Presentation DNBOslo, September 20, 2018

Norwegian Property – commercial propertyPrime – long term focus

• Prime commercial properties in

attractive locations• Oslo CBD West

• Oslo Nydalen

• Focus going forward• Let out vacant areas

• Acquire new properties in CBD and Nydalen

• Contemplate acquisitions in other parts of Oslo

• The current organization has focus on value add and

infill projects

3

The portfolio as of Q2 2018

3

Property value by area Run rate split on spaceRun rate by area

Overview of the portfolio

4

CBD Skøyen Nydalen Other Stavanger

10 Properties 3 Properties11 Properties 2 Properties 6 Properties

Portfolio:

129 k sqm

Run rate:

NOK 431m

Refurbishment:

11 k sqm

Portfolio:

42 k sqm

Run rate:

NOK 99.m

Sold:

NOK 823m

Portfolio:

89 k sqm

Run rate:

NOK 127m

Development

potential

Portfolio:

79 k sqm

Run rate:

NOK 97m

Refurbishment:

13 k sqm

Portfolio:

93 k sqm

Run rate:

NOK 43m

Development:

Forusbeen jv

Vacancy based on market rent

4 May 2018

5

6,4 %

5,8 %

7,2 % 7,0 %

5,60%

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2

VACANCY BASED ON MARKET RENT, Q1 2017 TO Q2 2018

2,70%

6,60% 7,10%

31,70%

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

35,00%

CBD Nydalen Other Stavanger

VACANCY SPLIT ON AREA

Vacancy calculated as market rent in vacant space, using market rent estimated by Cushman & Wakefield

6

CBD portfolio

7

Developing Collaborative Venture Hubs- meeting demand for more flexibility at Aker Brygge

Since 2013 – success with Business Village

• Offices of different sizes

• Common reception, meeting facilities and social spaces

• Contracts; typically 1 – 3 years

• Pricing reflecting flexibility and service level

• Occupancy 88%.

• Increased with 850 sqm in Q2 2018

Introducing Pier X at Aker Brygge

• Collaborative upscale Venture Hub

• Offices, work spaces and social spaces

• Targeting investors, tech-companies, advisersand international partners

• Inspired by international successes like Wework, Level39, RocketSpace and The Vault

In total 4 200 sqm shared office / co-working at Aker Brygge

Retail

Retailer’s total revenue on Aker Brygge

‐ Q2 2018 NOK 575 mill.‐ 1H 2018 NOK 925 mill.‐ Growth H1 17 – H1 18 + 11.3 %

‐ 2016 NOK 1 570 mill. ‐ 2017 NOK 1 732 mill.‐ Growth full year 2016-2017 + 10.3 %

‐ Turnover-based rent 2017 ~ 15% of total retail revenues

‐ Among the 20 largest Norwegian shopping centres‐ Successful development in the category «Clothes and shoes»

88

Run rate development Aker Brygge

4 May 2018

9

RUN RATE AKER BRYGGE , Q2 2016 - Q2 2018 RUN RATE RETAIL AKER BRYGGE , Q2 2016 - Q2 2018

0

20

40

60

80

100

120

Q2 2016 Q2 2017 Q2 2018

Shopping Food & beverage

0

50

100

150

200

250

300

350

400

450

Q2 2016 Q2 2017 Q2 2018

Retail Other Office

New National Museum at Vestbanehallen

The new National Museum will become an important and dynamic arena for the

general public to meet the visual arts

‐ Planned completion is 2020

The total area is 54 600 m2 whereas the exhibition is 13 000 m2

It is estimated that the new National Museum yearly will have approximately 1

million visitors10

Main entrance

11

Nydalen – Total value 2.1 bn

12

NydalenExciting future for the area

• Nydalen has expanded it’s footprint to includeneighbouring areas

• Proximity to public transport allows for increased density

• Continued urbanisation with city centrequalities

• Know-how from Aker Brygge area

Illustrations from Nydalen + material by Avantor

• Student housing

• Schools

• Shopping / cinema

• Residential

• Hotels

• Infill opportunities

Gullhaugveien 9 - 13

9 February 2018

13

Current situation In the future?

Appendix

Strategy

Focus on office clusters with proximity

to traffic junctions in Greater Oslo

Mainly office, but potentially retail

space in connection to offices

High-quality tenants, diversified

maturity profile and high degree of

inflation adjustment

Focus on key value drivers‐ Leasing and marketing

‐ Development

‐ primarily redevelopment and infill

‐ Property management

‐ Finance and transactions

‐ R&D – new business

15

• Long term target of dividend payment of 30 –

50 per cent of profit after tax before value

adjustment

• Target LTV in range 45 – 55 per cent‐ LTV of 44% as of 30.06.2018, 41% adjusted for forward sales

• Target of a predictable cash flow combined

with a relatively high degree of interest rate

hedging, range of 50 – 100 per cent‐ Hedging ratio of 61 % as of 30.06.2018

Investment strategy Return and financing strategy

Financing

13 July 2018

16

FUNDING SOURCES DEBT MATURITY PROFILE (MNOK) LTV AND ICR

Diversified sources of

funding

• 4.9 bn in bonds

2018.06.30

• Issued NOK 2.5 bn last

12 months

Diversified maturity

profile

• Average remaining time

to maturity 2018.06.30

is 2.9 years

LTV 45-55%

• 44.3% at 2018.06.30

• Approx 41% after sale of

Skøyen and Gardermoen

assets

(1)

(1) ICR = EBITDA / Net interest cost, rolling 4 quarters

17

Disclaimer

The information included in this Presentation contains certain forward-looking statements that

address activities. events or developments that Norwegian Property ASA (“the Company”) expects.

projects. believes or anticipates will or may occur in the future. These statements are based on

various assumptions made by the Company. which are beyond its control and are subject to certain

additional risks and uncertainties. The Company is subject to a large number of risk factors including

but not limited to economic and market conditions in the geographic areas and markets in which

Norwegian Property is or will be operating. counterparty risk. interest rates. access to financing.

fluctuations in currency exchange rates. and changes in governmental regulations. For a further

description of other relevant risk factors we refer to Norwegian Property’s Annual Report for 2017. As

a result of these and other risk factors. actual events and our actual results may differ materially from

those indicated in or implied by such forward-looking statements. The reservation is also made that

inaccuracies or mistakes may occur in the information given above about current status of the

Company or its business. Any reliance on the information above is at the risk of the reader. and

Norwegian Property disclaims any and all liability in this respect.