MAY 9, 2018 PRESENTATION REMIUM

MAY 9, 2018 PRESENTATION REMIUM

AGENDA PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 FINANCIAL REPORT JAN - MAR 2017 PART 3 GROWTH CONTINUE 2

PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE

COMPANY PRESENTATION & 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% 4

COMPANY PRESENTATION & BUSINESS RATIONALE SNAPSHOT OF STENDÖRREN VÄSTERÅS UPPSALA BACKGROUND Founded in 1995 as the commercial property arm of Kvalitena Separated from Kvalitena in November 2014 and thereafter listed on Nasdaq First North Premier ESKILSTUNA ÖREBRO STOCKHOLM LINKÖPING SÖDERTÄLJE PROPERTY PORTFOLIO Property value of SEK 6.7bn distributed over approx. 609,000 sq.m Commercial real estate portfolio located in Greater Stockholm region consisting of 101 properties with a focus on light industrial and logistics The Greater Stockholm region is one of the fastest growing regions in Europe both in terms of population and economic GÖTEBORG JÖNKÖPING FINANCIALS LTM Q1 2018 rental income of SEK 468m and a NOI of SEK 323m, resulting in a profit from property management of SEK 165m MALMÖ 5

UPPSALA PROPERTY PORTFOLIO 80% WITHIN THE GREATER STOCKHOLM REGION ENKÖPING VÄSTERÅS STORSTOCKHOLM ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN 6

COMPANY PRESENTATION & BUSINESS RATIONALE ORGANISATION - CREATED FOR GROWTH 41 co-workers BOARD CEO MANAGEMENT TEAM HAVING STAFF IN-HOUSE HELPS US CREATE LONG- TERM RELATIONSHIPS WITH OUR TENANTS AND ENSURES THE DELIVERY MARKETING AND LEASING DEPARTMENT PROPERTY DEPARTMENT FINANCE DEPARTMENT PROJECT MANAGEMENT ASSET MANAGEMENT 7

COMPANY PRESENTATION & BUSINESS RATIONALE PROJECT DEVELOPMENT - APPROX. 1 000 MSEK PROPERTY DEVELOPMENT MAX 15% OF BALANCE SHEET OUR PORTFOLIO OF CASH FLOW YIELDING PROPERTIES CAN SUP- PORT A PROJECT PORTFOLIO OF BETWEEN 15% OF TOTAL PORTFOLIO VALUE CASH FLOW GENERATED MIN 85% OF BALANCE SHEET 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 Substantial ROE potential 8

COMPANY PRESENTATION & BUSINESS RATIONALE POPULATION GROWTH 1995-2016 REGIONAL CITIES INCL. SURROUNDING MUNICIPALITIES 35,0% 30,0% 25,0% 100,0% 90,0% 80,0% 70,0% WHY FOCUSING ON STOCKHOLM? 20,0% 15,0% 60,0% 50,0% 40,0% 10,0% 30,0% 5,0% 20,0% 10,0% 0,0% 0,0% Stockholm Malmö Göteborg Halmstad Umeå Örebro Växjö Jönköping Västerås Linköping Borås Eskilstuna Norrköping Kristianstad Kalmar Trollhättan Gävle Falun Karlstad Skövde Source: Evidens 9

COMPANY PRESENTATION & BUSINESS RATIONALE EMPLOYMENT GROWTH IN THE STOCKHOLM REGION 1995-2016 Service sector Total employment 210 190 170 Index 150 130 110 90 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Year Source: Evidens 10

COMPANY PRESENTATION & BUSINESS RATIONALE LOGISTICS IN THE GREATER STOCKHOLM REGION 16,0% 11,0% Vacancy Yield Stibor 90 6,0% 1,0% 2010 2011 2012 2013 2014 2015 2016 2017 680 670 660 650 18,0% 13,0% Annual rent/sq m, Stockholm B-location Inflation 640 8,0% 630 620 3,0% 610 2010 2011 2012 2013 2014 2015 2016 2017-2,0% Source: Newsec 11

PART 2 FINANCIAL REPORT JAN - MAR 2017

JAN - MAR 2018 RENTAL VALUE: 127 MSEK NET PROFIT: 65 MSEK LETTABLE AREA: 609 000 M 2 EQUITY RATIO: 36 % NET OPERATING INCOME: 79 MSEK PROPERTY VALUE: 6 659 MSEK LTV: 56 % 13

FINANCIAL REPORT JAN - MAR 2018 KEY METRICS 18% 2,6x 36% ROE (AVERAGE), % 50 ICR, x 3,0 EQUITY RATIO, % 40 40 30 20 10 2,5 2,0 1,5 1,0 0,5 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 Q1 2018 0,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 Q1 2018 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 14

FINANCIAL REPORT JAN - MAR 2018 INCOME BUILD-UP Rental value Vacancy Property expenses Central admin Financing costs Value changes Taxes Net income 160 140 120 100 140 13 49 80 60 40 20 NOI 79 (+10%) 19 Prop Mgmnt 34 (+17%) 26 49 (+0,8%) 17 65 0 15

FINANCIAL REPORT JAN - MAR 2018 PORTFOLIO BUILD UP - ACTUALS 7 000 6 000 5 380 5 537 5 817 5 752 5 880 6039 6494 6659 9,0% 8,0% Property value Project properties Yield excl project properties, 12m avg Yield, 12m avg 5 000 4 000 4826 6,5% 6,1% 6,5% 5,9% 6,3% 5,8% 6,2% 5,7% 6,1% 5,6% 6,0% 6,0% 5,9% 6,0% 5,4% 5,4% 5,3% 5,2% 7,0% 6,0% 3 000 5,0% 2 000 4,0% 1 000 380 504 520 571 495 507 814 994 990 3,0% - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 2,0% 16

FINANCIAL REPORT JAN - MAR 2018 KEY METRICS OVER TIME AND FINANCIAL RATIOS 75,0% 3,00 2,80 KEY FINANCIAL RATIOS JAN MAR 2018 JAN MAR 2017 65,0% 2,60 Excess Ratio (NOI/Rental income), % 69% 68% 55,0% 2,40 ROE (12m average), % 18% 33% 45,0% 35,0% 25,0% 2,20 2,00 1,80 1,60 1,40 1,20 Avrg. Interest fixing, years 2,0 2,8 Avrg. Debt maturity, years 2,7 2,8 Equity Ratio, % 36% 36% LTV, % 56% 57% LTV (property level), % 47% 46% 15,0% Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 1,00 ICR, x 2,6 2,3 ICR (right hand scale) LTV (property level) NOI Excess Ratio ROE LTV Equity Ratio 17

FINANCIAL REPORT JAN - MAR 2018 KEY METRICS GROWING PROPERTY PORTFOLIO DEBT SERVICE CAPACITY SOLID BALANCE SHEET Property value, msek Net operating income, msek Equity 6 659 6 039 5 537 5 752 4 826 4 129 4 496 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 2015 2016 2017 2018 48 NOI LTM 2) Equity Equity ratio 400 36% 36% 35% 33% 2 464 278 290 304 313 323 2 242 72 68 67 74 77 81 72 79 81 84 300 27% 28% 30% 2 099 1 899 187 79 71 1 516 200 1 307 1 186 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 100 0 Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2 Q3Q4Q1 2015 2016 2017 2018 2015 2016 2017 2018 Lettable area, 000 sq m Interest coverage ratio 1) Loan to value 544 550 532 585 575 581 602 612 599 591 590 603 609 2,0 2,5 2,3 2,2 2,2 2,2 2,2 2,3 2,3 2,4 2,5 2,5 2,6 68% 69%69% 64% 63% 60% 59% 58% 58% 56%56%56%56% Q1 Q2Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q4 Q1 2015 2016 2017 2018 Q1 Q2 Q3Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 2018 1) Profit from property management before financial expenses in relation to financial expenses, 2) Last twelve months 18

FINANCIAL REPORT JAN - MAR 2018 SHARE VALUE AND KEY EQUITY RATIOS 2 700 2 200 1 700 1 200 700 200 93,12 90,39 89,21 86,86 83,69 81,18 79,00 76,69 77,64 75,25 76,25 70,19 74,36 76,00 72,25 68,50 68,50 66,35 65,50 68,75 65,47 69,75 68,00 52,62 57,50 53,92 54,90 51,56 55,00 2464 50,00 2399 2242 2106 2099 2054 1 899 1 489 1 516 1 808 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 100,02 80,02 60,02 40,02 20,02 KEY EQUITY RATIOS JAN MAR 2018 JAN MAR 2017 Share price, SEK 79,0 68,0 Equity per share, SEK 89,2 86,9 EPRA NNNAV per share, SEK 93,2 90,4 Cashflow per share, SEK 2,5 7,8 Market cap, MSEK 2 182 1 878 Other ratios Average number of employees during the period 41 39 Book equity EPRA NNNAV/Share Book Equity/Share Share price 19

FINANCIAL REPORT JAN - MAR 2018 DEBT FUNDING OVERVIEW 2 500 2 000 1 500 DISTRIBUTION OF DEBT - 3 838 MSEK - Senior debt, 80,4% Bond, 18,5% Seller notes, 1,1% 1 000 500 0 2018 2019 2020 2021 2022 >2022 SENIOR DEBT - 3 085 MSEK - Interest fixing & Interest rate derivatives (average interest maturity 2,0 years) Total debt maturity (average debt maturity 2,7 years) Swedbank, 77,1% Danske Bank, 16,2% Sörmlands Sparbank, 6,3% Sparbanken i Enköping, 0,4% 20

PART 3 GROWTH CONTINUE

GROWTH CONTINUE 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 22

GROWTH CONTINUE 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 23

Q&A 24

FOR FURTHER INFORMATION PLEASE CONTACT: CALENDAR: Q2 report Q3 report Q4 report FREDRIK BRODIN, CEO MAGNUS SUNDELL, CFO fredrik.brodin@stendorren.se magnus.sundell@stendorren.se 08-518 331 01 08-518 331 02 25 20 Jul, 2018 15 Nov, 2018 22 Feb, 2019