MAY 11, 2017 PRESENTATION CARNEGIE

MAY 11, 2017 PRESENTATION CARNEGIE

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

PART 1 BUSINESS RATIONALE

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 3,0 50 30 2,5 2,0 1,5 40 30 20 1,0 20 0,5 10 10 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 Q1-17 0 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 4

BUSINESS RATIONALE POPULATION GROWTH 1995-2016 REGIONAL CITIES INCL. SURROUNDING MUNICIPALITIES WHY FOCUSING ON STOCKHOLM? Source: Evidens 5

BUSINESS RATIONALE EMPLOYMENT GROWTH IN THE STOCKHOLM REGION 1995-2015 190 180 170 160 150 Service sector Total employment Index 140 130 120 110 100 90 Year Source: Evidens 6

BUSINESS RATIONALE CONDOMINIUM PRICES IN SUBURBAN STOCKHOLM 1996-2016 (2016 PRICE LEVEL) 60 000 50 000 40 000 SEK/sq m 30 000 20 000 10 000 1996:1 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

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% 680 670 2010 2011 2012 2013 2014 2015 2016 18,0% Vacancy Yield Stibor 90 Rent Inflation 660 13,0% 650 640 630 620 610 2010 2011 2012 2013 2014 2015 2016 Source: Newsec (Q3 YTD) 8,0% 3,0% 0,0% -2,0% 8

PART 2 STENDÖRREN

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

STENDÖRREN 2014-2017 Q1 2017 Q4 2016 Q4 2015 Q2 2015 Q4 2014 Market value, msek 5 752 5 817 4 889 4 428 1 962 No. properties 96 95 81 75 27 Lettable area, sq m 599 000 612 000 585 000 544 000 252 000 NOI running 12 m*, msek 320 316 302-307 280 135 Equity, msek 2 099 2 054 1 489 1 284 724 Senior debt, msek 2 636 2 653 2 621 2 561 - Bond, msek 750 750 575 575 - Swaps/caps** - nominal value, msek 1 800 1 451 1 451 1 200 - Market First North Premier First North Premier First North Premier First North First North Premier Premier Market cap, msek 1 809 1 996 1 381 1 229 - *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

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

STENDÖRREN PORTFOLIO BUILD UP - ACTUALS 7 000 9,0% 6 000 5 380 5 537 5 817 5 752 8,0% 5 000 4 000 4889 4826 4496 7,0% 6,8% 6,8% 6,4% 6,4% 6,2% 6,3% 6,2% 6,1% 6,1% 7,0% 6,0% 3 000 5,8% 5,6% 5,5% 5,6% 5,0% 2 000 4,0% 1 000 3,0% 288 305 305 313 310 320 320 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

STENDÖRREN DEBT FUNDING OVERVIEW DISTRIBUTION OF DEBT - 3 427 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 - 2 653 MSEK - 800 600 400 200 000 800 600 400 200 0 MATURITY AND INTEREST PROFILE 2017 2018 2019 2020 2021 >2021 Interest fixing & Interest rate derivatives Total debt maturity 14

STENDÖRREN SHARE VALUE AND KEY EQUITY RATIOS 2 500 KEY EQUITY RATIOS JAN MAR 2017 JAN MAR 2016 2 000 73,50 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 54,9 1 500 49,06 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 2,26-1,39 1 000 500 1 186 1 284 1 307 1 489 1 516 1 808 1 899 2054 2099 30,02 20,02 Market cap, MSEK 1 809 1 519 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 33 20 Book equity EPRA NAV / Share Book Equity / Share Share price 15

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 599 575 No. of properties 96 83 Market value, MSEK 5 752 4 826 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 788 752 16

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

PART 3 GROWTH

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

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

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

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

RENTAL VALUE: 112 MKR NET PROFIT (Q1): 44 MKR LETTABLE AREA: 599 000 M 2 EQUITY RATIO: 35 % NET OPERATING INCOME: 72 MKR PROPERTY VALUE: 5 752 MKR LTV: 57 % 23

Q&A 24

FOR FURTHER INFORMATION PLEASE CONTACT: CALENDAR: Q2 2017: 21 juli 2017 FREDRIK BRODIN, CEO MAGNUS SUNDELL, CFO fredrik.brodin@stendorren.se magnus.sundell@stendorren.se 08-518 331 01 08-518 331 02 25