purpose of netting debit and credit balances ofmembers of the Group;

c. the NOK 4,355,700 obligation towards Nydalen Vel pledgedin the SecurityInterest

d. the exclusive legal rights to all fishing-, waterfall- and electricity- rights inAkerselvaheld by Avantor ASA

7


(h) procure that the Property and all inventory is kept in a state of good and safecondition and state of repair consistent with good industrystandard, and, if necessary,replaced with items of similar quality and value;

(i) arrange for the Bond Trustee, and/or any person appointed by the Bond Trustee, toinspect the Property after the occurrence of an Event of Default (which is continuing)and at reasonable expense of the Issuer, and shall give to theBond Trustee and/or anyperson appointed by the Bond Trustee, reasonable access to staff, inventory anddocumentation for on-going operation;

G) ensure that the Property is insured for its full value (in Norwegian:zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

''fullverdiforsikret'') against all such risks as are customary for companies engaged inreal estate to take out, with reputable insurance companies; and

(k) ensure that no Group Company shall grant any loan to any third party other than amember of the Group other than in the ordinary course of business.

3.5.3. Change ofControl;

Upon the occurrence of a Change of Control Event, each Bondholder shall have a right ofpre-payment (a "Put Option") of Bonds at a price of 101% of par value (plus accruedinterest) during a period of 60 calendar days following the notice of a Change of ControlEvent as set out in Clause 4.7.10).

The Put Option shall be notified in accordance with Clause 3.7.3 (by notice to theBondholders securities register agent).

3.5.4. For information covenants. see Clause 4.7.zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

3.6. Payments

3.6.1. On each Coupon Date the Issuer shall in arrears pay theaccrued Coupon amount to theBondholders.

3.6.2. On the Maturity Date the Issuer shall pay in respect ofeach Bond the Face Valuemultiplied by the Redemption Price to the Bondholders.

3.6.3. On the Maturity Date the Issuer shall pay any Additional Return (if applicable) to theBondholders.

3.6.4. The Issuer may not apply any counterclaims in set-offagainst its payment obligationspursuant to this Bond Agreement.

3.6.5. If exercising Call or Put, the Issuer shall at the relevant date indicated under Call or Putpay to the Bondholders the Face Value of the Bonds to be redeemed multiplied by therelevant price for the relevant date plus accrued Coupon on the redeemed Bonds.

3.6.6. Amounts payable to the Bondholders by the Issuer shall be available to the Bondholderson the date the amount is due pursuant to this Bond Agreement.

3.6.7. In the event that the Issuer has not fulfilled its payment obligations pursuant to this BondAgreement, regardless of whether an Event of Default has been declared or not, interestshall accrue on the amount due at the higher of:

8


(d) the seven day NIBOR plus 3.0 percentage points (to be fixed two Business Daysbefore due date and thereafter weekly), and

(e) the applicable Coupon at the due date plus 3.0 percentagepoints.

Default interest shall be added to the amount due on a monthlybasis and accrue interesttogether with this (compound interest).zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

3.7. Exercise of Put and Call

3.7.1. Exercise of Call shall be notified by the Issuer to theBondholders and the Bond Trustee atleast thirty Business Days prior to the relevant Call Date.

3.7.2. Partial exercise ofCall shall be carried out pro ratabetween the Bonds (according to theprocedures in the Securities Register).

3.7.3 Exercise ofPut shall be notified by the Bondholder to its Securities Register agent nolater than fifteen Business Days prior to the relevant Put Date (to be forwarded to thePaying Agent).

3.8. Events of default

3.8.1. The Bond Trustee may declare the Bonds to be in defaultupon the occurrence of any ofthe following events:

(a) the Issuer fails to fulfil any payment obligation pursuant to Clause 3.6 unless, in theopinion of the Bond Trustee, it is obvious that such failure will be remedied, andpayment is made, within 5 - five - Business Days following theoriginal due date,

(b) the Issuer fails to duly perform any other substantial obligation pursuant to this BondAgreement, unless, in the opinion of the Bond Trustee, it is obvious that such failurewill be remedied and is remedied within 10 - ten - Business Days from the date theIssuer became aware thereof,

(c) the Issuer fails to fulfil any other Financial Indebtedness (including any guaranteeliabilities), which is or could be declared due and repayable prior to its specifiedmaturity as a result of an event of default, provided that theaggregate amount of suchFinancial Indebtedness exceeds the higher of NOK 30000000 (Norwegian Kronerthirty million) and, for such failure related to loan granted to a member of the Group,such failure is not remedied within 5 - five - Business Days following the Issuerbecoming aware of such failure,

(d) the Issuer becomes subject to insolvency or enforcementproceedings, is taken underpublic administration, commences negotiations with one ormore of its creditors witha view to rescheduling any of its indebtedness, admits to insolvency or if asubstantial proportion of the Issuer's assets are impounded, confiscated or subject todistraint,

(e) the Issuer is resolved to be dissolved,

(f) the Issuer has in respect of the Bonds or this Bond Agreement (in the reasonablediscretion of the Bond Trustee) in any material respect madeany incorrect ormisleading - or otherwise failed to make - representation, warranty, statement orcertificate of compliance, or

(g) any event or circumstance occurs which, in the reasonable opinion of the BondTrustee, after consultations with the Issuer, would have a material adverse effect onthe Issuer's ability to perform and comply with its obligations under this BondAgreement.

9


4. Other terms and conditions

4.1. Conditions precedentzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

4.1.1. The Bond Trustee shall have received the following documentation, no later than 2 - two- Business Days prior to the Issue Date:

(a) this Bond Agreement duly signed,

(b) the Issuer's corporate resolution to make the Issue, andthe Property Company'scorporate resolutions to execute the Security Documents,

(c) confirmation that the relevant individuals are authorised to sign on behalf of theIssuer or other Group Companies this Finance Documents and other relevantdocuments in relation hereto, (Company Certificate, Powerof Authority etc.),

(d) the Issuer' s Articles of Association,

(e) confirmation that the requirements set forth in Chapter7 of the Norwegian SecuritiesTrading Act (prospectus requirements) are fulfilled,

(f) to the extent necessary, any public authorisations required for the Issue,

(g) confirmation that the Bonds have been registered in the Securities Register,

(h) any agreement regarding the Bond Trustee's fees and expenses as set forth in Clause4.9.2 duly signed,

(i) confirmation according to Clause 4.2.2 if applicable,

G) copy of the final term sheet presented in relation to the Issue,

(k) a written confirmation from Skandinaviska Enskilda Banken AB, company no.971 049944, that their existing security interest over the Property will promptly bereleased and discharged,

(l) the Security Documents duly executed by all parties thereto and perfected (orsatisfactory evidence that the Security Documents will be perfected promptly prior toor on the Issue Date),

(m) any other relevant documentation presented in relationto the Issue, and

(n) any statements (including legal opinions) required by the Bond Trustee regardingdocumentation in this Clause 4.1.1.

4.1.2. The Bond Trustee may, in its reasonable opinion, waive the deadline or requirements forthe documentation as set forth in Clause 4.1.1.

4.1.3. The Issuance of the Bonds is subject to the Bond Trustee's written notice to the Issuer, themanager of the Issue and the Paying Agent that the documents have been controlled andthat the required conditions precedent are fulfilled.

4.2. Representations and warranties

4.2.1. At any Issue, the Issuer represents and warrants that:

(a) all information which has been presented in relation to such Issue is, to the bestknowledge of the Issuer, in accordance with the facts and contains no omissionslikely to effect the importance of the information as regards the evaluation of theBonds, and that the Issuer has taken all reasonable measuresto ensure this,

(b) the Issuer has made a valid resolution to make such Issue,and such Issue does notcontravene any of the Issuer' s other liabilities, and

10


(c) public requirements have been fulfilled (La. NorwegianSecurities Trading ActChapter 7 and the Norwegian Issue Regulations 1996 no. 1247), and that anyrequired public authorisations have been obtained.

4.2.2. The Bond Trustee may prior to any Issue require a statement from the Issuer confirmingthe Issuer' s compliance with Clause 4.2.1.

4.3. Tap Issues (subsequent Issues)

4.3 .1. If Maximum Amount is applicable (Section 1), the Issuer may make subsequent Issues("Tap Issues") up to the Maximum Amount, provided that

(a) the Tap Issue is made no later than five - 5 - Business Days prior to the MaturityDate, and that

(b) all conditions set forth in Clauses 4.1.1 and 4.2.1 are still valid.

Each Tap Issue requires written confirmation from the Bond Trustee, unless (i) the Issueris a Financial Institution and (ii) the Bonds constitute (senior) unsecured indebtedness ofthe Issuer (i.e. not subordinated).

4.3.2. The Issuer may, upon written confirmation from the Bond Trustee, increase the MaximumAmount. The Bondholders and the Exchange shall be notified of any increase in theMaximum Amount.

4.4. Registration of Bonds

4.4.1. The Issuer shall continuously ensure the correct registration of the Bonds in the SecuritiesRegister.

4.5. Interest Rate Fixing

4.5.1. If, pursuant to this Bond Agreement, the Coupon shallbe adjusted during the term of theBonds, any adjustments shall be carried out by the Bond Trustee. The Bondholders, theIssuer, the Paying Agent and the Exchange shall be notified of the new Coupon applicableuntil the next Coupon Date.

4.6. The Issuer's acquisition of Bonds

4.6.1. The Issuer has the right to acquire Bonds and to retain, sell or discharge such Bonds in theSecurities Register.

4.7. Information covenants

4.7.1. The Issuer undertakes to:

a) without being requested to do so, inform the Bond Trustee promptly of any Event ofDefault pursuant to this Bond Agreement, and of any situation which the Issuerunderstands or should understand could lead to an Event of Default,

b) without being requested to do so, inform the Bond Trustee of any other event whichmay have a material effect on the Issuer's ability to fulfil its obligations pursuant tothis Bond Agreement,

c) without being requested to do so, inform the Bond Trustee if the Issuer intends to sellor dispose of all or a substantial part of its assets or operations or change the nature ofits business,

11


d) upon request, provide the Bond Trustee with its annual andinterim reports and anyother information reasonably required by the Bond Trustee,

e) upon request report to the Bond Trustee the balance of Issuer' s Bonds,

f) without being requested to do so, provide a copy to the Bond Trustee of any notice toits creditors to be made according to applicable laws and regulations,

g) without being requested to do so, send a copy to the Bond Trustee of notices to theExchange which have relevance to the Issuer' s liabilities pursuant to this BondAgreement,

h) without being requested to do so, inform the Bond Trustee of changes in theregistration of the Bonds in the Securities Register,

i) without being requested to do so, annually in connection with the release of its annualreport, or upon request, confirm to the Bond Trustee compliance with any covenantsset forth in this Bond Agreement, and

j) immediately notify the Bondholders (via VPS), the Trustee and the Exchange (iflisted) if a Change of Control Event takes place.zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

4.8. Notices

4.8.1. Written notices, warnings, summons etc to the Bondholders made by the Bond Trusteeshall be sent via the Securities Register with a copy to the Issuer and the Exchange ..Information to the Bondholders may also be published at the web site www.stamdata.no.

4.8.2. The Issuer's written notifications to the Bondholders shall be sent via the Bond Trustee,alternatively through the Securities Register with a copy to the Bond Trustee and theExchange.

4.9. Expenses

4.9.1. The Issuer shall cover all its own expenses in connection with this Bond Agreement andthe fulfillment of its obligations hereunder, including the 'preparation of this BondAgreement, listing of the Bonds on the Exchange, and the registration and administrationof the Bonds in the Securities Register.

4.9.2. The expenses and fees payable to the Bond Trustee shall be paid by the Issuer. ForFinancial Institutions, and Norwegian governmental issuers, annual fee will be determinedaccording to applicable fee structure an terms and conditions presented at the Trustee'sweb site (www.trustee.no) at the Issue Date, unless otherwise is agreed with the Trustee.For other issuers a separate fee agreement will be entered into. Fees and expenses payableto the Bond Trustee which, due to insolvency or similar by theIssuer, are not reimbursedin any other way may be covered by making an equivalent reduction in the payments tothe Bondholders.

4.9.3. Any public fees payable in connection with this Bond Agreement and fulfilling of theobligations pursuant to this Bond Agreement shall be covered by the Issuer. The Issuer isnot responsible for reimbursing any public fees levied on the trading of Bonds.

4.9.4. The Issuer is responsible for withholding any withholding tax imposed by Norwegian law.

12


5. Bondholders' Meeting

5.1. Authority of the Bondholders' MeetingzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

5.1.1. The Bondholders' Meeting represents the supreme authority of the Bondholders'community in all matters regarding the Bonds. If a resolution by or an approval of theBondholders is required, such resolution shall be passed ata Bondholders' Meeting.Resolutions passed at Bondholders' Meetings shall be binding and prevail for all Bonds.

5.2. Procedural rules for the Bondholders' Meeting

5.2.1. A Bondholders' Meeting shall be held at the request of:

(a) the Issuer,

(b) Bondholders representing at least 1/1Oof the Voting Bonds,

(c) the Bond Trustee, or

(d) the Exchange.

5.2.2. The Bondholders' Meeting shall be summoned by the Bond Trustee. A request for aBondholders' Meeting shall be made in writing to the Bond Trustee, and shall clearly statethe matters to be discussed.

5.2.3. If the Bond Trustee has not summoned a Bondholders' Meeting within 10 - ten -Business Days after having received such a request, then therequesting party maysummons the Bondholders' Meeting itself.

5.2.4. Summons to a Bondholders Meeting shall be dispatchedno later than 10 - ten - BusinessDays prior to the Bondholders' Meeting. The summons and a confirmation of eachBondholder's holdings of Bonds shall be sent to all Bondholders registered in theSecurities Register at the time of distribution. The summons shall also be sent to theExchange for publication.

5.2.5. The summons shall specify the agenda of the Bondholders' Meeting. The Bond Trusteemay in the summons also set forth other matters on the agenda than those requested. Ifamendments to this Bond Agreement have been proposed, the main content of theproposal shall be stated in the summons.

5.2.6. The Bond Trustee may restrict the Issuer to make any changes in the number ofVotingBonds in the period from distribution of the summons until the Bondholders' Meeting.

5.2.7. Matters that have not been reported to the Bondholders in accordance with the proceduralrules for summoning of a Bondholders' Meeting may only be adopted with the approvalof all Voting Bonds.

5.2.8. The Bondholders' Meeting shall be held on premises designated by the Bond Trustee. TheBondholders' Meeting shall be opened and shall, unless otherwise decided by theBondholders' Meeting, be chaired by the Bond Trustee. IftheBond Trustee is not present,the Bondholders' Meeting shall be opened by a Bondholder, and be chaired by arepresentative elected by the Bondholders' Meeting.

5.2.9. Minutes of the Bondholders' Meeting shall be kept. The minutes shall state the number ofBondholders represented at the Bondholders' Meeting, the resolutions passed at the

13


meeting, and the result of the voting. The minutes shall be signed by the chairman and atleast one other person elected by the Bondholders' Meeting.The minutes shall bedeposited with the Bond Trustee and shall be available to theBondholders.

5.2.10. The Bondholders, the Bond Trustee and representatives ofthe Exchange have the right toattend the Bondholders' Meeting. The chairman may grant access to the meeting to otherparties, unless the Bondholders' Meeting decides otherwise. Bondholders may attend by arepresentative holding proxy. Bondholders have the right to be assisted by an advisor. Incase of dispute the chairman shall decide who may attend the Bondholders' Meeting andvote for the Bonds.

5.2.11. Representatives of the Issuer have the right to attend the Bondholders' Meeting. TheBondholders' Meeting may resolve that the Issuer's representatives may not participate inparticular matters. The Issuer has the right to be present under the voting.zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

5.3. Resolutions passed at Bondholders' Meetings

5.3.1. At the Bondholders' Meeting each Bondholder may castone vote for each Voting Bondowned at close of business on the day prior to the date of the Bondholders' Meeting inaccordance with the records registered in the Securities Register. Whoever opens theBondholders' Meeting shall adjudicate any question concerning which Bonds shall countas Issuer's Bonds. Issuer's Bonds have no voting rights.

5.3.2. In all matters to be dealt with at the Bondholders' Meeting, the Issuer, the Bond Trusteeand any Bondholder have the right to demand vote by ballot. Incase of parity of votes, thechairman shall have the deciding vote, regardless ofthe chairman being a Bondholder ornot.

5.3.3. In order to form a quorum, at least half (1/2) of the Voting Bonds must be represented atthe meeting, see however Clause 5.4. Even ifless than half (l/2) of the Voting Bonds arerepresented, the Bondholders' Meeting shall be held and voting completed.

5.3.4. Resolutions shall be passed by simple majority of thevotes at the Bondholders' Meeting,unless otherwise set forth in clause 5.3.5.

5.3.5. In the following matters, a majority of at leastzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA2/3 ofthe votes is required:

(a) any amendment of the terms of this Bond Agreement regarding the Coupon, thetenor, redemption price and other terms and conditions affecting the cash flow of theBonds.

(b) the transfer of rights and obligations of this Bond Agreement to another issuer(borrower), or

(c) change of Bond Trustee.

5.3.6. The Bondholders' Meeting may not adopt resolutions which may give certainBondholders or others an unreasonable advantage at the expense of other Bondholders.

5.3.7. The Bond Trustee shall ensure that resolutions passed at the Bondholders' Meeting areproperly implemented.

5.3.8. The Issuer, the Bondholders and the Exchange shall benotified ofresolutions passed atthe Bondholders' Meeting.

14


5.4. Repeated Bondholders' MeetingzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

5.4.1. Ifthe Bondholders' Meeting does not form a quorum pursuant to Clause 5.3.3, a repeatedBondholders' Meeting may be summoned to vote on the same matters. The attendanceand the voting result of the first Bondholders' Meeting shall be specified in the summonsfor the repeated Bondholders' Meeting.

5.4.2. When a matter is tabled for discussion at a repeated Bondholders' Meeting, a validresolution may be passed even though less than half (l/2) of the Voting Bonds arerepresented.

6. The Bond Trustee

6.1. The role and authority of the Bond Trustee

6.1.1. The Bond Trustee shall monitor the compliance by the Issuer of its obligations under thisBond Agreement and applicable laws and regulations which are relevant to the terms ofthis Bond Agreement, including supervision oftimely and correct payment ofprincipal orinterest, informing the Bondholders, the Paying Agent and the Exchange of relevantinformation which is obtained and received in its capacity as Bond Trustee (however thisshall not restrict the Bond Trustee from discussing mattersof confidentiality with theIssuer), arrange Bondholders' Meetings, and make the decisions and implement themeasures resolved pursuant to this Bond Agreement. The BondTrustee is not obligated toassess the Issuer' s financial situation beyond what is directly set forth in this BondAgreement.

6.1.2. The Bond Trustee may take any step necessary to ensurethe rights of the Bondholders inall matters pursuant to the terms of this Bond Agreement. TheBond Trustee maypostpone taking action until such matter has been put forward to the Bondholders'Meeting.

6.1.3. The Bond Trustee may reach decisions binding for all Bondholders concerning this BondAgreement, including amendments to the Bond Agreement, which, in the opinion of theBond Trustee, do not have a material adverse effect on the rights or interests of theBondholders pursuant to this Bond Agreement, see however Clause 6.1.5.

6.1.4. The Bond Trustee may reach decisions binding for all Bondholders in circumstances otherthan those mentioned in Clause 6.1.3 provided prior notification to the Bondholders aregiven, see however Clause 6.1.5. Such notice shall contain aproposal of the amendmentand the Bond Trustee's evaluation. Further, such notification shall state that the BondTrustee may not reach a decision binding for all Bondholdersin the event that anyBondholder submit a written protest against the proposal within a deadline set by theBond Trustee. Such deadline may not be less than five (5) Business Days after the date ofsuch notification.

6.1.5. The Bond Trustee may not reach decisions pursuant to Clauses 6.1.3 or 6.1.4 for mattersset forth in Clause 5.3.5 except to rectify obvious incorrectness, vagueness orincompleteness.

6.1.6. The Bond Trustee may not adopt resolutions which may give certain Bondholders orothers an unreasonable advantage at the expense of other Bondholders.

15


6.1.7. The Issuer, the Bondholders and the Exchange shall benotified of decisions made by theBond Trustee pursuant to Clause 6.1 unless such notice obviously is unnecessary.

6.1.8. The Bondholders' Meeting can decide to replace the Bond Trustee without the Issuer'sapproval, as provided for in Clause 5.3.5.

6.2. Event of Default, termination and recovery

6.2.1. If an Event of Default occurs, the Bond Trustee may take any action it deems necessary inorder to protect the interests of the Bondholders, including declaring the Bonds to be indefault, revoking this Bond Agreement and declaring the Bonds plus accrued interest andexpenses due for payment, and initiating recovery of all amounts outstanding under thisBond Agreement.

6.2.2. Should the Bond Trustee receive a written demand to take action as set forth in Clause6.2.1 from Bondholders representing at least 1/5 ofVoting Bonds, the Bond Trustee shalltake such actions unless the Bondholders' Meeting has passed a resolution for alternativesolutions,

6.2.3. The Bond Trustee shall be indemnified by the Bondholders for any results (including anyexpenses, costs and liabilities) of taking action pursuantto Clause 6.2.2 or pursuant to theBondholders' Meeting having declared the Bonds to be in default. The Bond Trustee mayclaim indemnity and security from the Bondholders who put forward the demand inaccordance with clause 6.2.2 or voted for the adopted resolution at the Bondholders'Meeting.

6.3. Liability and indemnity

6.3.1. The Bond Trustee is liable only for direct losses incurred by Bondholders or the Issuer asa result of negligence or wilful misconduct by the Bond Trustee in performing itsfunctions and duties as set forth in this Bond Agreement. TheBond Trustee is not liablefor the content of information provided to the Bondholders on behalf of the Issuer.

6.3.2. The Issuer is liable for and shall indemnify the Bond Trustee fully in respect of all directlosses, expenses and liabilities incurred by the Bond Trustee as a result of negligence bythe Issuer to fulfill its obligations under the terms of thisBond Agreement, includinglosses incurred by the Bond Trustee as a result of the Bond Trustee's actions based onmisrepresentations made by the Issuer in connection with the establishment andperformance ofthis Bond Agreement.

6.4. Change of Bond Trustee

6.4.1. Change of Bond Trustee shall be carried out pursuant to the procedures set forth inSection 5. The Bond Trustee shall continue to carry out its duties as bond trustee untilsuch time that a new Bond Trustee is elected.

6.4.2. The fees and expenses of a new bond trustee shall be covered by the Issuer pursuant to theterms set out in Clause 4.9, but may be recovered wholly or partially from the BondTrustee ifthe change is due to a breach of the Bond Trustee duties pursuant to the terms ofthis Bond Agreement or other circumstances for which the Bond Trustee is liable.

6.4.3. The Bond Trustee undertakes to co-operate so that thenew bond trustee receives withoutundue delay following the Bondholders' Meeting the documentation and informationnecessary to perform the functions as set forth under the terms ofthis Bond Agreement.

16


7. General provisions

7.1. The Bondholders' communityzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

7.1.1. Through their subscription, purchase or other transfer of Bonds, the Bondholders will bedeemed to have acceded to this Bond Agreement and hereby accept that:

(a) the Bondholders are bound by the terms ofthis Bond Agreement,

(b) the Bondholders, upon completed transfer having been registered in the VPS andwithout any further action required to be taken or formalities to be complied with,shall automatically become parties to the Bond Agreement, and that all Bondtransfers shall be subject to the terms thereof,

(c) the Bond Trustee has power and authority to act on behalf of the Bondholders,

(d) the Bond Trustee has, in order to administrate the terms of this Bond Agreement,access to the Securities Register to review ownership of Bonds registered in theSecurities Register,

(e) this Bond Agreement establishes a community between Bondholders meaning that;

(i) the Bonds rank pari passu between each other,(ii) the Bondholders may not, based on this Bond Agreement, act directly

towards the Issuer and may not themselves institute legal proceedingsagainst the Issuer,

(iii) the Issuer may not, based on this Bond Agreement, act directly towards theBondholders,

(iv) the Bondholders may not cancel the Bondholders' community, and that(v) the individual Bondholder may not resign from the Bondholders'

community.

7.1.2. This Bond Agreement shall be publicly available fromthe Bond Trustee or the Issuer.

7.2. Dispute resolution and legal venue

7.2.1. Disputes arising out of or in connection with this Bond Agreement which are not resolvedamicably shall be resolved in accordance with Norwegian lawin the Oslo District Court.

7.3. Amendments

7.3.1. Amendments ofthis Bond Agreement may only be made with the approval of the partiesto this Agreement, with the exception ofamendments as set forth under Clause 6.1.8.

7.4. Contact information

7.4.1. The Issuer and the Bond Trustee shall ensure that the other party is kept informed of any,-"ch,åhgesin its postal address, e-mail address, telephone and fax numbers and contactzyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

s=f

Issuer Bond Trustee

17

VERDIVURDERING273 Gullhaugveien 9-13, OSLO

Oppdragsgiver Estimert salgsverdi MNOKBefaringsdato Dato for vurdering 30. september 2013

Verdivurderingens formål

Nøkkeldata

Markedsleie hovedformål (Kontor) 1 623 NOK/m² Areal til hovedformål 24 515 m²

Gjenstående kontraktsløpetid 5,7 år Total areal ex parkering 32 422 m²

Antatt rehab ved utløp 1 500 NOK/m² Areal parkering 11 984 m²

Eierkostnad (andel markedsleie) 7,3 % Andel areal ledig i dag 10 %

Nettoyield, år 1 6,20 % Gjenstående investeringer

Eiendomsbeskrivelse Kommentarer / forutsetninger

Eiendomsinformasjon Endringer siden forrige vurdering

Eier Norwegian Property Verdiendring -13,5 MNOK

Adresse Sandakerveien 138/140 Verdiendring (%) -1,9 %

Gnr/Bnr 77/344

Tomtestørrelse, m² 10 852 Markedsleie 0,6 % ned

Eierforhold tomt Eiet Kontraktsleie 9 % opp

Regulering Industri/kontor/lager Kostnader Uendret

Byggeår 1997 Oppgraderingskostnader 0,7 % opp

Rehabilitert Diskonteringsrente 25 bp opp

Evt. Vernestatus Ingen kjente forhold Direkteavkastning 70 bp opp

Eiendommens verdiutvikling siste 2 år x Endringer siden sist fordelt på faktorerx

n/a n/a

Bilde Kart

1: Eiendomspresentasjon

715,3

Verdivurderingen skal benyttes til regnskapsmessige formål. Verdivurderingen skal ikke benyttes til ekstern markedsføring eller salg av eiendommen.

Moderne kontorbygg beliggende sentralt i Nydalen med kort avstand til offentlig kommunikasjon, restauranter og butikker. Eiendommen har gode veiforbindelser, kort avstand til tog, buss, t-bane og taxiholdeplass

Tillagt vurderingen er også et regulert utviklingspotensial på 6,000 kvm. Utviklingen vil føre til et frafall av uteparkeringsplasser, anslått til totalt 45 plasser. Det settes ikke markedsleie på disse plassene. Totalt 427 plasser inne.Totalt 89 plasser ute.

Vi forutsetter at mottatt leietakerliste som er benyttet som grunnlag for denne verdivurderingen er komplett og fullstendig.

Leierabatt til Telia Soneria er tilbakelagt og er ikke inkludert i vurderingen. Den er oppgitt i leielistene av regnskapsmeessige årsaker. I beregning av ledig areal tar vi utgangspunkt i areallister fra Avantor som dikterer følgende totalareal: - Kontor: 24 515 m²- Lager: 7 907 m²- Parkering: 11 984 m²

Norwegian Property ASA

18.03.2010

-4,0 %

-3,0 %

-2,0 %

-1,0 %

0,0 %

1,0 %

2,0 %

Brutto markedsleie Eiers andel kostnader

Realavkastningskrav Over/under leie NV

Ledighet NV Oppgrad kost ved utløp NV

Evt. andre poster NV Totalt

0

100

200

300

400

500

600

700

800

okt.11

jan.12

apr.12

jul. 12 okt.12

jan.13

mar.13

jun.13

sep.13

MN

OK


30. sep. 2013

Kontantstrømmer Reduksjonsfaktor for kvartalsvise innbetalinger

Kontantstrømmene er basert på: Antall perioder per år 4- antagelser om at alle leiekontrakter fornyes til markedsleienivå Årlig realrente 7,50 %- leieinntekter betales forskuddsvis hvert kvartal Periodevis realrente 1,82 %- stabile eierkostnader - dvs en snittbetraktning på vedlikeholdskostnader Kontraktsfaktor terminer 97,30 %- rehabiliteringskostnader som inntreffer ved fornyelse av leiekontrakter

Realrente exit år 7,50 %Periodevis realrente 1,82 %

Metodikk: Kontraktsfaktor terminer, exit år 97,30 %- Årlige leieinntekter justeres med en reduksjonsfaktor for kvartalsvise innbetalinger- Eierkostnader og rehabiliteringskostnader justeres på lignende måte for å reflektere en jevn kostandsspredning ut over året

Nominelle tall i MNOK2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Inflasjon 1,72 % 1,73 % 1,88 % 1,92 % 2,50 % 2,50 % 2,50 % 2,50 % 2,50 % 2,50 % 2,50 %

Leieinntekter 11,74 49,97 57,14 58,28 59,55 61,17 62,73 64,29 65,06 66,72 68,37 Leieinntekter, justert for kvartalsvise betalinger 11,43 48,62 55,60 56,71 57,94 59,52 61,04 62,56 63,30 64,92 66,53

Nominelt avkastningskrav 9,4 % 9,5 % 9,6 % 10,2 % 10,2 % 10,2 % 10,2 % 10,2 % 10,2 % 10,2 %

Gjennomsn. nom. avk. krav 9,4 % 9,4 % 9,5 % 9,7 % 9,8 % 9,9 % 9,9 % 10,0 % 10,0 % 10,0 %

Diskonteringssats 1,00 1,02 1,12 1,23 1,35 1,49 1,64 1,81 1,99 2,20 2,42

Nåverdi inntekter 11,43 47,54 49,64 46,21 42,85 39,95 37,18 34,58 31,76 29,56 27,49

Eierkostnader 1,02 4,12 4,19 4,27 4,35 4,46 4,57 4,68 4,80 4,92 5,04

Totale kostnader 1,02 4,12 4,19 4,27 4,35 4,46 4,57 4,68 4,80 4,92 5,04 Kostnader, justert for løpende betalinger 0,99 4,00 4,07 4,15 4,23 4,34 4,44 4,56 4,67 4,79 4,91

Nominelt avkastningskrav 9,4 % 9,5 % 9,6 % 10,2 % 10,2 % 10,2 % 10,2 % 10,2 % 10,2 % 10,2 %

Gjennomsn. nom. avk. krav 9,4 % 9,4 % 9,5 % 9,7 % 9,8 % 9,9 % 9,9 % 10,0 % 10,0 % 10,0 %

Diskonteringssats 1,00 1,02 1,12 1,23 1,35 1,49 1,64 1,81 1,99 2,20 2,42

Nåverdi kostnader 0,99 3,92 3,64 3,38 3,13 2,91 2,71 2,52 2,34 2,18 2,03

Nåverdi total kontantstrøm 10,43 43,62 46,00 42,83 39,72 37,04 34,47 32,06 29,41 27,38 25,46

Nominelle tall i MNOK2024 2025

Inflasjon 2,50 % 2,50 %

Leieinntekter 70,04 71,77 Leieinntekter, justert for kvartalsvise betalinger 68,15 69,84

Nominelt avkastningskrav 10,2 % 10,2 %

Gjennomsn. nom. avk. krav 10,0 % 10,0 %

Diskonteringssats 2,67 2,94

Nåverdi inntekter 25,55 23,77

Eierkostnader 5,17 5,30

Totale kostnader 5,17 5,30 Kostnader, justert for løpende betalinger 5,03 5,15


Gjennomsn. nom. avk. krav 10,0 % 10,0 %

Diskonteringssats 2,67 2,94

Nåverdi kostnader 1,89 1,75

Nåverdi total kontantstrøm 23,67 22,01

Nominelle tall i MNOK Beregning av terminalverdi

Inflasjon

Leieinntekter Inntekter Kostnader Sum

Leieinntekter, justert for kvartalsvise betalinger Exit år 2026 2026

Nominelt avkastningskrav Kontantstrøm i exit år 71,58 5,28 66,30

Gjennomsn. nom. avk. krav Exit Yield 7,50 % 7,50 %

Diskonteringssats Exit verdi i exit år 954,43 70,44

Nåverdi inntekter


Eierkostnader Gjennomsn. nom. avk. krav 10,01 % 10,01 %

Rehabiliteringskostnader Antall år diskontering 11,3 11,3

Totale kostnader Diskonteringssats 2,94 2,94

Kostnader, justert for løpende betalinger

Nominelt avkastningskrav Nåverdi av exit verdi 324,79 23,97 300,82

Gjennomsn. nom. avk. krav

Diskonteringssats

Nåverdi kostnader Nåverdi av kontantstrøm over perioden 56,09 % 414,09

Nåverdi av exit verdi 43,91 % 300,82

Nåverdi total kontantstrøm Sum nåverdi av all rehab/investeringer -29,91

Verdi av avkastningseiendom 685,01

3: Detaljert kontantstrømsberegning


30. sep. 2013

Oppsummering: kontantstrømmer

Nominelle tall i MNOK

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Leieinntekter 11,7 50,0 57,1 58,3 59,5 61,2 62,7 64,3 65,1 66,7 68,4 Eierkostnader -1,0 -4,1 -4,2 -4,3 -4,3 -4,5 -4,6 -4,7 -4,8 -4,9 -5,0 Rehabiliteringskostnader -2,8 -11,8 -0,8 -1,3 -1,2 - - -20,0 -2,2 -3,1 -

Sum kontantstrøm 8,0 34,0 52,1 52,8 54,0 56,7 58,2 39,6 58,1 58,7 63,3

Langsiktig avkastning per år

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Direkte yield per år, på KPI-justert kjøpesum 6,3 % 6,7 % 7,6 % 7,6 % 7,6 % 7,7 % 7,7 % 7,7 % 7,6 % 7,6 % 7,6 %Dir. yield per år, just. for gjenst. inv. og rehab-kost 6,3 % 6,5 % 7,4 % 7,4 % 7,4 % 7,5 % 7,5 % 7,3 % 7,2 % 7,1 % 7,1 %Ovennevnte, med reell kjøpesum/rehab-kost 6,3 % 6,6 % 7,6 % 7,7 % 7,9 % 8,1 % 8,3 % 8,3 % 8,3 % 8,5 % 8,7 %

Verdivurderingssammendrag Definisjon av avkastningskravVerdivurdering:Forrige Denne

Verdivurdering: jun. 13 sep. 13

Tall i MNOK Forrige Denne 10Y STAT 2,50 % 2,50 %

jun. 13 sep. 13 Swap spread 0,80 % 0,80 %

Inflasjon -2,40 %

Bankmargin 2,00 % 2,00 %

Brutto markedsleie 56,0 55,7 Eiendom som investeringsobjekt 2,35 % 2,35 %

Eiers andel kostnader 4,0 4,0 Prime Realavkastningskrav 7,65 % 5,25 %

Netto markedsleie 52,0 51,6 Makrobeliggenhet 0,00 % 0,00 %

Realavkastningskrav 7,25 % 7,50 % Mikrobeliggenhet 0,25 % 0,25 %

Nåverdi beregnet av markedsleie 717,0 688,6 Type eiendom 0,00 % 0,00 %

Over/under leie NV -17,6 -6,4 Byggets standard, inkl teknisk 0,50 % 0,50 %

Ledighet NV -8,3 -7,5 Kontraktsforhold - kontrakt 0,75 % 0,75 %

Oppgrad kost ved utløp NV -29,7 -29,9 Kontraktsforhold - kontraktsmotpart 0,50 % 0,50 %

Evt. andre poster NV 67,4 70,4 Andre forhold 0,00 % 0,25 %

Markedsverdi 728,8 715,3 Kalkulert realavkastning 7,25 % 7,50 % Basispunkter over prime real avk.krav 2,00 % 2,25 %

Realavkastningskrav 7,25 % 7,50 %

4: Kontantstrømmer og avkastning

-30,0

-20,0

-10,0

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

MN

OK

per

år,

no

min

elle

ver

die

r

År

Beregnede kontantstrømmer de neste 10 år, eksklusiv umiddelbare investeringer

Leieinntekter Eierkostnader Rehabiliteringskostnader Sum kontantstrøm

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

9,0 %

10,0 %

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Direkte yield per år, på KPI-justert kjøpesum

Dir. yield per år, just. for gjenst. inv. og rehab-kost

Ovennevnte, med reell kjøpesum/rehab-kost


Salgsverdi Eiendommens hovedtype areal er Kontor.

Investeringer - Areal til hovedtype 24 515 m2

Utviklingsverdi 30 250 000 Total areal 44 406 m2

Verdi avkastningseiendom 685 007 658 Total areal ex parkering 32 422 m2

Areal parkering 11 984 m2

Benyttet diskonteringsrente 7,50 % Verdi per m² totalt 15 426 NOKDato for vurdering 30.09.2013 Verdi/m², ex parkering 17 581 NOK

Andel areal ledig i dag 10 %Gjenstående kontraktsløpetid Økonomisk ledighet i dag 15 %

Snitt 5,7 år fra vurderingsdatoLengste løpetid 10,5 år fra vurderingsdato Exit yield 7,50 %Korteste løpetid 0,1 år fra vurderingsdato Kalkyleperiode (år) 12

Kun dagens leie

Med ledige arealer til markedsleie, utleide som

i dag

Dersom alle arealer hadde vært utleid til

markedsleie

Nettoyield 6,20 % 7,35 % 7,54 %

Nettoyield gitt vv tidspunkt 6,28 % 7,45 % 7,64 %

Leienivåer for eiendommen samlet, tall i NOKBruttoleie 46 505 239 54 400 729 55 693 937

Eierkostnad 4 045 743 4 045 743 4 045 743

Nettoleie 42 459 497 50 354 987 51 648 195

I forhold til nettoleie i dag 119 % 122 %

Andel av verdi som ikke er kontraktsfestet Arealtyper og tilhørende markedsleie

Salgsverdi 715,3 MNOK

Sum av dagens kontraktsfestede leie 290,8 MNOK

Overnevnte justert for kvartalsvise innbetalinger 283,0 MNOK

NV av kontraktsfestet leie 213,4 MNOK Areal, m² Markedsleie,

Andel av verdi som ikke er kontraktsfestet 501,9 MNOK MNOK/år

Beregnede leieinntekter neste 10 år Utløpsprofil for de neste 10 år

(målt ut fra kontrakts-og markedsleie)

År År

715 300 000

5: Resultatark

7,54 % 7,35 %

6,28 %

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

Nettoyield

Dersom alle arealer haddevært utleid til markedsleie

Med ledige arealer tilmarkedsleie, utleide som idag

Direkte yield med leie idag, gitt forventet KPI

- 0,7

11 984 8,1

0

0,1

7 907

7,1

0

0,0

0

0,0

0

0,0

24 515 39,8 Kontor A

Kontor B+

Kontor B

Retail/restaurant

Lager

Annet

Parkering

Uteparkering

(10,0)

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

2013 2015 2017 2019 2021 2023MN

OK

per

år,

no

min

elle

ver

die

r

Anslått markedsleie

Leie etter kontraktsutløp, på markedsnivå

Leie fra eksisterende kontrakter

12 % 6 %

2 % 2 % 3 % 4 % 0 %

45 %

0 % 6 %

0 % 0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

2013 2015 2017 2019 2021 2023

Andel som utløper per år

Gjenstående andel kontraktfestede leieinntekter årsstart

30 %

70 %

NV av kontraktsfestet leie

Andel av verdi som ikke erkontraktsfestet


Utvikling:

Nytt volum 6 000 m²

Leieinntekt per m² 1 900 NOK/m²

Total leieinntekt 11 400 000 NOK

Eierkostnader 5 %

Kostnader 20 000 NOK/m²

Total kostnad 120 000 000 NOK

Avkastningskrav 6,00 %

Verdi av ferdig prosjekt 180 500 000 NOK

Nettoverdi av utviklingsprosjekt 60 500 000 NOK

Risikojustert verdiandel 50 %

Risikojustert prosjektverdi 30 250 000 NOK

Verdi per m² 5 042 NOK/m²

Utvikling


- E-post datert 11.september 2013 som inneholder oppdaterte leietakerlister

Denne rapporten/verdivurderingen (”Rapporten”) er utformet av Akershus Eiendom AS (”AE”) på oppdrag fra Norwegian Property ASA (”Oppdragsgiver”). Den er basert på (i) eiendomsspesifikk informasjon fremskaffet av Oppdragsgiver, (ii) AE’s informasjonsdatabaser, (iii) ekstern statistikk og (iv) annen relevant informasjon som AE vurderer å være pålitelig. Den eiendomsspesifikke informasjonen mottatt fra Oppdragsgiver inkluderer (men er ikke nødvendigvis begrenset til) informasjon om utleie, utviklingsplaner, investeringsplaner, reguleringsplaner og annen relevant informasjon om eiendommen(e). Følgende skriftlig informasjon er mottatt fra Oppdragsgiver:

AE har ikke foretatt noen verifikasjonsprosess relatert til informasjonen gitt av Oppdragsgiver og det forutsettes at denne informasjonen er korrekt. Videre er det ikke foretatt noen vurdering av teknisk tilstand av eventuelle bygninger oppført på eiendommen(e). Det er også antatt at det ikke foreligger noen informasjon, som vi ikke er blitt gjort kjent med, vedrørende eiendommens(es) tilstand, eksisterende eller potensielle heftelser, etc. som ville ha påvirker våre konklusjoner hvis vi hadde vært kjent med denne informasjonen. AE’s informasjonsdatabaser inkluderer data innsamlet over tid fra AE’s utleie- og eiendomsmeglervirksomhet, fra våre samarbeidspartnere og fra generell kunnskap om leie- og investeringsmarkedet for næringseiendom. AE gir ikke noen garantier for at denne informasjonen er sann, presis eller fullstendig og den skal således ikke oppfattes som sådan. Selv om det er lagt mye arbeid i å sikre at denne informasjonen er presis og komplett kan ikke AE gi noen forsikring for at faktiske feil ikke kan ha oppstått i utarbeidelsen av denne Rapporten. Uttrykte oppfatninger er oppfatninger fra ansatte i AE og reflekterer deres beste vurdering på tidspunktet for Rapporten, og disse oppfatningene er til enhver tid gjenstand for forandringer. AE tar intet ansvar for skader eller tap som har oppstått som følge av mangel på presisjon eller feil i Rapporten. AE, AE’s styre, AE’s partnere eller AE’s ansatte kan ikke gjøres ansvarlig i forhold til noen person for noe direkte, indirekte, spesifikke eller følgeskader som oppstår ut fra bruk av denne Rapporten og/eller informasjonen i denne Rapporten. Denne Rapporten er utformet eksklusivt for Oppdragsgiver og er kun til bruk (i) internt hos Oppdragsgiver (inkludert datterselskap og eventuelle bankforbindelser) og (ii) for Oppdragsgivers eierne. Ingen del av denne Rapporten kan kopieres eller distribueres til noen annen person uten AE’s skriftlige forhåndssamtykke. Rapporten må anses som ufullstendig uten referanse til, og betraktet i sammenheng med, den muntlige gjennomgangen med Oppdragsgiver. Rapporten har blitt utarbeidet og skal bli fortolket i henhold til norsk lov.