Key Economic Indicators and Events: Company Event Calendar - Week 10 Date Indicator/Event Country Company Date/Month Event 2-Mar-15 4-Mar-15 5-Mar-15 5-Mar-15 ISM Manufacturing Beige Book ECB Rate Announcement BOE Rate Announcement US Jeudan 4-Mar-15 Annual report 2014 US EMU UK Key figures update 02/03/2015 Bonds & CDS Last Last week Last month YTD Interest rates Norway Sweden Denmark Euro iTraxx Europe 5Y 49.68 -7.9 % -7.9 % -21.7 % Repo rate 1.25% -0.10% 0.05% 0.05% iTraxx Crossover 5Y 261.63 -8.7 % -12.6 % -24.7 % 1M (Nibor, Stibor, Cibor, Euribor) 1.35% -0.02% -0.33% -0.01% iTraxx Fin Senior 5Y 54.26 -11.3 % -9.5 % -19.6 % 3M (Nibor, Stibor, Cibor, Euribor) 1.34% 0.02% -0.22% 0.03% Norway 10Y Govt. index 1.4 % 6.9 % 10.2 % -8.7 % 6M (Nibor, Stibor, Cibor, Euribor) 1.29% 0.06% -0.04% 0.08% Sweden 10Y Govt. index 0.7 % 14.2 % -0.8 % -23.6 % 1Y swap 1.20% 0.06% -0.12% 0.09% UK 10Y Govt. index 1.8 % -0.3 % 20.5 % 1.4 % 2Y swap 1.14% 0.14% 0.08% 0.10% 3Y swap 1.19% 0.26% 0.17% 0.14% 4Y swap 1.28% 0.41% 0.27% 0.20% 5Y swap 1.39% 0.56% 0.37% 0.27% 6Y swap 1.50% 0.71% 0.47% 0.35% Equity indices Last Last week Last month YTD 616 0.3 % 3.1 % 6.9 % 7Y swap 1.60% 0.84% 0.57% 0.44% OMX Stockholm 30 1,691 1.6 % 10.3 % 15.5 % 8Y swap 1.70% 0.95% 0.66% 0.52% OMX Helsinki 25 3,446 1.4 % 5.3 % 15.3 % 9Y swap 1.79% 1.05% 0.75% 0.61% 884 3.5 % 9.3 % 18.7 % 10Y swap 1.87% 1.14% 0.83% 0.68% 18,798 2.5 % 5.8 % 7.7 % OSEBX Oslo OMX Copenhagen 20 Nikkei 225 S&P 500 COMPOSITE 2,105 -0.3 % 3.7 % NASDAQ COMPOSITE 4,964 0.2 % 6.0 % 4.8 % DAX 30 11,402 3.2 % 7.3 % 16.3 % FTSE 100 6,947 0.5 % 2.0 % 5.8 % Property indices Last Last week 2.2 % Last month YTD Real estate equities Last Last week Last month Sweden SEK % % % ALM Equity 137.5 10.0 % 10.9 % 18.3 % 254 Atrium Ljungberg 137.0 5.0 % 13.2 % 19.4 % 3,214 Balder 147.8 4.8 % 24.2 % 34.1 % 5,284 Besqab 114.0 6.0 % 31.0 % 31.0 % 186 YTD EV Implied leverage Dividend yield % % x 188 26% 0.00% 2.2 1,945 39% 2.41% 1.6 2,947 44% 0.00% 1.9 188 -1% n.a. 2.6 Market cap EURm EURm P/Book* GPR 250 PSI Europe 19.9 1.6 % 5.1 % 15.9 % Castellum 142.8 2.5 % 13.2 % 17.0 % 4,579 2,618 43% 3.22% 1.8 GPR 250 PSI US 29.4 -1.5 % -6.0 % 3.1 % Catena 120.8 7.1 % 9.8 % 14.2 % 677 330 51% 2.48% 1.6 GPR 250 PSI UK 19.2 1.8 % 1.2 % 8.8 % Corem 33.4 2.8 % 17.6 % 16.4 % 1,009 414 59% 2.40% 1.7 GPR 250 PSI Global 15.3 -0.5 % -2.2 % 5.4 % D. Carnegie & Co 59.3 2.2 % 19.7 % 30.5 % 1,253 413 67% 0.00% 1.2 Diös 74.0 6.5 % 23.3 % 28.1 % 1,399 589 58% 3.11% 1.6 Pangea Real Estate Indices (PREX) PREX Sweden 781.2 2.1 % 15.0 % 21.7 % Fabege 126.6 0.1 % 16.0 % 25.8 % 4,368 2,232 49% 2.57% 1.5 PREX Norway 257.3 3.6 % 11.4 % 22.4 % FastPartner 138.8 2.0 % 14.9 % 27.6 % 1,691 877 48% 2.52% 2.5 PREX Denmark 222.9 -2.9 % 14.7 % 21.1 % Heba 96.3 0.0 % 5.5 % -1.0 % 598 423 29% 1.35% 1.4 PREX Finland 263.3 3.5 % 11.4 % 22.5 % Hemfosa Fastigheter 211.5 -1.9 % 20.9 % 28.2 % 3,098 1,481 52% 2.84% 1.6 PREX Office 387.2 0.8 % 13.3 % 19.7 % Hufvudstaden 122.2 2.0 % 15.6 % 20.3 % 3,351 2,811 16% 2.37% 1.6 PREX Retail 711.2 5.5 % 12.0 % 26.9 % JM 296.0 0.7 % 13.0 % 18.9 % 2,284 2,432 -6% 2.70% 4.9 PREX Residential 1,138.6 1.8 % 10.8 % 15.0 % Klövern 11.1 12.8 % 31.5 % 34.8 % 3,788 1,634 57% 2.71% 1.5 PREX Construction 374.8 1.1 % 14.4 % 22.7 % Kungsleden 68.5 0.7 % 13.7 % 21.2 % 2,420 1,329 45% 2.19% 1.4 PREX Mixed 374.8 1.1 % 14.4 % 22.7 % NP3 44.8 0.0 % 17.3 % 29.5 % 400 231 42% 1.12% 1.4 PREX Warehouse 699.0 3.3 % 17.1 % 24.1 % NCC 292.3 0.4 % 11.1 % 18.4 % 4,047 3,375 17% 4.11% 3.6 PREX Total 44.7 1.2 % 8.7 % 15.8 % Peab 70.8 2.7 % 21.7 % 28.8 % 2,869 2,232 22% 3.18% 2.6 Platzer 40.8 -0.2 % 13.3 % 21.8 % 924 416 55% 1.84% 1.3 Sagax 67.8 0.0 % 3.8 % 53.3 % 2,212 1,316 40% 1.18% 2.7 Skanska 207.9 1.1 % 15.1 % 23.8 % 8,596 9,304 -8% 3.25% 4.1 Tribona 39.9 -0.3 % 1.0 % 3.4 % 476 207 57% 1.25% 1.1 9.8 10.8 % 28.3 % 57.3 % 522 116 78% 0.00% 0.7 148.3 0.5 % 8.6 % 14.3 % 4,288 2,687 37% 1.52% 2.0 1.9 Commodities Last Last week Last month YTD WTI Spot ($) 49.8 -0.2 % 8.7 % -6.8 % Wallenstam Crude Oil-Brent ($) Victoria Park 61.1 1.4 % 28.8 % 9.4 % Wihlborgs Fastigheter 176.0 0.6 % 13.2 % 23.3 % 2,942 1,442 51% 2.70% Gold (U$/Troy Ounce) 1,216.6 0.8 % -5.9 % 2.6 % Norway NOK % % % EURm EURm % % x Silver (Cents/Troy ounce) 1,986.0 0.0 % 0.0 % 0.0 % AF Gruppen -0.5 % 10.4 % 14.6 % 954 937 2% 5.52% 6.1 Alu (U$/MT) 1,801.5 -0.5 % -1.8 % -0.1 % Entra 8.6 % Copper (Grade A U$/MT) 5,924.0 3.8 % 8.6 % -7.0 % Norwegian Property Zink (U$/MT) 2,048.3 0.9 % -2.4 % -5.5 % Olav Thon Eiendomsselskap Currencies NOK/USD NOK/EUR 90.5 85.3 0.3 % 11.4 % 3,709 1,827 51% 3.39% 1.8 10.7 -1.4 % 5.4 % 5.9 % 1,757 684 61% 0.00% 1.1 174.0 7.4 % 13.0 % 38.6 % 4,087 2,160 47% 0.92% 1.4 27.7 9.5 % 36.5 % 37.8 % 565 303 46% 4.33% 1.1 11.5 4.1 % -6.1 % -8.0 % 30 26 15% 13.91% 3.7 Veidekke 91.5 2.8 % 16.9 % 24.1 % 1,609 1,427 11% 3.83% 5.1 Finland EUR % % % EURm EURm % % x 3.2 3.7 % 9.5 % 22.6 % 3,352 1,877 44% 4.74% 1.4 4.5 3.8 % 1,266 54% 4.25% 0.9 4.4 469 63% 3.41% 1.0 % % x 1.5 Selvaag Bolig Storm Real Estate Last Last week Last month YTD 7.6 0.3 % -2.1 % 2.6 % Citycon 8.6 -0.2 % -2.7 % -5.1 % Sponda 13.6 % 23.5 % SEK/EUR 9.4 -1.8 % 0.4 % -1.4 % Technopolis 1.9 % 13.4 % 18.9 % 1,279 NOK/SEK 91.5 1.4 % -3.3 % -4.7 % Denmark DKK % % % EURm Jeudan 668.0 -2.9 % 14.6 % 21.0 % 2,614 992 62% 1.80% 3.0 % 36.5 % 29.4 % 412 4 n.a. n.a. Nordicom 2.8 2,727 EURm Note: For comparison reasons, we have chosen to have a single currency on Market Cap and EV n.a. Source: Reuters * Based on latest company reports and current market capitalization figures Equity chart - Norway Equity chart - Sweden 190 180 170 160 150 140 130 120 110 100 90 70 Feb-13 May-13 Aug-13 OSEBX Nov-13 PREX Norway Feb-14 May-14 Norwegian Property Aug-14 Nov-14 Feb-15 80 Feb-13 Olav Thon Source: Reuters May-13 Aug-13 OMX Nov-13 PREX Sweden Feb-14 Hufvudstaden May-14 Castellum Aug-14 Nov-14 Feb-15 Wallenstam Source: Reuters – Page 1 – Interest rate term structure – Nordic Sight deposit rates - Nordic 2.0 % 2.5 % 2.0 % 1.5 % 1.5 % 1.0 % 1.0 % 0.5 % 0.5 % 0.0 % 3m 1Y swap 2Y swap 3Y swap 4Y swap 5Y swap 7Y swap 0.0 % 2010 10Y swap 2011 2012 2013 2014 2015 -0.5 % -0.5 % Norway Sweden Denmark Norway Euro Sweden Denmark Euro Source: Reuters Short term interest rates - Nordic Long term interest rates (5y swaps) - Nordic 3.5 % 4.5 % 3.0 % 4.0 % 2.5 % 3.5 % 2.0 % 3.0 % 1.5 % 2.5 % 1.0 % 2.0 % 0.5 % 1.5 % 1.0 % 0.0 % Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 -0.5 % 0.5 % -1.0 % 0.0 % Feb-10 NIBOR STIBOR CIBOR Feb-11 Feb-12 Norway EURIBOR Feb-13 Sweden Denmark Feb-14 Feb-15 Euro Source: Reuters Yield gap – Oslo office Yield gap – Stockholm office 8.0 % 7.5 % 7.0 % 6.5 % 6.0 % 5.5 % 5.0 % 4.5 % 4.0 % 3.5 % 3.0 % 2.5 % 2.0 % 1.5 % 1.0 % Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 10Y swap Oslo office yields Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 0.5 % Feb-08 Feb-09 Feb-10 Feb-11 10Y swap Feb-12 Feb-13 Feb-14 Feb-15 Stockholm office yields Source: Pangea Property Research Recent transactions – Norway and Sweden Norway Property Date Seller Buyer Type 75 % of Bryggerikvartalet, Lillehammer Feb-15 Smedvig Eiendom Consortium Retail Storgata 10 A/B, Oslo Feb-15 Haraldsen Eiendom Eiendomsspar Three plot areas at Løren, Oslo Feb-15 Several sellers Selvaag Bolig ASA* Ulvenveien 75b, Oslo Feb-15 Ulven AS KLP Eiendom Stadion 1-2, Kobberslagstredet 2/3/5, Fredrikstad Feb-15 Syndicate Gaustadalleén 21, Oslo Feb-15 Lysaker Polaris, Lysaker Feb-15 Property Sofieberg Invest (5 properties), Greater Stockholm Estimated value (NOKm) Size (Sqm) Adviser 300 30,000 DNB Næringsmegling (sell-side) Retail n.a. 8,600 n.a. Residential development 550 n.a. n.a. Logistics 130 n.a. n.a. Hemfosa Fastigheter AB Education, office ~700 30,400 n.a. Oslotech Syndicate Office, other ~700 35,000 Malling & Co (sell-side) NCC Property Development Storebrand Eiendomsfond KS Office 785 26,000 n.a. Date Seller Buyer Type Feb-15 Sofieberg Stendörren Office, industrial, public n.a. 52,000 n.a. Sweden Estimated value (SEKm) Size (Sqm) Adviser 280 student apartments, Umeå Feb-15 Akademiska Hus Svenska Studenthus Project, undeveloped land n.a. n.a. n.a. Häftklammaren 9 & Vattenfallet 16, Stockholm Feb-15 Sveafastigheter Hemfosa Fastigheter AB Public sector n.a. 5,200 n.a. 6 properties (170 apartments), Norrköping Feb-15 Rikshem Eklöf Fastigheter Residential 150 11,700 n.a. 10 properties, western Sweden Feb-15 Private property company Hemfosa Fastigheter AB Public sector n.a. 46,000 Pangea Property Partners (sell-side) 8,700 Pangea Property Partners (sell-side) 27,400 n.a. 6 properties, Tranås Feb-15 Möller & Partners Boningsfastigheter Residential n.a. 450 apartments, Flemingsberg in Huddinge Feb-15 Akademiska Hus Byggvesta Building rights, residential n.a. Source: Pangea Property Research * Sinsenveien 45-49 was acquired in partnership with Veidekke ASA Contact details STOCKHOLM Pangea Property Partners KB Visiting: Norrlandsgatan 15, 7th floor Postal: Box 7740, 103 95 Stockholm Tel +46 8 545 25 780 www.pangeapartners.se OSLO Pangea Property Partners AS Tjuvholmen Allé 3-5, 8th floor N-0250 Oslo Tel +47 21 95 80 70 www.pangeapartners.no – Page 2 –