DnB Real Estate & Construction Conference20 September 2018

Large and centrally located office porfolio

2

Property portfolio:

1.3 mill sqmPortfolio value :

NOK 44 bn

Net yield:

4.9 %

WAULT:

7.4 yrsPublic tenants:

64 %

Occupancy:

96.7 % Oslo (incl. Sandvika);

72%

Bergen; 9%

Trondheim; 9%

Stavanger; 5%Drammen; 5%

Location by value

Strong rental market, positive outlook

3

• Source: Entra consensus report, average of estimates from leading market specialists in Norwegian market. Nominal rental value growth

Market rental growth and vacancy in Oslo*

• * Source: Entra consensus report, April 2018. Estimates from leading market specialists in Norwegian market

Total transaction volume (NOKbn)*

Prime yield Oslo*

38 3552

4062

123

7487

72 70

0

50

100

150

2010 2011 2012 2013 2014 2015 2016 2017 2018e 2019e

5.8 % 5.2 % 5.3 % 5.2 % 4.7 % 4.1 % 3.8 % 3.7 % 3.8 % 3.9 %

0%

2%

4%

6%

8%

2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e

Significant and value adding project portfolio

15

Ongoing projects

~ 63,850 sqm

Holtermannsveg 1, TrondheimYield on cost: 6.0 %

Universitetsgata 7-9, Oslo Universitetsgata 2, Oslo

Strømsveien 106, OsloOslo Solar (Lilletorget), Oslo

Tullinkvartalet (UiO), OsloYield-on-cost: 5.5 %

Brattørkaia 17, TrondheimYield on cost: 6.1 %

Schweiggardsgt 15a, OsloTollbugata 1 A, OsloYield-on-cost: 5.1 %

Project pipeline (selected examples)

~ 500,000 sqm

Urban Mountain (BG14), Oslo

4,3 4,3 4,55,0

5,3 5,5 5,55,8 6,0

6,36,6

6,8 7,07,2

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

Q1

15Q

2 15

Q3

15Q

4 15

Q1

16Q

2 16

Q3

16Q

4 16

Q1

17Q

2 17

Q3

17Q

4 17

Q1

18Q

2 18

Profitable growth and strong balance sheet

Rental income and EBIT margin(NOKm)

Cash earnings* (NOK per share)

Loan to value and ICR

5

1 6321 772 1 760

1 8992 075

72%

79%81%

85% 87%

60%

70%

80%

90%

100%

0

500

1 000

1 500

2 000

2 500

2013 2014 2015 2016 2017

70 %

0

0,5

1

1,5

2

2,5

3

3,5

4

20%

25%

30%

35%

40%

45%

50%

Q2-

15

Q3-

15

Q4-

15

Q1-

16

Q2-

16

Q3-

16

Q4-

16

Q1-

17

Q2-

17

Q3-

17

Q4-

17

Q1-

18

Q2-

18

Loan-To-Value (left axis) ICR (right axis)* Annualised, rolling four quarters.

Developing the real estate industry perspective

6

Bricks and mortar The people in the buildingsCustomers/tenants

7

ENTRA BUILDINGSWhere the most satisfied people work

Areas of strategic importance

8

Product

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

2

3

1

4

5 6

7

8

9

Location: Proximity and Density

9

Product

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

Flexibility

10

Product

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

Service concepts

11

Product

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

Technology

12

Product

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

13

Environmental strategy

SustainabilityProduct

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

SUSTAINABILITY GOLD AWARD

14

OrganisationProduct

Location

Flexibility

Technology

Sustainability

Organisation

Add-on services

Closing remarks

• Strong fundamentals− Market outlook− Quality portfolio with sustainable cash flow− Development portfolio driving growth− Balance sheet

• Strategic focus to develop market leading position

15

Next event3rd quarter results October 18, 2018

For more information see www.entra.no/investor-relations