MAY 11, 2017 PRESENTATION CARNEGIE

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Ulf Viklund
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1 MAY 11, 2017 PRESENTATION CARNEGIE

2 AGENDA PART 1 BUSINESS RATIONALE PART 2 STENDÖRREN THE COMPANY PART 3 GROWTH 2

3 PART 1 BUSINESS RATIONALE

4 BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren Fastigheter creates long-term growth and value creation by acquiring, developing and managing properties within the greater Stockholm region, with focus on the segments warehouse and light industrial. OVERALL OBJECTIVES Stendörren Fastigheter creates high risk-adjusted return for its shareholders by acquiring, developing and managing properties. FINANCIAL OBJECTIVES Demonstrate an average long-term annual return on equity of at least 12% The long-term interest coverage ratio must be at least 2.0x The long-term equity ratio shall be 35 % and never fall below 20% PERFORMANCE VS GOALS EQUITY RATIO, % ICR, x ROE (AVERAGE), % 40 3, ,5 2,0 1, ,0 20 0, Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 0,0 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 4

BUSINESS RATIONALE POPULATION GROWTH 1995-2016 REGIONAL CITIES INCL.

5 BUSINESS RATIONALE POPULATION GROWTH REGIONAL CITIES INCL. SURROUNDING MUNICIPALITIES WHY FOCUSING ON STOCKHOLM? Source: Evidens 5

6 BUSINESS RATIONALE EMPLOYMENT GROWTH IN THE STOCKHOLM REGION Service sector Total employment Index Year Source: Evidens 6

7 BUSINESS RATIONALE CONDOMINIUM PRICES IN SUBURBAN STOCKHOLM (2016 PRICE LEVEL) SEK/sq m :1 1996:3 1997:1 1997:3 1998:1 1998:3 1999:1 1999:3 2000:1 2000:3 2001:1 2001:3 2002:1 2002:3 2003:1 2003:3 2004:1 2004:3 2005:1 2005:3 2006:1 2006:3 2007:1 2007:3 2008:1 2008:3 2009:1 2009:3 2010:1 2010:3 2011:1 2011:3 2012:1 2012:3 2013:1 2013:3 2014:1 2014:3 2015:1 2015:3 2016:1 2016:3 Year Source: Evidens 7

8 BUSINESS RATIONALE LOGISTICS IN GREATER STOCKHOLM REGION 16,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% -2,0% ,0% Vacancy Yield Stibor 90 Rent Inflation ,0% Source: Newsec (Q3 YTD) 8,0% 3,0% 0,0% -2,0% 8

9 PART 2 STENDÖRREN

10 STENDÖRREN PROPERTY PORTFOLIO UPPSALA 80% ENKÖPING WITHIN THE GREATER STOCKHOLM REGION VÄSTERÅS STORSTOCKHOLM ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN 10

11 STENDÖRREN Q Q Q Q Q Market value, msek No. properties Lettable area, sq m NOI running 12 m*, msek Equity, msek Senior debt, msek Bond, msek Swaps/caps** - nominal value, msek Market First North Premier First North Premier First North Premier First North First North Premier Premier Market cap, msek *This is not a forecast of the expected outcome, but Stendörren s estimated earnings running 12m. **In February all swaps were terminated and replaced by 1,8 Bn SEK of intetest caps leading to an annualized interest saving of 21 MSEK and improvement of annualized ICR to 2,6x. 11

12 STENDÖRREN PROJECT DEVELOPMENT - APPROX. 520 MSEK OUR PORTFOLIO OF CASH FLOW YIELDING PRO- PERTIES CAN SUPPORT A PROJECT PORTFOLIO OF BETWEEN 5-15% OF TOTAL PORTFOLIO VALUE DISTRIBUTION 90 % 10 % 20 % 80 % Vacant properties or properties under construction, 20 % Zoned and non-zoned land and building rights, 80 % Property development, 10 % Cash flow generated, 90 % ADVANTAGES Having a project management team in-house is a great strength for the running business Project development creates value on the balance sheet Likely to create 2-6 % annual growth from project developments Zoning planning of land requires less equity in relation to created value 12

13 STENDÖRREN PORTFOLIO BUILD UP - ACTUALS ,0% ,0% ,0% 6,8% 6,8% 6,4% 6,4% 6,2% 6,3% 6,2% 6,1% 6,1% 7,0% 6,0% ,8% 5,6% 5,5% 5,6% 5,0% ,0% ,0% Q3 15 Q4 15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 2,0% Property value Annual NOI earning capacity NOI yield excl. non-earning properties NOI yield 13

14 STENDÖRREN DEBT FUNDING OVERVIEW DISTRIBUTION OF DEBT MSEK - Handelsbanken, 8 % Swedbank, 65 % Sparbanken i Enköping, 2 % Danske Bank, 20 % Sörmlands Sparbank, 6 % Senior debt, 77 % Bond, 22 % Seller notes, 1 % SENIOR DEBT MSEK MATURITY AND INTEREST PROFILE >2021 Interest fixing & Interest rate derivatives Total debt maturity 14

15 STENDÖRREN SHARE VALUE AND KEY EQUITY RATIOS KEY EQUITY RATIOS JAN MAR 2017 JAN MAR ,50 77,85 83,22 72,25 68,50 83,10 76,00 65,50 80,02 70,02 Share price, SEK 65,5 55,0 Equity per share, SEK 76,0 54, ,06 49,90 48,90 47,45 44,50 46,10 56,51 50,00 58,25 55,00 57,50 60,02 50,02 40,02 EPRA NAV per share, SEK 83,1 58,2 Cashflow per share, SEK 2,26-1, ,02 20,02 Market cap, MSEK Other ratios Q1 15 Q2 15 Q3 15 Q4 15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 10,02 0,02 Average number of employees during the period Book equity EPRA NAV / Share Book Equity / Share Share price 15

16 STENDÖRREN KEY FINANCIAL RATIOS AND KEY PROPERTY RATIOS KEY FINANCIAL RATIOS JAN MAR 2017 JAN MAR 2016 KEY PROPERTY RATIOS JAN MAR 2017 JAN MAR 2016 Excess Ratio (NOI/Rental income), % 68% 69% ROE (12m average), % 33% 24% Avrg. Interest fixing, years 2,8 2,7 Avrg. Debt maturity, years 3,2 3,1 Equity Ratio, % 35% 30% LTV, % 57% 63% LTV (property level), % 45% 53% ICR, x 2,3 2,2 Lettable area, 000 sq m No. of properties Market value, MSEK Occupancy*, % 92% 91% Economic occupancy*, % 91% 90% Yield running 12m excl. project properties, % 6,1% 6,5% Lease duration, years 5,5 4,7 Average rent, SEK/sq m

17 STENDÖRREN ORGANISATION - CREATED FOR GROWTH HAVING STAFF IN-HOUSE HELPS US CREATE LONG- TERM RELATIONSHIPS WITH OUR TENANTS AND ENSURES THE DELIVERY 33 co-workers BOARD CEO MANAGEMENT TEAM MARKETING AND LEASING DEPARTMENT PROPERTY DEPARTMENT FINANCIAL DEPARTMENT PROJECT MANAGEMENT ASSET MANAGEMENT 17

18 PART 3 GROWTH

19 GROWTH OUR PROPERTY PORTFOLIO IS LOCATED WHERE SWEDEN IS GROWING THE MOST UPPSALA VÄSTERÅS ÖREBRO ESKILSTUNA STOCKHOLM SÖDERTÄLJE UPPSALA LINKÖPING VÄSTERÅS ENKÖPING STORSTOCKHOLM GÖTEBORG JÖNKÖPING ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN MALMÖ 19

20 GROWTH WHERE IN STOCKHOLM REGION DO WE WANT TO GROW? THE REGION HAS SIGNIFICANTLY HIGHER GROWTH THAN THE REST OF SWEDEN UPPSALA VÄSTERÅS ÖREBRO ESKILSTUNA STOCKHOLM SÖDERTÄLJE LINKÖPING GÖTEBORG JÖNKÖPING Existing portfolio Possible expansion MALMÖ 20

21 GROWTH GROWTH FORECAST Approx. 500 MSEK Acquisitions Approx. 200 MSEK Tenant improvements Approx. 300 MSEK New builds Possible growth of up to 1 billion without new capital required. Approx. 200 MSEK Approx. 500 MSEK Approx. 300 MSEK 21

stock liquidity Improved attention from analysts Expected

22 GROWTH STENDÖRREN TOWARDS MAIN MARKET Mid cap Broader investor base Improved access to capital markets Significantly improved stock liquidity Improved attention from analysts Expected improved financing terms Improved processes and internal control 22

23 RENTAL VALUE: 112 MKR NET PROFIT (Q1): 44 MKR LETTABLE AREA: M 2 EQUITY RATIO: 35 % NET OPERATING INCOME: 72 MKR PROPERTY VALUE: MKR LTV: 57 % 23

24 Q&A 24

25 FOR FURTHER INFORMATION PLEASE CONTACT: CALENDAR: Q2 2017: 21 juli 2017 FREDRIK BRODIN, CEO MAGNUS SUNDELL, CFO

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